Nebius Group soars as $3 billion deal with Meta takes the sting out of soft Q3 results

The knee-jerk drop in Nebius Group (NBIS) following its underwhelming third-quarter report quickly reversed after the company announced a five-year, $3 billion AI infrastructure deal with Meta Platforms.

Key Financials (Q3 2025)

Revenue: $146.1 million (vs. $156.5M estimate)
Adjusted Net Income: -$100.4 million (vs. -$95.7M estimate)
Capacity: Sold out all available cloud capacity in Q3

Capacity Expansion & Guidance

Contracted power seen exceeding 2.5 GW by end-2026, up from 1 GW previously
Connected power expected to climb from 220 MW (end-2025) to 800 MW–1 GW (end-2026)
CEO Arkady Volozh confirmed the company is securing new sites to meet the rising demand

“The only real limitation on our revenue growth in 2025 has been the amount of capacity that we have been able to bring online,” said Volozh.

Nebius aims to achieve an annualized run-rate revenue of $7–$9 billion by end-2026, compared to analysts’ current estimate of about $4 billion for that period.

Capital Strategy

Announced an at-the-market equity program to raise funds by issuing up to 25 million shares

Peer Performance

Rival CoreWeave (CRWV) traded lower after reporting Q3 results that reflected supply constraints in data-center infrastructure and a cut to full-year revenue guidance.