[{"data":1,"prerenderedAt":150},["ShallowReactive",2],{"snapshot:economics":3},{"section":4,"built_at":5,"as_of":6,"stale":7,"data":8},"economics","2026-08-29T14:48:55.243Z","2026-08-29",false,{"contract_mix":9,"blended_acv_per_mw":33,"marginal_acv_per_mw":34,"auction":41,"peer_margins":45,"capex_per_mw":66,"operating_leverage":72,"payback":140,"prepayment_coverage":145,"sources":149},[10,17,25],{"key":11,"label":12,"purpose":13,"share":14,"acv_low":15,"acv_high":15,"term":16},"long","Long-term, investment grade","Signed to finance the buildout faster and more cheaply, not to maximise price. Microsoft and Meta sit here.",0.4,12000000,"multi-year",{"key":18,"label":19,"purpose":20,"share":21,"acv_low":22,"acv_high":23,"term":24},"mid","Mid-term, frontier AI labs","The core AI cloud business. The four landmark Q2 deals sit here, each above $1B total contract value.",0.5,20000000,25000000,"1–3 years",{"key":26,"label":27,"purpose":28,"share":29,"acv_low":30,"acv_high":31,"term":32},"short","Short-duration, time-boxed","Acute, time-bound needs such as a training run before a model release. Carries a significant premium.",0.1,40000000,50000000,"3–6 months",18800000,{"value":22,"unit":35,"as_of":36,"source_url":37,"source_label":38,"reading_key":39,"note":40},"USD\u002FMW\u002Fyr","2026-06-30","https:\u002F\u002Fnebius.com\u002Finvestor-relations","Q2 2026 shareholder letter","acv_per_mw","Deals closed in Q2 2026.",{"premium_vs_best_pct":42,"premium_vs_pipeline_pct":43,"source_url":37,"source_label":44,"as_of":36},0.15,0.2,"Q2 2026 earnings call — auction pilot",[46,54,60],{"vendor":47,"revenue_usd":48,"ebit_margin":49,"as_of":50,"source_url":51,"source_label":52,"note":53},"CoreWeave",12800000000,0.08,"2026-12-31","https:\u002F\u002Finvestors.coreweave.com","CoreWeave FY2026 guidance ($12.4–13.2B revenue, $960M–1.15B adj. EBIT)","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.",{"vendor":55,"revenue_usd":56,"ebit_margin":57,"as_of":50,"source_url":51,"source_label":58,"note":59},"CoreWeave (Q4 exit)",20000000000,0.12,"CoreWeave Q4 2026 exit-rate guidance (~$5B quarterly revenue annualised)","Low teens is likely a point on a rising curve rather than a terminal margin.",{"vendor":61,"revenue_usd":62,"ebit_margin":63,"as_of":36,"source_url":37,"source_label":64,"note":65},"Nebius (management medium-term)",0,0.25,"Management medium-term EBIT guidance of 20–30%","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.",{"value":67,"unit":68,"as_of":36,"source_url":37,"source_label":69,"reading_key":70,"note":71},22000000,"USD\u002FMW","Implied from disclosed payback and contract value — not separately disclosed","capex_per_mw","Not a reported figure. Implied from the disclosed 1y10m payback against the $20–25M\u002FMW contract rate; treat as an order of magnitude.",[73,93,108,123],{"key":74,"label":75,"reading_key":76,"series":77},"cost_of_revenue","Cost of revenue","cost_of_revenue_ratio",[78,81,84,87,90],{"period":79,"value":80},"2025-Q2",0.29,{"period":82,"value":83},"2025-Q3",0.27,{"period":85,"value":86},"2025-Q4",0.26,{"period":88,"value":89},"2026-Q1",0.24,{"period":91,"value":92},"2026-Q2",0.23,{"key":94,"label":95,"reading_key":96,"series":97},"product_development","Product dev","product_development_ratio",[98,100,102,104,106],{"period":79,"value":99},0.41,{"period":82,"value":101},0.39,{"period":85,"value":103},0.37,{"period":88,"value":105},0.35,{"period":91,"value":107},0.33,{"key":109,"label":110,"reading_key":111,"series":112},"sga","SG&A","sga_ratio",[113,115,117,119,121],{"period":79,"value":114},0.65,{"period":82,"value":116},0.55,{"period":85,"value":118},0.46,{"period":88,"value":120},0.38,{"period":91,"value":122},0.3,{"key":124,"label":125,"reading_key":126,"annotations":127,"series":131},"da","D&A","da_ratio",[128],{"period":88,"text":129,"reading_key":130},"Useful life 4→5 yr","da_useful_life",[132,134,135,137,138],{"period":79,"value":133},0.72,{"period":82,"value":114},{"period":85,"value":136},0.58,{"period":88,"value":21},{"period":91,"value":139},0.45,{"value":141,"unit":142,"as_of":36,"source_url":37,"source_label":38,"reading_key":143,"note":144},"1 year 10 months","duration","payback","Down from 2–3 years.",{"value":116,"unit":146,"as_of":36,"source_url":37,"source_label":38,"reading_key":147,"note":148},"ratio","prepayment_coverage","Company states 50–60%; midpoint shown.",{"source_url":37,"source_label":38,"as_of":36},1788014960405]