Why Is NEBIUS GROUP N V A A (NBIS) Stock Down Today?

Nebius Group N.V. (NBIS) shares fell 16.74% to $128.80, driven by a significant reduction in its full-year revenue outlook and a massive increase in planned capital spending. The AI cloud provider outlined a $40 billion to $45 billion capital spending plan for 2027, which has raised concerns among investors regarding the financing required for its expanding infrastructure.

What Happened

The stock decline followed the release of third-quarter financial results, where the company reported revenue of $980.8 million, a 571.3% increase year-over-year. Despite the strong top-line growth, Nebius lowered its fiscal year outlook, citing delays in third-party capacity. Specifically, the company stated that remaining New Jersey capacity for Microsoft is delayed to the second quarter of 2027, with more than half expected to be delivered by year-end.

CEO Arkady Volozh indicated that the company is accelerating its infrastructure expansion, with plans to deploy more than one gigawatt of capacity annually starting in 2027. The company expects to fund this expansion through customer prepayments and financing against existing assets. This guidance comes amid broader market jitters over how neocloud companies will finance their growing footprints, a concern recently highlighted by rising borrowing costs at peers like CoreWeave.

What The Data Shows

The intraday session showed high volatility, opening at $152.69 and hitting a session high of $164.73 at 7:10 AM ET before plunging to a low of $118.81 at 9:30 AM ET. Volume reached 18.2 million shares, which is 0.9 times the three-month daily average. Fundamentals show a market cap of $36.7 billion and a P/E ratio of 941.7, with a trailing twelve-month revenue growth of 506.9%.

Unusual options activity recorded 13 notable prints in the last 36 hours, with call premium of $55.7 million compared to put premium of $144,000. The largest single print was $10.4 million. On the 52-week tape, the stock printed nine fresh 52-week highs and two fresh 52-week lows on November 12, 2026. Recent insider filings show six buys totaling $330,000 and 14 sells totaling $162.8 million over the last 90 days.

What To Watch

Investors will monitor how the market digests the increased capital expenditure plans and the company's strategy for financing its AI buildout. The stock's reaction to the delayed Microsoft capacity and the broader sentiment toward neocloud financing will be key factors in the coming sessions.