Nebius revenue grows 571% to $981m, but US sites have power delays

Nebius, a company in Amsterdam, makes data centers and fills them with GPUs, which are processors for AI. It rents computing power to customers. It reported Q3 revenue of $981m, up 571% from last year. The net loss fell to $37.5m from $119.6m. Nebius tells that some co-location sites, which are rented data center space, are late.

What is late

The delay is at the 300 MW campus in Vineland, New Jersey. Microsoft is a primary customer there. Nebius tells that power delays are the cause and that no capacity is cancelled. CEO Arkady Volozh tells that customers are informed.

The numbers

• Q3 revenue: $981m, up 571% in a year.
• Net loss: $37.5m, against $119.6m a year before.
• Pre-tax profit of $0: expected by the end of 2027.

Last month the value of Nebius decreased by more than a third. Investors asked if the AI growth costs too much.

Open models

Roman Chernin, chief business officer, tells that use of open-weight models, which each person can download, grew in the last months. Chernin tells that more variety is good for Nebius, because it widens the set of customers.

Insight: Power now limits neoclouds more than customers do

In October 2026, Gartner told that more than 80% of neocloud providers will stop operation. It also told that owners of AI data centers must get $8.5 trillion of revenue but will get no more than $3.6 trillion. Nebius has many customers, but power delays move revenue to 2027. This reads as a race to get power first. Find where each vendor gets its power.