$NBIS just dropped insane earnings — stock ripped 34% in a single session.
Here's the alpha on why their pricing model is printing money:
Long-term contracts (1-3 years) lock in ~$20-25M per MW annually. Stable, predictable cash flow.
But spot rentals (3-6 months)? They're charging $40-50M+ per MW. That's 2x the rate.
Why are hyperscalers paying double?
Because in AI, 6 months = death. If you wait for cheaper capacity, your model is obsolete before you train it. Speed > cost when you're racing OpenAI, Google, and Anthropic.
The numbers:
Revenue: $582M (+454% YoY)
AI cloud revenue: $575M (+500% YoY)
Adjusted EBITDA: $236M (turned profitable)
New contracts signed: 4 mega deals averaging $1B+ each
Total customer commitments: $400B+
ARR hit $3B
They also raised 2026 capacity target to 5GW.
This isn't a GPU rental company anymore. It's a toll booth on the AI arms race. And the toll just went parabolic.
Here's the alpha on why their pricing model is printing money:
Long-term contracts (1-3 years) lock in ~$20-25M per MW annually. Stable, predictable cash flow.
But spot rentals (3-6 months)? They're charging $40-50M+ per MW. That's 2x the rate.
Why are hyperscalers paying double?
Because in AI, 6 months = death. If you wait for cheaper capacity, your model is obsolete before you train it. Speed > cost when you're racing OpenAI, Google, and Anthropic.
The numbers:
Revenue: $582M (+454% YoY)
AI cloud revenue: $575M (+500% YoY)
Adjusted EBITDA: $236M (turned profitable)
New contracts signed: 4 mega deals averaging $1B+ each
Total customer commitments: $400B+
ARR hit $3B
They also raised 2026 capacity target to 5GW.
This isn't a GPU rental company anymore. It's a toll booth on the AI arms race. And the toll just went parabolic.