Nebius Q3 dissected: GPU-hour pricing up 20%+, over 90% of contract value prepaid
tengyanAI · x · 2026-11-13
A close read of Nebius' ($NBIS) Q3: the headline revenue jump looks like a blowout, but excluding what the company itself calls non-recurring revenue, the core business grew roughly 13% quarter-over-quarter, with revenue per GPU-hour up more than 20%. Capacity slipped: part of the Microsoft build in New Jersey moved to 2Q27. The real signal is contract quality — over 90% of Q3 contract value came with prepayment, with customers accepting longer terms and higher prices. Management says asset-light revenue becomes a regular line; Q4 is the test: if core keeps growing, the blowout was just early; if it flattens, it was one line item.
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