Nebius Group N.V. reported third-quarter 2026 revenue of $980.8 million, up 571% from $146.1 million a year earlier and above consensus estimates of $907.2 million to $907.5 million. The company reported a loss of $0.13 per share, narrower than the cited $0.72 estimate, while adjusted EBITDA reached $465.8 million from a $5.2 million loss and adjusted net income was $90.9 million versus a $100.4 million loss a year earlier. Shares fell 15.61% in premarket trading and 14% to $133.67 in morning trading after Nebius said third-party data-center delays would defer some revenue into next year and forecast 2026 revenue at the low end of its $3.0 billion-$3.4 billion range. Nebius raised 2026 capital-spending guidance to about $27 billion from $20 billion-$25 billion, expects 2027 revenue of $12 billion-$13 billion and capital spending of $40 billion-$45 billion, and delayed its target of more than $7 billion in annualized revenue to February from December. The outlook intensified scrutiny of AI-cloud capacity economics and pressured CoreWeave, IREN and Applied Digital.