New York, Feb 12, 2026, 18:04 EST — After-hours
- Nebius shares edged up after hours, recovering from a volatile Thursday session that saw wide price swings.
- Investors weighed new earnings alongside yet another hefty jump in chip and data center outlays.
- Recent filings disclosed a coming switch in auditors along with an agreement involving AI agent search company Tavily.
Nebius Group N.V. rallied 0.9% in post-market trading Thursday, finishing at $89.73. The stock’s earlier session bounced between $80.12 and $92.84, with around 25.7 million shares changing hands.
This shift is significant as investors weigh what’s next for AI infrastructure spending. For firms such as Nebius, it’s not only about surging demand—the question is how quickly they can ramp up capacity without letting losses balloon or ending up having to raise capital at a bad time.
Nebius sits among a slim group of so-called “neocloud” outfits—these are players renting out premium AI compute to businesses, steering clear of the sprawling public cloud game. The model? Secure the hardware and juice, sell out the slots before demand peaks, and trust the onboarding curve won’t stutter.
Nebius posted a fourth-quarter revenue jump to $227.7 million, a sharp increase from $35.2 million the prior year, according to its earnings statement. Still, the net loss from continuing operations deepened, hitting $249.6 million. Adjusted EBITDA — which excludes items like depreciation and certain non-cash charges — landed at $15.0 million. 1
Capacity and power took center stage in the company’s latest quarterly letter. Nebius reported annualized run-rate revenue, or ARR—calculated by multiplying last month’s revenue in the quarter by 12—reached $1.25 billion at the end of 2025. The target for end-2026: ARR landing somewhere between $7 billion and $9 billion. Secured contracted power has already topped 2 gigawatts, and Nebius is now projecting that figure will climb above 3 gigawatts by year-end. 2
Nebius announced earlier this week that it had reached a deal to acquire Tavily, a company specializing in real-time search tools tailored for AI agents. The price tag wasn’t released. Tavily’s founder and CEO Rotem Weiss described the company’s goal as “on a mission to onboard the next billion AI agents to the web.” 3
Nebius is set to put up an initial cash payment, with an additional earnout potentially on the table, according to a separate filing detailing the deal structure. The transaction doesn’t require sign-off from shareholders.
In a separate filing, Nebius said it intends to propose Deloitte as its independent auditor for 2026, moving to replace Reanda. The switch would occur after Reanda wraps up the 2025 audit and signs off on first-quarter 2026 results. Reanda’s 2024 report, the filing added, gave an adverse opinion on internal control over financial reporting. 4
Reuters said Thursday morning the stock slipped roughly 2% at the open, with investors reacting to higher spending and a revenue shortfall against forecasts. The sector has seen Nvidia-powered demand drive names like CoreWeave higher. Reuters pointed out the shares had jumped more than 200% last year. 5
Still, there’s clear risk here. Scaling up means needing reliable GPU supplies and enough power, and as capital expenses climb, even small mistakes can hit margins hard — particularly if customer spending or prices start to dip.
Friday’s regular session is on deck, with traders watching for any follow-through after the post-earnings churn. They’ll also be looking out for new details on financing plans and updates on when the Tavily closing is expected over the next few weeks.
