- NBIS’s $17.4B Microsoft capacity agreement, with options to $19.4B through 2031, makes expansion less dependent on speculative GPU demand.
- Q2 revenue reached $582.3M (+454% YoY), ARR $3.0B and AI Cloud adjusted EBITDA margin 50%; management targets $7–9B ARR by end-2026.
- Expected 2026 customer prepayments above $9B could cover 36–45% of planned $20–25B CapEx, improving expansion economics; Platinum-tier ClusterMAX ranking and GB300 availability support differentiation.
- Author bought NBIS with 2x leverage and sees roughly $360/share using $11.5B 2027 cloud ARR and 10x EV/ARR; debt, execution, delays and custom silicon remain risks.
Investment pitches
filter:
85