New York, Feb 13, 2026, 15:17 (EST) — Regular session
Nebius Group shares rose about 6.8% to $95.80 in afternoon trading on Friday, after swinging between $88.02 and $100.29 earlier in the session. Nvidia, the key chip supplier for many AI cloud builds, was down about 2%.
The bounce matters because investors are still trying to price the same trade across the AI infrastructure stack: growth versus burn. The companies building AI capacity are moving fast, and the bill is arriving just as quickly.
In a letter to shareholders, founder and CEO Arkady Volozh wrote that “Demand from enterprises and AI native customers continues to outpace supply.” He said Nebius expects to end 2026 with annualized run-rate revenue — calculated from the last month of the quarter multiplied by 12 — of $7 billion to $9 billion, versus $1.25 billion at end-2025, and lifted its contracted power outlook to more than 3 gigawatts by year-end; contracted power is power secured under data-center agreements.
Those targets came alongside fourth-quarter results that showed breakneck growth, but not clean ones. Nebius reported revenue of $227.7 million for the quarter and adjusted EBITDA of $15.0 million, while net loss was $249.6 million. (Business Wire)
The revenue figure still missed analyst estimates of $246.1 million, according to LSEG data, and capital expenditures jumped to about $2.1 billion in the December quarter as the company bought AI processors and poured money into data center buildouts. Nebius is part of a cluster of “neocloud” providers — firms that rent out AI computing hardware and cloud capacity — that have expanded alongside rival CoreWeave as customers chase scarce GPU supply. (Reuters)
For traders, the bigger question is what happens when the build catches up with bookings. On paper, more power and more GPUs can turn into more sales. In real life, timelines slip and costs rarely stay polite.
There is a downside path here. If hardware deliveries or power connections lag, capacity that looks sold can turn into delayed revenue and heavier fixed costs, and pricing could tighten if the big cloud platforms decide to compete harder on AI infrastructure.
Nebius also flagged a separate issue in a U.S. filing: the company plans to recommend Deloitte & Touche as its independent auditor for 2026 and dismiss Reanda Audit & Assurance, with the change slated to take effect after Reanda completes the 2025 audit and reviews first-quarter financial statements for the period ending March 31, 2026. Reanda’s prior report expressed an adverse opinion on Nebius’s internal control over financial reporting as of Dec. 31, 2024, the filing showed — a point investors will likely revisit heading into the March-quarter review and the 2026 annual meeting vote on the auditor appointment.
