Rent-a-GPU cloud Nebius plans to bring online over a gigawatt of datacenter capacity every year starting in 2027, but doing so will require playing the margins and juggling a mountain of debt. “Our future capacity pipeline effectively makes Nebius one of just a few companies in the world able to build more than a gigawatt of new capacity a year and we plan to do so in 2027,” CEO Arkady Volozh boasted on Wednesday’s earnings call. The endeavor won’t be cheap. In 2026, Nebius says it expects to burn between $20 billion and $25 billion on capital expenditures to bring between 800 and 1,000 MW worth of bit barn capacity online. A big chunk of that will be covered with customer prepayments — essentially deposits for future capacity....
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