, 9 min read
Nebius Got Its Customers to Prepay the Build-Out. The Buildings Are Running Late
Nebius beat on Q3 revenue and says new deals now come with prepayments that cover more than 100% of their capex. But third-party data centers slipped, 2026 revenue goes to the low end, and capex jumps to $27 billion this year and $40-45 billion next. Here's the quarter in plain English.