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Microsoft increases scrutiny of neocloud projects, report says
Nebius and IREN shares fell more than 16% as Microsoft reportedly weighs new agreements and prioritizes its own data centers.
Microsoft is subjecting some data center projects involving Nebius, IREN and Nscale to greater scrutiny, according to a November 5 media report citing people familiar with the matter. The company is reportedly withdrawing from projects it considers risky while discussing whether to enter new neocloud agreements.
The report said Microsoft is prioritizing expansion of its own data centers, although further agreements with neocloud providers remain possible. In afternoon trading, Nebius and IREN shares each fell more than 16%, while CoreWeave declined 12.29%.
Microsoft will forgo an option that would more than double its existing agreement with Nscale for computing capacity at a Texas data center. It also withdrew from an agreement to anchor Nscale's flagship project in Loughton, Essex, after delays in connecting power pushed availability into the 2030s.
A Microsoft spokesperson said the company uses a flexible mix of its own data centers, rented facilities and third-party partnerships to add capacity reliably and efficiently. Nebius, IREN and Nscale did not immediately respond to requests for comment.