Goldman Sachs now expects that by 2030, $NBIS will achieve approximately $30 billion in annualized EBITDA on top of roughly $36 billion in revenue.
This outlook is supported by execution, as the first $META contract has been delivered, $MSFT’s capacity expansion is still progressing according to plan, the contract power target by year-end will exceed 4GW, and the GPU demand for non-hyperscale customers is about 4 times the available supply.
Nebius has also demonstrated that it can fund growth without heavily relying on new share issuance, by obtaining $775 million in debt financing using deployed GPUs as collateral, and by opening a potential $12 billion financing path from $40 billion in contract revenue, while its asset-light model may unlock additional capacity and higher-margin revenue.
This outlook is supported by execution, as the first $META contract has been delivered, $MSFT’s capacity expansion is still progressing according to plan, the contract power target by year-end will exceed 4GW, and the GPU demand for non-hyperscale customers is about 4 times the available supply.
Nebius has also demonstrated that it can fund growth without heavily relying on new share issuance, by obtaining $775 million in debt financing using deployed GPUs as collateral, and by opening a potential $12 billion financing path from $40 billion in contract revenue, while its asset-light model may unlock additional capacity and higher-margin revenue.