Nebius Group N.V.’s NBIS third-quarter 2025 results show a rapid pace of growth with increased investments in AI infrastructure. The company plans to spend $5 billion on capital expenditures, up from $2 billion, to support data center and GPU deployment. Despite the surge in capex, Nebius expects positive adjusted EBITDA by the end of 2025.

CoreWeave reduced its 2025 capex guidance to $12-14 billion, down from $20-23 billion, with most spending delayed to 2026. Microsoft’s capex spending remains significant, with a focus on short-lived assets like GPUs and CPUs. Nebius’ stock has declined 6% in the past month, trading at 5.38X price/book ratio.

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Read more at Nasdaq: Will Nebius’ $5B CapEx Spike Weigh on Its 2025 EBITDA Targets?