AI cloud computing company Nebius plans to spend up to $45 billion by 2027.

Nebius plans to spend $40–45 billion in capital expenditures through 2027, with customer prepayments and investment-grade contract-based asset financing expected to cover up to 85% of that total. The AI cloud company said its New Jersey data center project for Microsoft has been delayed by several months, and it now expects to deliver slightly more than half of the contracted Microsoft compute capacity by the end of this year, with the remainder pushed to the second quarter of 2027; Microsoft took part in the planning but has not confirmed whether it agreed to the new delivery dates. Nebius guided 2027 revenue at $12–13 billion and expects pre-tax break-even in the fourth quarter, while cutting its 2026 revenue forecast by $200 million to $3 billion due to delays at third-party sites. The scale of the spending plan and the slip in Microsoft capacity deliveries matter because they test whether prepayment-backed financing can fund an aggressive AI infrastructure buildout. What to watch next is whether Microsoft formally accepts the revised delivery schedule and whether third-party site delays further pressure the 2026 revenue outlook.