Blackwell (now)
Vera Rubin (late 2026)
Nebius prepayment-funded GPU capacity flywheel
Money orbits a loop: customer prepayments fund a capex buildout that passes construction, power, and chip gates into powered GPU capacity sold at premium prices, and revenue reinvests to close the loop.
2027: partner-financed
asset-light sites
Customer prepayments
fund the buildout
Capex buildout
GPU + data-center sites
Revenue run-rate
funds next capex
Capacity online
premium · multi-year
site
construction
power
bottleneck
chip supply
Blackwell (now)
premium pricing