New York, Feb 12, 2026, 18:04 EST — After-hours
- Nebius shares were modestly higher after-hours after a wide swing in Thursday’s session
- Investors digested fresh results and another sharp step-up in spending on chips and data centers
- Recent filings flagged a planned auditor change and a deal for AI agent search firm Tavily
Nebius Group N.V. shares rose 0.9% to $89.73 in after-hours trading on Thursday, after a session that ranged from $80.12 to $92.84. Turnover was about 25.7 million shares.
The move matters because the market is trying to price the next leg of the AI infrastructure buildout. For companies like Nebius, the story is not just demand — it is how fast they can add capacity without blowing out losses or forcing a raise at the wrong moment.
Nebius is one of a handful of smaller “neocloud” providers — firms that rent out high-end AI computing to other companies rather than running broad consumer cloud platforms. The trade is simple: lock in chips and power, sell capacity early, and hope the ramp stays smooth.
In its earnings release, Nebius reported fourth-quarter revenue of $227.7 million, up from $35.2 million a year earlier, while net loss from continuing operations widened to $249.6 million. Adjusted EBITDA — an operating-profit yardstick that strips out items such as depreciation and some non-cash charges — was $15.0 million. (Nebius)
The company’s quarterly letter put the emphasis on capacity and power. Nebius said annualized run-rate revenue, or ARR (revenue from the last month of the quarter multiplied by 12), was $1.25 billion at end-2025 and it was targeting ARR of $7 billion to $9 billion by end-2026; it also said it had secured more than 2 gigawatts of contracted power and now expects more than 3 gigawatts by year-end. (Nebius)
Earlier this week, Nebius said it agreed to buy Tavily, which provides real-time search tools for AI agents, and said the transaction value was not disclosed. Tavily founder and CEO Rotem Weiss said Tavily was “on a mission to onboard the next billion AI agents to the web.” (Nebius)
A separate filing outlined deal mechanics, showing Nebius would pay an upfront cash amount plus a contingent earnout and that the transaction was not subject to shareholder approval.
Another filing showed Nebius plans to recommend Deloitte as its independent auditor for 2026 and to dismiss Reanda, with the change expected to take effect after Reanda completes the 2025 audit and reviews first-quarter 2026 statements. The filing also said Reanda’s 2024 report on internal control over financial reporting expressed an adverse opinion. (SEC)
Earlier on Thursday, Reuters reported the stock was down about 2% in early trading as investors weighed the spending surge and a revenue miss versus estimates, in a sector where demand for Nvidia-backed capacity has fueled rivals such as CoreWeave. Reuters also noted the shares had risen more than 200% last year. (Reuters)
But the setup carries obvious risk. The build-out demands steady access to GPUs and power, and the larger the capex, the thinner the margin for execution slips — especially if customer deployments or pricing soften.
Next up is Friday’s regular session, when traders will look for follow-through after the post-earnings churn and for any fresh detail on financing plans and the expected timing of the Tavily closing in the coming weeks.
