Phatdummy

Interesting pattern I noticed: before today, every Nebius capital raise above $1B came alongside a massive hyperscaler deal.

$3.75B raise → Microsoft
$4.3B raise → Meta
$4.5B raise today → ?

Obviously not saying another deal is guaranteed. They already have plenty of contracted capacity to fund.

But given customer prepayments are already covering a meaningful portion of capex, another $4.5B raise makes me wonder what they see coming.

If another hyperscaler deal drops soon, the sequencing will look awfully familiar.

Admittedly annoyed we haven’t received an announcement yet.

Been holding for a while, and still have yet to take a profit. But asking long term holders - do you have conviction in upside with criticality of energy in the next 2-3 years?