Nebius Group (NASDAQ: NBIS) shares jumped more than 17% to $157 during Wednesday morning trading after rival AI cloud provider CoreWeave reported third-quarter revenue above Wall Street estimates and raised its full-year revenue forecast.
CoreWeave’s Results and Financing Outlook Lift AI Cloud Shares
CoreWeave (NASDAQ: CRWV) reported third-quarter revenue of $3.66 billion on Tuesday, up 168% from a year earlier and above Wall Street estimates. The company also raised its 2026 revenue guidance to between $13 billion and $13.3 billion.
Its revenue backlog reached approximately $132.5 billion as of September 30, representing expected future revenue under customer contracts, subject to service delivery requirements.
CoreWeave CEO Michael Intrator said the company expected approximately $9 billion in customer prepayments and deposits over the next three months. During its earnings call, management said more than $3 billion of that amount related to renewed contracts for existing cloud infrastructure that would not require additional capital spending.
CoreWeave also said it did not intend to issue additional parent-level unsecured debt at current borrowing rates before the end of 2027 and expected asset-backed loans to cover most of its remaining capital requirements.
The company also raised the lower end of its 2026 capital spending forecast by $2 billion to between $37 billion and $39 billion, citing plans to deliver infrastructure to customers sooner than expected.
After weeks of pressure on AI infrastructure stocks over data-center expansion costs, Nebius and other specialized AI cloud providers rallied alongside CoreWeave on Wednesday following its earnings and financing disclosures.
Nebius Rebounds After Tuesday’s Decline and Microsoft Concerns
Nebius fell 5.27% to $134 on Tuesday, compared with the previous close of $141.45. By that close, the stock had lost roughly 39% over the past month.
On Tuesday, Bears of Wall Street published an analysis on Seeking Alpha raising concerns that Microsoft, a major Nebius customer, could reduce its reliance on specialized AI cloud providers or decline to renew agreements. The assessment followed Bloomberg’s November 5 report that Microsoft had tightened oversight of some data-center projects involving Nebius and other providers. Neither source confirmed that Microsoft canceled its contract with Nebius.
Nebius’s Financing Arrangements Ahead of Earnings
Like CoreWeave, Nebius relies on customer prepayments to finance its AI infrastructure expansion. In its second-quarter shareholder letter, the company said approximately 70% of deals signed during the quarter included prepayments, with upfront payments covering 50% to 60% of associated capital spending. Nebius also expected to receive more than $9 billion in customer prepayments during 2026.
Alongside those customer payments, Nebius announced a $3.5 billion senior secured facility from Citi in October to fund data-center development, graphics processing unit purchases and general corporate purposes.
Nebius said it had more than $40 billion in long-term contracts with investment-grade customers that could support additional asset-backed financing.
Nebius to Report Third-Quarter Earnings on November 12
Nebius will release its third-quarter results before the US market opens on Thursday, November 12, followed by an earnings conference call at 8 a.m. Eastern Time.
According to MarketBeat, analysts expect quarterly revenue of approximately $907.2 million and a loss of $0.72 per share. The revenue estimate represents a roughly 56% increase from the $582.3 million Nebius reported in the second quarter.
Nebius Tokenized bStocks Also Gains
Separately, Nebius Tokenized bStocks (NBISB) traded at $156, up 12.31% over the past 24 hours, according to CoinMarketCap. The tokenized instrument remains separate from Nasdaq-listed NBIS shares, and its 24-hour percentage change is not directly comparable to the shares’ Wednesday morning gain.