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Today at 08:04:38 AM |
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CoreWeave just delivered a double beat and raised guidance. As a pure-play peer in the AI cloud space, the read-through for Nebius is constructive.
1. Demand is 10x available capacity through 2027
CoreWeave: “We have 10 times as much qualified demand as available capacity through the end of 2027, and demand for 2028 is already several times larger… even before we have brought it formally to market.”
This is the entire Ai cloud thesis validated in a sentence.
2. Coreweave Largely sold out through 2027
“We are largely sold out through 2027… any infrastructure that we have placed on the market [for 2028] has been sold.”
Customers are fighting for capacity. The same dynamic applies to Nebius.
3. Pricing power is real and still rising
+25% in July, another +10% later in Q3, and still moving higher in Q4. Short term contracts >$40M/MW annually, 4-5 year deals $20-25M/MW and older GPUs recontracting +30-50% QoQ.
4. As I’ve said before IF data-center buildouts slow, installed capacity becomes more valuable
“If data center construction across the sector were to slow, installed compute becomes scarcer and GPU pricing may stay higher for longer.”
5. Customer-funded growth model is working
Coreweave with ~$9B in prepayments/deposits in the next 3 months, and majority of CapEx financed against contracts, paid off $4B in debt and sees the path to adjusted profitability in H1 2028.
Nebius earnings up tomorrow!
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