# Nebius outlines $40 billion 2027 capex plan amid data‑center delays

> Nebius plans to spend up to $45 billion next year, relying on pre‑payments and contract‑backed loans, but a key Microsoft project is months behind schedule.

Oossa · 2026-11-12 · https://oossa.com/en/nebius-outlines-40-billion-2027-capex-plan-amid-data-center-delays

Nebius told investors on its third‑quarter earnings call that it expects to spend between $40 billion and $45 billion on new data‑center capacity in 2027. The figure is far higher than analysts had predicted. To fund the build‑out, the company will lean on large pre‑payments from customers such as Microsoft and Meta, and on loans that are secured by the future value of its facilities.

The plan is already under pressure. Microsoft’s contract for AI‑computing power at Nebius’s Vineland, New Jersey site – worth up to $19.4 billion – is delayed. Only a little more than half of the promised capacity is slated for delivery by the end of 2026; the remainder will not arrive until the second quarter of 2027, well past the original 2025‑2026 schedule. The delay stems from the third‑party operator DataOne winding down temporary gas generators faster than expected and switching to Bloom Energy fuel cells, a move that triggered a $1.1 million fine for operating unpermitted generators.

## How Nebius plans to cover the cost

Nebius says the pre‑payments and asset‑backed financing will cover up to 85 % of the 2027 capex, with the rest coming from cash and additional borrowing if needed. The company ended Q3 with $7.4 billion in cash and reported revenue of $981 million, a 571 % jump from a year earlier, boosted by a one‑time payment tied to a new partnership model.

Chief revenue officer Marc Boroditsky highlighted that deals with Microsoft and Meta already include significant upfront payments, which should fund much of the new capacity. CFO Maria Del Dado Alonso Sanchez added that those contracts are “investment‑grade,” meaning they qualify for the asset‑backed loans the firm is using.

## Background on the neocloud market

Nebius is part of the growing “neocloud” sector – large‑scale data‑center operators that sell capacity to AI developers and other high‑performance workloads. Industry analysts note that many neocloud players depend on third‑party construction partners, a model that can create timing risks when sites face regulatory or technical setbacks. Recent Bloomberg reports say Microsoft is tightening oversight of such projects, pulling back on agreements that miss deadlines.

## The facts

- Nebius announced a 2027 capex target of $40 billion to $45 billion on its Q3 earnings call dated 2026‑11‑12.
- The Microsoft contract for the Vineland site is valued at up to $19.4 billion, with only just over 50 % of capacity expected by year‑end 2026.
- DataOne was fined $1.1 million by New Jersey regulators for operating unpermitted natural‑gas generators.
- Nebius reported Q3 revenue of $981 million, a 571 % increase from the prior year.
- Nebius ended the quarter with $7.4 billion in cash and expects pre‑payments and asset‑backed financing to fund up to 85 % of next year’s spending.

## Why it matters

For businesses that rely on Nebius’s cloud capacity, the delays could push back AI‑training projects and increase costs if Microsoft enforces penalties. Investors should watch whether Nebius can keep its financing plan on track, as a shortfall could force the company to seek more expensive debt or cut back on expansion.

## Sources & references

1. [Nebius tests the neocloud playbook with $40 billion in planned spending](https://techcrunch.com/2026/11/12/nebius-tests-the-neocloud-playbook-with-40-billion-in-planned-spending/) – TechCrunch, 2026-11-12

Last updated: 2026-11-12