New York, Feb 16, 2026, 18:47 EST — The market’s done for the day.
- Nebius shares finished the session with a strong gain just before the U.S. holiday break.
- Aggressive build-out plans are running up against losses and fresh funding demands, leaving investors to weigh the trade-offs.
- Next up: will the post-results move stick when trading picks back up?
Nebius Group N.V. finished Friday at $98.01, rising 9.23% after trading between $88.86 and $100.32. In after-hours, shares slipped to $97.05, off 0.98%, based on Investing.com numbers. With Nasdaq and other U.S. equity markets closed Monday for Presidents Day, activity paused.
Nebius lands at the heart of a trade that’s been whipsawing markets: investors are weighing how much demand there really is for AI computing, while also staring down the steep cost of getting the infrastructure in place. When it comes to “neocloud” outfits—the new breed of cloud sellers leasing out GPU-intensive compute to businesses—the whole thing comes down to chips, electricity, and a pile of cash hitting together.
Nebius is pledging bigger capacity and a faster revenue ramp heading into 2026. It’s not about slogans here—the real question is whether the company can actually convert its signed demand into powered-up, operational racks, all while keeping its balance sheet from getting too tight.
Nebius reported a surge in fourth-quarter capital expenditures, jumping to roughly $2.1 billion from $416 million a year prior. Revenue climbed more than six times, reaching $227.7 million, but still came in below LSEG’s $246.1 million forecast. Net loss deepened to $249.6 million. CEO Arkady Volozh said demand “continues to outpace supply,” with sales of future capacity happening well ahead of delivery. Customers include Microsoft and Meta. Nebius is staking out a spot against CoreWeave in the scramble to provide Nvidia-fueled AI infrastructure. Reuters
The shareholder letter puts the company’s sights on $7 billion to $9 billion in annualized run-rate revenue by the end of 2026. That figure, as defined by the company, simply annualizes the last month of the quarter’s revenue. The letter also noted over 2 gigawatts of contracted power already locked in, with management now anticipating more than 3 GW by year-end. Nine new sites are in the pipeline, spread across Missouri, Alabama, Oklahoma, Minnesota, plus France, Israel, and the UK.
Nebius wrapped up 2025 holding $3.7 billion in cash, notching its first quarter with positive operating cash flow in the fourth quarter. The company also highlighted having a “broad range of financing options”—corporate debt, asset-backed financing, plus an untapped at-the-market equity program remain on the table. Nebius
The plan: a 240-megawatt data centre for Béthune, just outside Lille. Once finished, it would stand among Europe’s largest, with phase one going live by late summer and about half the facility running by the end of 2026. “Absolute sense” to expand into Europe, said Chief Communications Officer Tom Blackwell. Nebius kept the price tag under wraps; industry estimates from CBRE put AI data centre projects around $10 million to $14 million for each megawatt. French construction group Azur will handle the build, and Nebius expects to pick up Nvidia chips just before they’re needed. Reuters
Another detail surfaced in an SEC filing: Nebius plans to have its board push for shareholder approval to switch auditors, with Deloitte & Touche slated to take over for the 2026 fiscal year. Reanda will finish out the 2025 audit and handle the first-quarter 2026 review before stepping aside. The disclosure also noted that Reanda gave an adverse opinion on Nebius’s internal control over financial reporting as of Dec. 31, 2024.
The stock’s rapid climb isn’t risk-free. Execution hinges on everything from chip availability to power access and a reliable flow of capital—any hiccup in shipments or profit margins could rattle both quick-turn traders and the crowd betting big on AI for the long haul.
Wall Street comes back from the Presidents Day break on Tuesday, with investors eyeing whether Friday’s surge carries forward. They’re also set to watch for updates on capital spending, power deals, and demand from major customers.
