Nebius Group N.V. (NBIS) reported a significant cash position of $9.3 billion in cash and cash equivalents at the end of Q1 2026, driven by a $4.3 billion convertible debt raise and a $2 billion equity investment from NVIDIA, contributing to an operating cash flow of $2.3 billion for the quarter. The company anticipates capital expenditures for 2026 to range from $20 billion to $25 billion, an increase from previous estimates of $16 billion to $20 billion, reflecting aggressive expansion to meet growing demand.
Nebius has contracts with major tech firms, including Meta and Microsoft, while utilizing various funding sources such as asset-backed financing, corporate-level debt, and an at-the-market program to support its capacity expansion. The company has already sold out its available capacity, underscoring a demand that consistently exceeds supply.
In comparison, CoreWeave reported over $3.3 billion in cash and securities and plans capex between $31 billion and $35 billion in 2026, while Microsoft (MSFT) had cash and equivalents of $78.3 billion as of March 31, 2026, and plans to invest approximately $190 billion in capex for the year. This competitive landscape highlights the substantial financial resources available for AI infrastructure expansion across the sector.
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