Key Highlights

  • Nebius Group shares were trading down 13.87% at USD 110.80 on Friday, November 13, 2026, in market data, implying a prior close of about USD 128.65 (calculated), and no sector driver was verified.
  • Third-quarter Revenue was USD 980.8 million, up 571% from a year earlier, with adjusted EBITDA of USD 465.8 million, a 47% margin, and about USD 325 million of non-recurring revenue.
  • Annualized run-rate revenue reached USD 6.4 billion, but management said it no longer considers that the right measure, and remaining performance obligations were USD 38.7 billion, up only 3% from USD 37.5 billion.
  • Capital expenditure was about USD 7.3 billion in the quarter, and 2026 spending is now expected near USD 27 billion, above the earlier range of USD 20 billion to USD 25 billion.

A Steep Fall With No Single Verified Trigger

Nebius Group (NASDAQ:NBIS) was trading down 13.87% at USD 110.80 on Friday, November 13, 2026, in market data, the figure of record for the live session only. The third-quarter Shareholder letter, filed with the SEC, carries guidance changes that could weigh on the shares, but its filing date could not be confirmed and no source tying the decline to it was found. A market-wide driver such as an AI-capex or chip selloff was also not verified for November 12 to 13, so the cause of the drop is not established. Calculated, the prior close was about USD 128.65.

Growth Is Huge, but the Spending Is Larger

Nebius sells AI cloud capacity, which supplied USD 973.8 million of the quarter's revenue. For 2026 it now expects revenue at the low end of USD 3.0 billion to USD 3.4 billion, an adjusted EBITDA Margin near 40% and capex near USD 27 billion, with some third-party capacity moved to the first half of 2027. For 2027 it guided revenue of USD 12 billion to USD 13 billion and capex of USD 40 billion to USD 45 billion, with pre-tax breakeven by the fourth quarter. Prepayments on third-quarter deals covered more than 100% of associated capex. Over USD 12 billion of contract value was signed since the start of the third quarter.

Funding the Build: Convertibles, Equity and a Citi Facility

Cash stood at USD 7.4 billion at quarter-end. The company issued USD 5.75 billion of convertible notes in August, raised about USD 1.0 billion net from its at-the-market equity program in the third quarter, and arranged a USD 3.5 billion secured Facility with Citi in October. It expects prepayments and asset-backed financing to cover 75% to 85% of 2027 capex, with prepayments reaching USD 17 billion to USD 20 billion. Contracted power exceeds 4 gigawatts against a year-end goal of 5. The risks are dilution, financing costs and delivery delays on capacity. Payback on comparable one-to-three-year deals improved to 1 year 7 months from 1 year 10 months, and annual contract value per megawatt exceeded USD 25 million on third-quarter deals.

Where Things Stand

No verified catalyst explains the 13.87% fall. Nebius Group (NASDAQ:NBIS) posted triple-digit revenue growth, but its letter also showed capex rising to about USD 27 billion for 2026, revenue at the low end of guidance, flat contracted Backlog and a shift away from reporting run-rate revenue. Any of these could have weighed on sentiment, yet the link was not confirmed. Next markers are the financing of the 2027 build, delivery of the 5 gigawatt power target and the first 2027 guidance updates.