Revenue per MW
as of 30 Jun 2026 · Q2 2026 shareholder letter
as of 30 Jun 2026 · Q2 2026 shareholder letter
New capacity is signing 6% above the blended book rate. Today's marginal price becomes tomorrow's fleet price as older contracts roll.
Contract mix → blended rate
Long-term, investment grade · multi-year, Signed to finance the buildout faster and more cheaply, not to maximise price. Microsoft and Meta sit here.
Mid-term, frontier AI labs · 1–3 years, The core AI cloud business. The four landmark Q2 deals sit here, each above $1B total contract value.
Short-duration, time-boxed · 3–6 months, Acute, time-bound needs such as a training run before a model release. Carries a significant premium.
Cost lines as share of revenue, Q2 2025 → Q2 2026.
Operating margin vs the only real benchmark
Leases all of its data centers rather than owning them, and has less exposure to the current GPU repricing. Guided to reach low-teens margin by Q4 2026.
Low teens is likely a point on a rising curve rather than a terminal margin.
Midpoint of the guided range. Nebius owns a portion of its data centers, which should support a higher margin than a pure lessee over time.
as of 30 Jun 2026 · Management medium-term guidance of 20 to 30%
as of 30 Jun 2026 · Q2 2026 shareholder letter
as of 30 Jun 2026 · Implied from disclosed payback and contract value — not separately disclosed