Nebius Q3: $12B in customer commitments, revenue up 68% to $981M as GPU prices climb 22%
demian_ai · x · 2026-11-12
Nebius Q3 earnings show an extreme compute shortage: customers committed over $12B since the start of Q3, and prepayments on Q3 deals now cover more than 100% of the capex behind them (up from 50-60% three months earlier).
Prices rising
- GPU-hour prices up 22% vs Q2
- Contract value per MW past $25M/year (from $20M+)
- Reserve auctions clearing 15%+ above reserve; short-term clusters at 2x reserved rates
- Payback period down to 1 year 7 months
Customer base broadened
- First-time deals with Databricks, Datadog, and Snowflake
- Cognition chose Nebius for its first at-scale Vera Rubin clusters
- AI cloud deals jumped from $1B+ to multi-billion within months
Business
- Revenue $981M, up 68% in a quarter
- AI cloud adjusted EBITDA margin of 53%
- 4+ GW of power contracted, heading to 5 GW
A year ago the question was whether anyone would pay this much for compute — now they pay up front.
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