Nebius plans $40 billion to $45 billion in 2027 capex, leaning on customer prepayments

Nebius plans to spend $40 billion to $45 billion on capital expenditures in 2027, funding a large share through customer prepayments rather than relying solely on its own balance sheet. The AI cloud provider’s approach ties its infrastructure buildout to committed demand from a concentrated set of customers, reducing upfront financing needs but increasing exposure to counterparty and concentration risk. The scale of the 2027 capex plan signals that Nebius is betting on sustained AI compute demand and is willing to commit heavily to data-center capacity. Investors should watch prepayment terms, customer concentration and contract duration, since these will determine how much of the buildout is effectively de-risked.