New York, Feb 13, 2026, 15:17 (EST) — Regular session
Nebius Group climbed roughly 6.8% to $95.80 by Friday afternoon, after bouncing from $88.02 to $100.29 during the day. Nvidia, a major AI chip supplier, slipped about 2%.
The rebound is important—investors keep wrestling with how to value the AI infrastructure play: growth potential stacked up against cash burn. Companies pushing to expand AI capacity aren’t slowing down, but those hefty costs are coming due just as rapidly.
Founder and CEO Arkady Volozh, in a letter to shareholders, said, “Demand from enterprises and AI native customers continues to outpace supply.” Nebius now targets annualized run-rate revenue between $7 billion and $9 billion by the end of 2026, taking the monthly figure from the last quarter and multiplying by 12. That’s up from $1.25 billion projected at the end of 2025. The company also raised its outlook for contracted power, now expecting to secure more than 3 gigawatts under data-center agreements by year-end.
Nebius delivered scorching fourth-quarter growth numbers, but the results came with some messiness. Revenue landed at $227.7 million, paired with adjusted EBITDA of $15.0 million, yet the company still booked a net loss of $249.6 million. 1
The company’s revenue came in below the analyst consensus of $246.1 million, per LSEG, with capital expenditures soaring to roughly $2.1 billion during the December quarter as spending ramped up on AI chips and data center projects. Nebius, falling under the “neocloud” category, rents out AI compute and cloud resources, competing with the likes of CoreWeave as both race to meet demand for GPUs in short supply. 2
Traders are eyeing what happens once build finally lines up with bookings. More power, more GPUs—sure, that looks like more potential sales on paper. Reality tends to drag out timelines and nudge costs higher, though.
But things can go the other way, too. Should hardware shipments slip or power hookups fall behind, what’s booked as sold might simply become postponed income, while fixed expenses pile up. And if the major cloud players start pushing harder into AI infrastructure pricing, that could squeeze margins further.
Nebius, in a recent U.S. filing, highlighted another item: plans are in motion to switch auditors, with Deloitte & Touche set for recommendation as independent auditor for 2026. That means Reanda Audit & Assurance gets the boot, but not before finishing up the 2025 audit and wrapping their review of the first quarter ending March 31, 2026. The filing notes Reanda’s last report gave Nebius an adverse opinion on its internal controls over financial reporting as of Dec. 31, 2024—something investors are bound to keep in mind with the March-quarter review and when it’s time to vote on the auditor at the 2026 annual meeting.
