Overview
- Revenue came in at $146.1 million for Q3, below estimates, and full‑year guidance of $500 million to $550 million trailed the roughly $578 million consensus.
- Nebius disclosed an equity distribution agreement to sell up to 25 million Class A shares, intensifying investor concerns about dilution.
- Shares extended their slide following the results, down about 33% from last month’s peak and roughly 7% on Thursday morning.
- Management highlighted sold‑out data‑center capacity and multi‑year hyperscaler contracts, including a $3 billion five‑year Meta deal and a $17.4 billion Microsoft agreement.
- The company is targeting 2.5 gigawatts of contracted capacity by late 2026 and about $8 billion in ARR, with industry leaders noting that energy and data‑center space are the primary constraints.