Nebius boosts GPU and data‑center spending to lock in AI capacity

Nebius disclosed a marked acceleration of capital deployment as it raced to assemble GPU inventories and add high‑density data‑center capacity for enterprise and AI‑native customers. The company reported roughly $2.1 billion of capital spent in the December quarter, a large step‑up from the prior‑year period, and said it has already secured electrical power commitments measured in gigawatts that now top initial expectations. Management raised its contracted power ambition — secured capacity exceeds 2 GW today and the company now expects to surpass 3 GW by year‑end — a material revision that reflects both new deals and the prioritization of long‑term supply agreements. Nebius is expanding its global footprint with multiple new sites in the U.S., Israel, the U.K. and France; in France the firm plans to redevelop a former Bridgestone tyre plant at Béthune into a roughly 240 MW, GPU‑dense campus, with phased delivery expected to begin by late summer and about half the campus targeted to be operational by the end of 2026. While the Béthune brownfield reduces some greenfield planning hurdles, Nebius warned the build will require heavy upfront investment for remediation, power hookups, cooling and high‑density IT infrastructure. For the December quarter, revenue rose year‑over‑year to $227.7 million but missed analyst estimates, and quarterly net loss widened to $249.6 million as the company prioritized capacity over short‑term profitability. Management reiterated an ambition to reach a $7–9 billion annualized revenue run‑rate by the close of 2026 if deployments and contracting advance as planned. Market reaction was muted: shares traded modestly higher in premarket sessions as investors weighed the upgraded growth outlook against higher near‑term cash burn. The announcement comes amid broader industry moves — strategic chipmaker financings into capacity providers, large private‑credit facilities for AI infrastructure, and rising order targets from industrial power suppliers — all of which highlight that capital is available but that execution hinges on GPU supply, grid interconnection and permitting timelines. Nebius’s strategy converts scarce hardware and power into a potential durable competitive moat, but it also imports execution risk: integrating new sites quickly, avoiding prolonged idle capacity and converting footprint into long‑term contracts will determine whether the heavy early outlays pay off.