NEBIUS (NBIS) shares plummeted 9.47% during intraday trading on Thursday, extending losses from pre-market sessions following the release of its fourth-quarter 2025 financial results.

The AI cloud company reported a more than six-fold surge in quarterly revenue to $227.7 million, but this figure fell short of analyst estimates of approximately $246 million. More significantly, capital expenditures ballooned to about $2.1 billion in the December quarter, compared with just $416 million in the prior year period, as the company rushed to secure AI processors and expand its data center footprint to meet soaring demand.

The combination of missing revenue expectations while dramatically increasing spending on infrastructure raised concerns among investors about the company's near-term profitability and spending efficiency, leading to the sharp sell-off.