Nebius Group N.V. announced on November 11 that it will launch an at‑the‑market equity program for up to 25 million Class A shares, with a prospectus supplement scheduled for filing on November 12. The program gives the company a flexible, on‑demand source of capital that can be tapped as liquidity allows, a significant shift from its prior reliance on convertible notes and other financing mechanisms.
In its third‑quarter 2025 financial results, Nebius reported revenue of $146.1 million, a 355 % year‑over‑year increase from $32.1 million in Q3 2024. Core AI infrastructure, which accounts for roughly 90 % of total revenue, grew 400 % YoY, driven by strong demand from hyperscalers such as Meta and Microsoft. Adjusted earnings per share were a loss of 39 cents, beating the consensus estimate of a 50‑cent loss by 11 cents. Revenue, however, fell short of the consensus $150.6 million by $4.5 million, reflecting that while demand surged, some segments did not meet the higher analyst expectations set for the quarter.
Nebius’s adjusted net loss widened to $100.4 million, a 153 % increase over the $39.7 million loss reported in Q3 2024. The widening loss is largely attributable to higher operating expenses—cost of revenue, product development, sales and administrative costs, and depreciation—all of which rose as the company invested heavily in data‑center capacity and NVIDIA Blackwell GPU deployments. Despite the larger loss, the adjusted EBITDA loss narrowed to $5.2 million from $45.9 million a year earlier, indicating improving operating leverage as revenue scales.
Management emphasized the strategic importance of the ATM program and the company’s capacity constraints. CFO Dana Alonso said the program “provides more tools at our disposal to access capital markets when needed.” CEO Arkady Volozh highlighted that “capacity today is the main bottleneck to revenue growth, and we are now working to remove this bottleneck.” Chief Revenue Officer Marc Boroditsky noted that the firm is “learning to say no to customers” as demand outpaces available infrastructure.
Nebius is aggressively expanding its AI infrastructure footprint, targeting 2.5 GW of contracted power by 2026 and a $7 billion–$9 billion annualized run‑rate revenue by the end of 2026. The company has revised its full‑year 2025 revenue outlook to $500 million–$550 million, reflecting the current pace of growth while acknowledging the need for additional capital. The ATM program is positioned to fund this expansion, providing a flexible source of equity capital that can be deployed as liquidity permits.
Investors have responded with mixed sentiment, weighing the company’s strong revenue growth and major hyperscaler deals against widening losses, significant capital expenditures, and dilution concerns from the new ATM program. The announcement signals confidence in future demand for AI infrastructure while underscoring the need for continued capital investment to sustain growth.
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