Nebius (NBIS) CEO says “some of our Co-location sites, including New Jersey, are behind schedule. Customers have been kept informed”; “delays are part of our industry right now. We are not immune”

• Own sites are on track and even running ahead of schedule.
• Most of the next gigawatt the company brings online will be at its own sites.

Delay disclosures of this kind have been a recurring feature of the AI data center buildout, where power procurement, equipment lead times and construction bottlenecks have pushed timelines across the sector, and management commentary has generally been treated as a read-through on delivery credibility rather than demand. The operative distinction here is between co-location capacity, where a third party controls the site and the schedule, and owned sites, which the company says are on or ahead of plan; in past episodes of this type, names whose slippage sat with landlords rather than their own execution have tended to be given more benefit of the doubt, provided contracted revenue recognition was not pushed out with the delay. The claim that delays are industry-wide is a familiar framing and has on previous occasions been partly true but unevenly distributed, so the comparison set matters: how peers report their own timelines over the same period. What is worth watching next is any quantification of the New Jersey slippage, whether contracted customers or capacity pricing are affected, and whether the next update shows owned-site delivery absorbing the shortfall as stated. Commentary without figures is directional; the numbers, when they arrive in filings or the next results call, are the test.