Nebius tests the neocloud playbook with $40 billion in planned spending
Nebius is counting on customer-backed financing while a major Microsoft project runs months late.
Prepayments and loans backed by customer contracts are expected to cover up to 85% of its $40 billion to $45 billion capital spending plan for 2027. At the New Jersey site serving Microsoft, just over half the contracted capacity is now due by year-end, with the rest pushed to Q2 2027 following a power-supply transition. The contract allows late-delivery penalties and termination of affected service under specified conditions; Nebius did not say whether Microsoft accepted the revised dates. Third-party delays also prompted Nebius to cut its 2026 revenue forecast by $200 million to $3 billion, and shares closed down 17%.
TechCrunch AI's note
Prepayments and loans backed by customer contracts are expected to cover up to 85% of its $40 billion to $45 billion capital spending plan for 2027. At the New Jersey site serving Microsoft, just over half the contracted capacity is now due by year-end, with the rest pushed to Q2 2027 following a power-supply transition. The contract allows late-delivery penalties and termination of affected service under specified conditions; Nebius did not say whether Microsoft accepted the revised dates. Third-party delays also prompted Nebius to cut its 2026 revenue forecast by $200 million to $3 billion, and shares closed down 17%.
TechCrunch AI's note
score 7