What happened
Nebius outlined $40 billion in planned spending for 2027, funded partly by customer prepayments and loans backed by customer contracts. Its New Jersey data center, operated by DataOne, is months behind schedule, pushing more than half of Microsoft’s capacity delivery to Q2 2027. Nebius said third-party site delays contributed to a $200 million cut to its 2026 revenue forecast, now $3 billion.
Why it matters
Nebius’s financing plan depends on customer prepayments and contract-backed loans, while delays at its New Jersey site expose the delivery and revenue risks behind that approach.