– Payback period for deals closed in Q2: 1 year, 10 months. This is the real counterargument to the bear case—with this level of capital investment, a payback period of less than two years is the key ROIC (return on invested capital) figure.
CEO Arkady Volozh: “We could sell our entire 2027 capacity today under these terms.”
– Price per MW continues to rise: $40–50 million, sometimes higher. According to Volozh, customers pay a significant premium for immediately available capacity; the annualized contract value per MW for Q3 short-term deals exceeds $40 million.
– Depth of demand: four customer contracts each worth over $1 billion, approximately 70% of Q2 deals with upfront payment. For 2026, Nebius expects over $9 billion in prepayments and cites over $40 billion in commitments.
– Contracted Power raised to 5 GW.
– Revenue of $582.3 million (+454% year-over-year, +46% quarter-over-quarter) with approximately 50% adjusted EBITDA margin in the AI Cloud—margins continue to trend upward (24% → 45% → 50%). $8.04 billion in cash on the balance sheet.
Guidance confirmed: $3.0–3.4 billion in revenue for 2026; $7–9 billion in ARR at year-end.
– Asset-light model: Following the announcement, there were “dozens of inquiries” from partners with capacity and capital but lacking construction and sales expertise.
– Vineland (New Jersey): Building completed this summer; transition to Bloom fuel cells without significant delay; all contractually required trenches delivered. Nebius expects swift approval following the public hearing.
– Volozh on competition: The market is growing by double-digit GW per year, but the hyperscalers can’t build everything—new providers aren’t changing the market; they’re validating it.