Nebius says customer prepayments now cover the costs of its AI buildout, changing its funding structure from relying on its own funds or external financing to expand computing capacity.

· Crypto Briefing reported that this model reduces financial risk, but the company’s reliance on large deals with customers such as Microsoft poses a customer concentration risk.
· What has been confirmed is that prepayments cover buildout costs; the source material does not disclose the payment schedules or coverage ratios for individual deals.

Which matters more to you: the prepayment coverage rate or the share of revenue from a single customer?