Nebius annualized revenue hits $3B in three months, but is GPU cloud a bubble?
FinanceYF5 · x · 2026-10-21
Nebius's annualized revenue jumped from $1.9B to $3B in three months, while peer CoreWeave fell 15% in a single day last week. The author's 8-minute breakdown argues GPU cloud isn't the next AWS but "AI-era landlords": rent is real, but buildings are built on debt — those $100B+ contracts, backlogs and signed power deals are mostly leases and land, not revenue.
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