Atlas Research Note

Nebius Q3 2026: Customers Are Now Paying for the Build

Ben Bajarin · November 12, 2026

Creative Strategies earnings read | November 12, 2026 | Nebius Group third-quarter 2026 results and conference call Nebius grew revenue 571% from a year ago to $980.8 million, including about $325 million of non-recurring revenue from its first asset-light partnership, and raised adjusted EBITDA margin to 47.5%. It narrowed its 2026 revenue guide to $3.0 billion to $3.2 billion because some colocation capacity slipped into 2027, raised 2026 capex to about $27 billion, and gave a first 2027 outlook of $12 billion to $13 billion of revenue on $40 billion to $45 billion of capex. Operating view: Prepayments were the biggest news on this call.

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Notes

Nebius Q3 2026: Customers Are Now Paying for the Build

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