Nebius plans to fund its $40 billion AI infrastructure expansion through customer prepayments and loans, even as delays at a Microsoft data center raise questions about its financing model. Nebius tests the neocloud playbook with $40 billion in planned spending Rebecca Bellan 1:27 PM PST · November 12, 2026 In its third-quarter earnings call Thursday, the neocloud company Nebius laid out $40 billion in planned spending for 2027, far more than Wall.