Key Highlights

  • Nebius Group shares dropped 13.87% to USD 110.80 on Friday, November 13, 2026, per market data, which implies a prior close near USD 128.65 (calculated), and no sector catalyst was verified.
  • Third-quarter Revenue hit USD 980.8 million, up 571% year over year, while adjusted EBITDA reached USD 465.8 million, a 47% margin, plus roughly USD 325 million of non-recurring revenue.
  • Run-rate revenue, which management no longer treats as the right yardstick, stood at USD 6.4 billion annualized, while remaining performance obligations were USD 38.7 billion, only 3% above USD 37.5 billion.
  • Quarterly capex was roughly USD 7.3 billion, and the 2026 total is now projected at about USD 27 billion, higher than the former USD 20 billion to USD 25 billion band.

Sharp Decline Without a Confirmed Trigger

Nebius Group (NASDAQ:NBIS) traded 13.87% lower at USD 110.80 on Friday, November 13, 2026, according to market data, a reading covering only that live session. The third-quarter Shareholder letter, filed with the SEC, contains guidance changes that could weigh on the stock, but the filing date could not be confirmed and no report linking the drop to it was located. A market-wide cause, such as an AI spending or chip sector selloff, was also not verified for November 12 to 13, so no trigger is established. Working from the move, the prior close was about USD 128.65.

Revenue Surges, but Spending Grows Faster

Nebius sells AI cloud capacity, which accounted for USD 973.8 million of the quarter's revenue. Revenue for 2026 is now seen landing at the bottom of the USD 3.0 billion to USD 3.4 billion range. Adjusted EBITDA Margin is still forecast near 40%, while capex is expected around USD 27 billion, and some third-party capacity shifts into the first half of 2027. Looking to 2027, management put revenue at USD 12 billion to USD 13 billion, with capex of USD 40 billion to USD 45 billion, and expects pre-tax breakeven during the fourth quarter. Customer prepayments tied to third-quarter agreements exceeded 100% of the related capex. Contract value above USD 12 billion has come in since the third quarter began.

Funding Plan: Converts, Equity Sales and a Citi Facility

Quarter-end cash came to USD 7.4 billion. Nebius Group (NASDAQ:NBIS) placed USD 5.75 billion of convertible Debt in August, sold roughly USD 1.0 billion net via its at-the-market equity program during the third quarter, and set up a USD 3.5 billion secured line with Citi in October. Prepayments plus asset-backed financing are projected to fund 75% to 85% of 2027 capex, while prepayments may reach USD 17 billion to USD 20 billion. Contracted power now tops 4 gigawatts against a year-end objective of 5. The risks are dilution, financing costs and delays in delivering capacity. Comparable deals with one to three year terms now pay back in 1 year 7 months, down from 1 year 10 months, while annual contract value per megawatt topped USD 25 million on the third-quarter agreements.

Where Things Stand

No verified catalyst explains the 13.87% decline. Triple-digit revenue growth came from Nebius Group (NASDAQ:NBIS), yet its letter also showed capex climbing to about USD 27 billion for 2026, revenue at the bottom of guidance, flat contracted Backlog and no longer treating run-rate revenue as a headline measure. Any of these could have weighed on sentiment, though none has been tied to the drop. Watch the 2027 build financing, progress toward the 5 gigawatt power target and the first 2027 guidance updates.