Nebius tests the neocloud playbook with $40 billion in planned spending

Nebius outlined $40 billion in planned 2027 spending on its Q3 earnings call, funded largely through customer prepayments and contract-backed loans. Its Microsoft contract, worth up to $19.4 billion, is already slipping, with only just over half of the New Jersey capacity planned for delivery by year-end and the rest in Q2 2027, after operator DataOne wound down temporary generation faster than expected. Nebius cut its 2026 revenue forecast by $200 million to $3 billion and shares fell 17%.