Nebius said it can sell its entire planned 2027 capacity on existing midterm contract terms and chose to hold some back, with midterm deals at $20 million to $25 million per megawatt and short-term deals under negotiation at $40 million to $50 million per megawatt. Q2 revenue rose 454.0% to $582.3M, group adjusted EBITDA margin rose to 41% from 32%, and remaining performance obligations stand at $37.5B. Nebius reports $17.62B in liabilities against $10.34B in equity, while the author notes CoreWeave's leverage ratio of 8.94. Risks include a Q2 GAAP net loss of $190.4M, 2026 capex guidance of $20 billion to $25 billion, and shares sold through an at-the-market program. The author accepts these risks because Nebius funds itself first through operating cash flow and customer prepayments.
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