Nebius Third Quarter Revenue Reaches 980.8 Million Dollars, Up 571 Percent, With AI Cloud Revenue of 973.8 Million and Nine-Month Revenue of 1,962.1 Million, Reported November 12
Nebius Group reported on November 12 its results for the third quarter ended September 30, 2026. Group revenue was 980.8 million dollars, up 571 percent from 146.1 million a year earlier. Revenue for the first nine months of 2026 was 1,962.1 million. Nebius AI Cloud, the core business, generated 973.8 million in the quarter, about 99 percent of group revenue.
In its shareholder letter, the company disclosed that it recognized approximately 325 million dollars of non-recurring revenue in the quarter as part of the first rollout of its asset-light model, under which partners fund capacity themselves while paying for Nebius architecture and software. The letter addressed this item specifically, noting that revenue and growth excluding it were lower than the headline figures suggest.
For the outlook, Chief Executive Officer Arkady Volozh said in the shareholder letter that 2026 revenue is expected at the low end of the prior range of 3.0 billion to 3.4 billion dollars. The company said some third-party capacity expected to switch on this year is now scheduled for the first half of 2027, and that the contracts behind that capacity remain in place. The letter also gave a preliminary 2027 revenue outlook of 12 billion to 13 billion dollars.
On capital spending, the shareholder letter and results materials put 2026 capital expenditure guidance at about 27 billion dollars, with an initial 2027 outlook of 40 billion to 45 billion. The materials also said customers had committed more than 12 billion dollars of contract value since the start of the third quarter.
Nebius is an AI cloud company whose main business is renting out GPU computing capacity. It is headquartered in Amsterdam, the Netherlands, and listed on Nasdaq. The company released its results before the United States market open on November 12 and held its earnings webcast at 8:00 a.m. Eastern Time that day.
Source: Nebius Group
Published by GSM · USA (original Chinese edition)
Photo: 图：Nebius 数据中心建筑。来源：Nebius 官方发布。 / Photo: A Nebius data center building. Credit: Nebius.
