Part 06Lede
Nebius is selling the same megawatt at two prices.
Power Doesn’t Depreciate. Its Premium Moves.Company · NBIS
Nebius
Nebius is named in 3 Parts of The Buildout, most recently Part 6: Power Doesn’t Depreciate. Its Premium Moves..
Market snapshot
NBIS on NASDAQ
Financial Modeling Prep, as of Oct 21, 2026, 4:00 p.m. ET. Delayed quotes.
- Price
- $171.57
- +0.12 (+0.07%) today
- Market cap
- $41.2B
- P/E (trailing)
- 659.9
- Next earnings
- Nov 10, 2026
- Exchange
- NASDAQ
Analysis and opinion, not investment advice.
By the numbers
What the stories reported.
Each figure carries its date and source in the story it comes from.
Where the argument touches it
On each side.
Paraphrased and attributed, with the date and a link where one exists. DeepStack keeps no score of who was right; the dated tests do that work in the open.
Part 16 · The seller funds its demandAug 25, 2026
Nvidia, acting as supplier, investor, financier, and deal broker, introduced Nebius to four major customers worth over $1 billion each in Q1, demonstrating Nebius's dependence on Nvidia for customer acquisition.
Part 16 · Two labs carry the chainAug 28, 2026
IREN is the cheapest neocloud in the market at 2.9 million dollars per MW across 5,800 secured MW, which is about one-quarter of Nebius' valuation per MW and one-seventh of CoreWeave's, despite IREN holding the largest secured power position of any…
Part 06 · Scarcity as a moatAug 21, 2026
Despite extensive resident opposition on noise, water, and emissions grounds at the planning board hearings, Nebius's 350 MW Vineland, New Jersey data center site plan was still approved, showing there is no real 'war' against data centers.
Power Doesn’t Depreciate. Its Premium Moves. Who is on each side Source
Part 03 · 1999 capex plus 2008 creditAug 12, 2026
Nebius extended its server depreciation schedule from four years to five this year even though its own deal pricing implies roughly 50 percent annual decay; customers that would not quit depreciating are what extended the bust twenty-five years ago.
The Machines Will Work. The Debt Might Not. Who is on each side Source
Part 03 · 1999 capex plus 2008 creditAug 12, 2026
Nebius's own disclosed terms show compute in backwardation: 20 to 25 million dollars per megawatt on one-to-three-year contracts against 40 to 50 million per megawatt for capacity of up to six months; buyers paying twice the rate for near-term use…
The Machines Will Work. The Debt Might Not. Who is on each side Source
In The Buildout
Where Nebius appears.
One line per story, from the story itself.
Part 06Lede
Nebius has already stretched the assumed life of its servers from four years to five.
Power Doesn’t Depreciate. Its Premium Moves.Part 06Scarcity has three faces
Nebius’s second-quarter call puts the gap in management’s own guidance.
Power Doesn’t Depreciate. Its Premium Moves.Part 04Defense has a case
Orbis Investments, which owns Nebius, makes the single-name version concrete: more than four gigawatts of capacity by 2031, more than $50 billion of revenue against $2 billion today, $15 billion of non-core holdings and enough value to justify a $70 billion market value.
AI Spending Has Met Its First Real BillPart 03Lede
Nebius jumped 34 percent even though Michael Burry had just added it to his short book.
The Machines Will Work. The Debt Might Not.Part 03Lede
That afternoon, Burry said, “Nebius is what the top of a boom looks like.”
The Machines Will Work. The Debt Might Not.Part 03Debt is the product
Then Nebius supplied a more tangible warning.
The Machines Will Work. The Debt Might Not.
On the Docket
The tests that name Nebius.
Each is on the Docket and resolves on the Results page.
Nebius must turn 800MW–1GW connected against 5GW contracted into Vineland revenue; commissioning and GPU fill test execution.
Part 06: Power Doesn’t Depreciate. Its Premium Moves. Pending
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Analysis and opinion, not investment advice. Figures are as of the dates cited in each story.