AI Markets · Updated November 5, 2026

NBIS Stock: Nebius AI Data Centers and How Nebius Compares With CoreWeave and IREN

November 5, 2026 7 min read Strategic Crypto Reserve AI Markets

Nebius (NBIS) is one of the three neoclouds investors watch most, alongside CoreWeave and IREN. It is building AI data centers from Vineland, New Jersey to Missouri, Pennsylvania, Finland and France, largely to serve a Microsoft contract. NBIS fell about 15% in the November 5 sell-off and reports Q3 results on November 12. Here is what Nebius is building and how it stacks up.


Nebius Data Centers AI Data Center Cost Calculator
NBIS stock: Nebius compared with CoreWeave and IREN neocloud stocks

NBIS Q3 2026 results

Nov 12 · before open

Figures from company releases and public reporting, November 2026. Not investment advice.

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Quick answers (updated November 5, 2026)

What is Nebius? an Amsterdam-based AI cloud (neocloud) company listed on Nasdaq as NBIS. It owns GPUs and sells compute to AI labs and enterprises.

Biggest customer deal: a GPU capacity contract with Microsoft worth up to about $17.4 billion, served largely from the 300 MW Vineland, NJ campus built by DataOne.

Where it is building: Vineland NJ (~300 MW), Independence MO (1.2 GW planned), Butler Township PA (1.2 GW planned), Lappeenranta Finland (310 MW), a 240 MW site in France and 50 MW leased in the southeastern US.

Stock: NBIS fell about 15% on November 5, 2026 and was about 58% below its June 2026 peak, CNN reported.

Next: Q3 2026 results on Thursday, November 12, 2026, before market open.

Nebius AI Data Centers: Where NBIS Is Building

Nebius data center pipeline (announced or reported; stages differ)
SiteCapacityStatus / note
Vineland, New Jersey (DataOne)~300 MWServing Microsoft; on-site power under regulatory scrutiny
Independence, Missouri1.2 GWIn development
Butler Township, Pennsylvania1.2 GWIn development
Lappeenranta, Finland310 MWIn development
Former Bridgestone site, France240 MWAbout EUR 8 billion; first 60 MW reported for December
AIB Data Centers, southeastern US50 MW12-year capacity agreement

Power is the constraint. At Vineland, Nebius's developer DataOne ran gas generators without permits, drew a record $1.07 million fine and is moving to up to 328 MW of Bloom Energy fuel cells under a deal worth up to $2.6 billion. Read the full story: DataOne Vineland AI data center emissions.

Nebius AI data centers: Vineland, Missouri, Pennsylvania, Finland and France

Nebius vs CoreWeave vs IREN: Neocloud Comparison

Neocloud comparison (latest reported figures as of November 5, 2026)
Nebius (NBIS)CoreWeave (CRWV)IREN (IREN)
OriginSpun out of Yandex, AmsterdamFormer crypto miner turned GPU cloudBitcoin miner turned AI cloud
Anchor customerMicrosoft (up to ~$17.4B)AI labs and hyperscalersFrontier AI lab, investment-grade clients
ScaleMulti-GW pipeline (US + Europe)~1.5 GW active, 4.2 GW contracted$20.3B backlog, ~$1B operating ARR
Latest resultsQ3 due Nov 12Q3 due Nov 10Q1 FY27: AI cloud ~$200M (+182%)
2026 capexHeavy, multi-site$35-39B guidedPrepayments cover ~90% of GPU capex on newest deal
Nov 5, 2026 moveAbout -15%About -10%Rose on results, Benzinga reported
Key riskPower and permits (Vineland)Debt and capex paceDelivery timing ($4B ARR target slipped)

More detail: CoreWeave stock and AI capex and IREN stock and the bitcoin miner AI pivot.

Nebius vs CoreWeave vs IREN neocloud comparison table

How Neoclouds Like Nebius Make Money

A neocloud buys accelerators, puts them in a data center with enough power and cooling, and sells GPU-hours, usually under multi-year contracts. Revenue per megawatt is high, but so is risk: GPUs lose value quickly, and an idle GPU still has to be paid for.

Our AI Build Configurator models this directly. The Neocloud / GPU-as-a-Service profile uses a default blended price of C$4.20 per accelerator-hour, about C$20.5 million per MW for the facility before GPUs, and a 20-month build. Change the location, GPU class, utilisation price or cooling in the free demo and the payback updates instantly. It is the quickest way to see why investors swing so hard on every utilisation and capex number these companies report.

This page does not give investment advice. Share prices move quickly; check a live quote and a licensed adviser before making any decision.

How neoclouds like Nebius make money: GPU-hour pricing, utilisation and depreciation

Model a Neocloud Data Center Yourself

Nebius, CoreWeave and IREN all live or die on cost per megawatt and price per GPU-hour. Run the same numbers for any province or state.

Price your own AI build in seconds. The AI Build Configurator shows capital cost by line item, power cost and payback for every Canadian province and US state, by GPU class and cooling type. Try the free demo, or put it on your own site: Standard licence C$4,000 a year, Pro C$10,000, site screening reports from C$950 (see licensing).

AI Build Configurator

Neocloud profile: CapEx, GPU-hour revenue and payback by location. Free demo.

Try the free demo →

CoreWeave Stock and AI Capex

$35-39B of 2026 capex and the cost per MW.

Read it →

IREN Stock and the Miner AI Pivot

AI cloud revenue up 182% to $200M.

Read it →

DataOne Vineland Emissions

The Nebius campus at the centre of New Jersey's data center fight.

Read it →

Frequently Asked Questions: NBIS Stock and Nebius

1. What is NBIS stock?

NBIS is the Nasdaq ticker of Nebius Group N.V., an Amsterdam-based AI cloud company that owns GPUs and sells compute capacity to AI labs and enterprises from data centers in Europe and the United States.

2. Where are Nebius AI data centers?

Nebius has data center projects in Vineland, New Jersey (about 300 MW), Independence, Missouri (1.2 GW planned), Butler Township, Pennsylvania (1.2 GW planned), Lappeenranta, Finland (310 MW), a 240 MW site in France and 50 MW leased from AIB Data Centers in the southeastern United States.

3. What is the Nebius Microsoft deal?

Nebius signed a GPU capacity agreement with Microsoft worth up to about $17.4 billion. Much of that capacity is served from the Vineland, New Jersey campus developed by DataOne.

4. When does Nebius report Q3 2026 earnings?

Nebius reports third-quarter 2026 results on Thursday, November 12, 2026, before the US market opens.

5. How does Nebius compare with CoreWeave?

CoreWeave is larger, with about 1.5 GW of active power and $35 to $39 billion of 2026 capex guidance, and carries more debt. Nebius has a Microsoft anchor contract and a multi-gigawatt pipeline across the US and Europe. Both sell GPU-hours, so both depend on utilisation and build costs.

6. Is NBIS stock a buy?

This page does not give investment advice. Share prices move quickly; check a live quote and a licensed adviser before making any decision.