Wolfe Research believes $NBIS can exit 2030 with more than $41B of ARR as Nebius turns its 5 GW of contracted power into one of the largest AI infrastructure platforms. That path is becoming easier to underwrite with long-term deals worth ~$25M per MW, shorter-duration contracts reaching ~$50M per MW and 70% of recent deals carrying prepayments. If Nebius can keep converting contracted power into energized capacity without sacrificing margins then hyperscaler demand and customer prepayments effectively help finance a path to more than 10x ARR by 2029.
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