Data Center, GPU Investments Push Nebius Capital Expenditure Up
In Focus
- Nebius spent $2.1 billion capital spending in Q4 2025
- The AI cloud firm is seeking to boost computing capacity to meet AI demand
- Nebius plans to secure more than 3 gigawatts of contracted power in 2026
Nebius Group plans to increase its capital expenditure significantly this quarter, Yahoo Finance reported. On February 11, 2026, the Dutch AI cloud firm said its spending is fueled by rising data center and Nebius GPU investments as the company seeks to build capacity to meet growing demand.
Nebius is a leading neocloud company that provides hardware and cloud capacity services to tech giants. Its main business involves the production of NVIDIA processors and the provision of AI cloud computing infrastructure. The AI company also has Meta and Microsoft among its top customers.
Nebius AI Cloud Capital Expenditure Surged in Q4
In the quarter ending December 2025, capital spending in the AI cloud company rose to about $2.1 billion, compared to the $416 million spent the previous year. Nebius’ capex enabled the company to acquire more than 2 gigawatts of contracted power, exceeding its projections.
The company expects to secure more than 3 gigawatts of contracted power by the end of this year. This is higher than its previous projections, which was more than 2.5 gigawatts. This capacity is critical in enabling the Dutch cloud computing firm to meet the growing demand for AI compute.
Last year, Nebius signed a $3 billion deal to supply Meta with high-performance computing power over a five year period. Prior to this, the company had signed a deal with Microsoft valued at $17.4 billion in September 2025.
Nebius Prioritizes Data Center Expansion
The AI company is looking to grow its data center footprint across the globe. Currently, Nebius’ data center expansion plan focuses on nine sites spanning the U.K, the U.S, France, and Israel. Like its American competitor, CoreWeave, Nebius has benefited immensely in recent years from sustained enterprise AI spending.
“Demand from enterprises and AI native customers continues to outpace supply, allowing us to sell future capacity well in advance. We are very focused on investing resources to continue expanding our capabilities in 2026, both organically and through targeted acquisitions,” Nebius CEO, Arkady Volozh stated as cited by Yahoo Finance.
Demand for AI compute has stretched the capacity of top cloud providers like Amazon and Microsoft. Last year, Microsoft said its data center crunch could persist till June 2026.
Missed Q4 Revenue Projections
Although Nebius reported that its revenue grew sixfold in the quarter under review, it missed analyst projections. The company’s Q4 revenue stood at $227.7 million, which is significantly lower than the $246.1 million projected by analysts.
The AI cloud company also reported $249.6 million in net loss, which is much higher than the $133.2 million reported the previous year. Nebius stock fell nearly 2% in premarket trading in February 2026, after rising over 200% in 2025.
The Dutch AI cloud company expects its annualized revenue run-rate to range between $7 billion and $9 billion in 2026, compared to the $1.25 billion realized in 2025.
