Nebius tests the neocloud playbook with $40 billion in planned spending

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In its third-quarter earnings call Thursday, the neocloud company Nebius laid out $40 billion in planned spending for 2027, far more than Wall Street had expected. It's an ambitious plan, but it rests on a string of planned projects that are already starting to show cracks. Nebius plans to fund the buildout by relying on customer pre-payments and loans backed by customer contracts — essentially using the future value of its data centers to finance their construction. But that can be a risky strategy if those projects get bogged down by delays or cancellations. "Building at this scale is hard, and delays are part of our industry right now," CEO Arkady Volozh said during Thursday's earnings call. "We are not immune.