Ticker Symbol: YOU 对 $NBIS 的判断变化

And second, this category includes the Neoclouds, specialized AI infrastructure providers like Cororeweave, Nebius, and Iron, which are the focus of this video. One of them is the pretty clear winner, and I'll show you which one when we compare them.

There are three big reasons to focus on Neoclouds above other kinds of companies, at least for the near- term. First, they have deals with every kind of AI buyer, from startups like Perplexity and Figure AI all the way to the hyperscalers themselves. That means that even their direct competitors are their customers.

and Meta Platforms signed a $21 billion contract with Cororeweave and has a contract with Nebius that's worth up to $27 billion.

Second, Nvidia itself is directly partnered with all three of these companies. Over the next 5 years, Nvidia is on the hook to buy any unused compute capacity from Cororeweave and use Iron's infrastructure for their own internal workloads under a $3.4 billion contract. On top of that, Nvidia can buy up to $2.1 billion worth of iron stock as they deliver GPUs, and they've already invested $2 billion each into Corewave and Nebus.

All right, so Cororeweave, Nebius, and Iron are worth covering first because they're expected to triple their capacity over the next year. They're all directly partnered with Nvidia, and even their competitors are their customers.

All right, let's talk about Nebius next. Ticker symbol NBIS since they have the strongest balance sheet and the fastest growth in the group. Nebus is one of the most technically advanced Neoclouds out there. They've already received their first Vera Rubin and VL72 systems and Nvidia's CFO said that Nebus will be the first company anywhere to get the new Gro 3 LPX inference chips in volume.

Nebius runs both kinds of AI workloads under one unified platform. Aether is their cloud where customers can rent GPUs and train their models while Token Factory sits on top of it and handles inference.

Nebus' inference workloads more than tripled last quarter alone. And more and more of that is coming from Agentic AI where a single task can trigger dozens of different tool and model calls. That means that revenue scales with how complex the task is, not just how many users sign up.

And on the infrastructure side, Nebius just raised their contracted power target from 4 gawatt to five by the end of 2026. Remember, that's contracted power, not active. They expect to have 800 megawatts to 1 gawatt of active power by the end of the year. And they're selling every single watt.

Nebus has $37.5 billion worth of contracted work on their books, including a $17.4 4 billion deal with Microsoft and a contract with Meta worth up to 27 billion.

The special thing about Nebius is that they get paid before they build. Roughly 70% of the deals they closed last quarter came with customer prepayments that cover 50 to 60% of the equipment costs and they expect over $9 billion in prepayments this year. So customers are funding their AI buildout instead of highinterest loans.

Last quarter, Nebius generated $582 million in revenue, which is up a whopping 454% year-over-year, and they're guiding for a 7 to9 billion annualized run rate by the end of 2026, which would be close to a 7x from last year.

Nebius has $ 8.5 billion worth of debt, around $1.5 billion in lease obligations, and $8 billion in cash. That works out to about $2 billion in net debt compared to Cororee's 46 billion. Nebus paid $119 million in interest last quarter or about 20% of their revenue.

But these two companies are operating on very different scales. Nebas is doing under $600 million a quarter but promising 5 gawatt of contracted power. As a result, they'll be spending 20 to2 billion to get there this year. And part of that funding is selling stocks. So Nebius might be saving on interest, but their shareholders will pay in terms of dilution.

Now, let's compare Coreweave, Nebius, and Iron Stock. Here's a table summarizing everything I've covered. Keep in mind that I built it myself by pulling numbers from each company's latest earnings, and I tried to make every row as fair as I could, but all three companies have different fiscal calendars, different contract lengths, and they're scaling from very different starting points from the beginning of the year. So, take this table as a good way to compare these companies, but not as official audited numbers.

Nebius is the opposite. $454% revenue growth with only $2 billion of net debt and customers preunding half of their entire buildout. What surprised me is that Nebius has a higher market cap than Coreeave with half the target revenue run rate and 1/3 of the backlog. That means Nebius's

And if you're not sure, Nebius sits right in the middle of them on almost every single metric. So they might be the right stock for you as long as you're all right with them being much more expensive.