Will Nebius' $5B CapEx Spike Weigh on Its 2025 EBITDA Targets?

Key Takeaways Nebius boosts 2025 capex from $2B to $5B to speed data center and GPU expansion.NBIS still expects to exit 2025 slightly adjusted EBITDA-positive (group level) despite higher spending.Nebius will use debt and equity financing as it scales toward up to 1 GW of power by 2026.Nebius Group N.V.’s (NBIS) third-quarter 2025 results not only highlight a business that is moving at a breakneck speed but also reflect dramatically accelerated investments to keep up with AI demand.  As it doubles down on ...