Nebius Unveils $40 Billion 2027 Spend as New Jersey Delays Sink Shares 17%
Updated
Updated · TechCrunch · Nov 12
Nebius Unveils $40 Billion 2027 Spend as New Jersey Delays Sink Shares 17%
3 articles · Updated · TechCrunch · Nov 12
Summary
$40 billion in planned 2027 capex overshadowed Nebius’s Q3 call after the company cut its 2026 revenue forecast by $200 million to $3 billion and the stock closed down 17%.
The spending plan leans on customer prepayments and loans backed by contracts to cover up to 85% of a $40 billion-$45 billion buildout, a structure that becomes riskier if delayed projects push back revenue.
Microsoft’s Vineland, New Jersey contract—worth up to $19.4 billion—is months behind schedule, with only just over half the capacity now due by year-end and the rest pushed to Q2 2027.
DataOne’s site transition from temporary generators to Bloom Energy fuel cells helped cause the slippage; New Jersey regulators already fined the facility $1.1 million over unpermitted gas generators, and residents have sued over noise.
Nebius said sites it builds itself are on or ahead of schedule, ended the quarter with $7.4 billion in cash, and still projects $12 billion-$13 billion of 2027 revenue with pretax break-even by Q4.