Nebius Group (NASDAQ: NBIS) disclosed a significant acceleration in capital expenditures during its fourth-quarter earnings report on Thursday, February 12, 2026. The Amsterdam-based AI cloud provider is aggressively scaling its infrastructure to address a persistent supply-demand imbalance in the enterprise AI market. Capital spending for the quarter ending December 31 surged to approximately **$2.1 billion**. This represents a massive increase compared to the **$416 million** invested during the same period the previous year. Total capital expenditure for the full year 2025 reached **$4.07 billion**, primarily directed toward securing high-performance Nvidia GPU clusters and expanding data center footprints. Revenue Performance and Outlook Revenue for the fourth quarter reached **$227.7 million**, a staggering **547%** year-over-year increase. Despite this growth, the figure fell short of the **$246.1 million** consensus estimate. For the full year, revenue climbed **479%** to **$529.8 million**. Management has set aggressive targets for the coming year. The company expects to end 2026 with an annualized revenue run-rate between **$7 billion and $9 billion**. This is a substantial leap from the **$1.25 billion** run-rate recorded at the close of 2025. Infrastructure and Capacity Expansion Nebius is currently operating in a "sold out" environment, with demand from AI-native firms and hyperscalers consistently outpacing available capacity. To solve this, the firm is launching nine new data center sites across the U.S., France, Israel, and the UK. Power capacity targets have been revised upward. The company now expects to have more than **3 gigawatts (GW)** of contracted power by the end of 2026, up from previous forecasts of **2.5 GW**. Currently, the firm is on track to have between **800 megawatts and 1 gigawatt** of connected power active by year-end. Strategic Moves and Market Reaction The company recently announced the acquisition of Tavily, a search infrastructure provider, to enhance its "agentic AI" capabilities. This move aims to provide a full-stack platform where enterprises can build and run autonomous AI agents with real-time web access. Despite the explosive growth, the market focused on the quarterly revenue miss and widening losses. Net loss from continuing operations for the quarter stood at **$249.6 million**, compared to **$122.9 million** a year prior. Following the report, shares were down approximately **3%** in volatile trading. Nebius continues to lean on its strategic partnerships with industry giants, including multi-billion dollar cloud deals with Microsoft and Meta, to secure its long-term revenue trajectory.