Nebius vows to add up to a gigawatt of GPU capacity each year starting 2027

Nebius told investors it aims to commission up to a gigawatt of GPU-driven datacenter power each year beginning in 2027, a scale few firms can match. The company expects to spend between $20 billion and $25 billion on capital projects in 2026 to bring 800-1,000 MW of capacity online, relying on over $9 billion in customer prepayments and a $775 million asset-backed debt facility secured in July. CFO Dado Alonso said the firm will continue to leverage its GPUs and cash-flow contracts for favorable financing terms.

Nebius is also exploring a partner-funded, asset-light approach that lets it count deployed capacity without fronting all the cash, provided it can rent the capacity profitably. CEO Arkady Volozh estimates each megawatt will generate $20-$25 million in medium-term lease revenue and $40-$50 million in short-term deals, implying roughly $20 billion per gigawatt. However, full operational revenue is not anticipated until the first half of 2027, after commissioning, networking, and customer onboarding are completed. The company posted a $176 million operating loss for Q2, up from $111 million a year earlier, while its share price rose more than 30 percent after the earnings call.