Power ramp and execution risks for large capacity buildout
Key Questions
What is Nebius's planned capital expenditure (capex) for 2026?
Nebius plans $16–20B in capex for 2026, which is fully funded, with an additional $29B from external sources. This supports their large-scale capacity buildout amid execution risks.
What are Nebius's current and projected data center capacities?
Nebius currently has 1GW active capacity and over 3GW contracted, with projections exceeding 3GW by end of 2026 (800-1000MW cited). Key projects include Independence at 1.2GW (progressing), Birmingham 300MW, and others contributing to EMEA >750MW.
What are the details of Nebius's projects in Finland?
Nebius will operate Polarnode's 310MW data center campus in Lappeenranta, Finland, with a €10B operation starting in 2027 (Vera Rubin), plus Mäntsälä at 75MW. These are part of EMEA expansion exceeding 750MW total.
How is Nebius expanding in the Asia-Pacific (APAC) region?
Nebius is expanding into APAC with first customers generating over $20B in value. This follows initial steps into Asian markets to support rapid global growth.
How does Nebius compare to CoreWeave in terms of performance and market position?
Nebius leads CoreWeave with stronger stock performance (+37% YTD vs +22%) despite AI spending fears rattling investors. Nebius has 16 sites, Finland projects, and a Meta backlog, positioning it ahead in the $35B neocloud market for 2026.
2026 capex $16–20B funded ($29B external); 1GW active/>3GW contracted/3GW+ EOY '26 (800-1000MW cited); Independence 1.2GW progressing; Birmingham 300MW; Finland Lappeenranta 310MW €10B op via Polarnode (2027 Vera Rubin) + Mäntsälä 75MW (EMEA >750MW); Missouri site; APAC expansion first customers >$20B; 170MW 98% util; neoclouds $35B '26 market; rehashes Finland 310MW/300MW/capex race vs CoreWeave trails on debt (+40% vs +22% YTD), 16 sites/Finland/Meta backlog redux; recent +4-6% AH stock on Finland rehash; ex-7b2a3eca Lappeenranta 2027 NVIDIA/Mäntsälä dupe.