Overview
- Nebius is set to release third‑quarter results before the market opens on Thursday, Nov. 12, with analysts expecting about $907 million in revenue and a consensus loss near $0.61 per share.
- A Bloomberg report that Microsoft is rethinking neocloud partnerships has put extra scrutiny on Nebius’s Vineland, New Jersey site and its roughly $17.4 billion Microsoft GPU capacity agreement.
- Investors are pricing downside risks into the stock with a put‑to‑call ratio near 1.15 and an implied low price mark close to $113 while shares trade around $141, roughly 54% below their peak.
- The company has raised large amounts of capital, increasing outstanding shares above 238 million after more than $2 billion raised in Q2 and a planned similar raise for Q3, which raises dilution and refinancing concerns.
- Nebius’s plans to spend about $20–25 billion on 2026 capex make timely permitting, on‑schedule capacity deliveries, and confirmed customer commitments key to meeting revenue targets and servicing debt.