Nebius Stock Surges 15% Ahead of Thursday Earnings as CoreWeave Blowout Lifts Beaten-Down AI Cloud Stocks

AMSTERDAM — Shares of Nebius Group jumped more than 15% on Wednesday, a day before the artificial intelligence cloud company reports third-quarter results. Strong earnings from rival CoreWeave sparked a rally across the beaten-down neocloud sector.

Nebius rose $20.84, or 15.55%, to $154.84 in morning trading, giving the company a market value of about $38.9 billion. Volume reached about 11.8 million shares. The stock closed at $134.00 on Tuesday.

The rally followed CoreWeave's report late Tuesday showing third-quarter revenue up 168% to $3.66 billion, along with a raised full-year forecast and a $132.5 billion backlog. CoreWeave Chief Executive Michael Intrator called it "a breakout quarter." The results eased investor concerns about whether surging AI infrastructure spending and heavy borrowing can be supported by real customer demand.

Nebius, which operates data centers and computing infrastructure in Europe and the United States, is widely seen as one of CoreWeave's closest peers. Its shares tend to move in tandem with the sector.

The company is scheduled to report third-quarter results Thursday, Nov. 12, before the U.S. market opens. Analysts expect revenue of about $907 million to $917 million, roughly six times the $146 million reported a year earlier. Analysts forecast a loss of 61 to 69 cents per share, depending on the data provider, compared with a loss of 40 cents a year earlier.

In the second quarter, Nebius reported revenue of $582 million, up 454% from a year earlier. The company has guided for 2026 revenue of $3 billion to $3.4 billion. Meeting that forecast would require fourth-quarter revenue of about $1.1 billion to $1.5 billion if third-quarter results match expectations.

Investors will also be watching spending. Nebius has planned capital expenditure of $20 billion to $25 billion, and it spent about $5.7 billion in the second quarter alone. The company has funded part of its expansion by selling shares. It raised about $2.8 billion through an at-the-market program at an average price of $223.60 per share through June 30.

Despite Wednesday's jump, Nebius remains well below its peak. The stock closed at a record $286.69 on June 18 and had fallen about 53% by Tuesday's close, erasing roughly $41.5 billion in market value. The shares are still up about 42% over the past 52 weeks.

The broader sector has been hit by worries about slowing AI investment, rising interest rates and the large debt loads carried by companies building AI data centers. Hotter-than-expected U.S. inflation data on Tuesday added to pressure on growth stocks by raising expectations of further Federal Reserve rate increases.

Analysts said Thursday's report will be a key test of whether Nebius can turn rapid capacity growth into revenue at the pace investors expect. The most important disclosures are likely to involve data center commissioning, operating margins and financing costs.

Nebius is headquartered in Amsterdam and listed on the Nasdaq.