Nebius: Investors Are Arguing About Capacity When They Should Be Arguing About Payback
Nebius has moved from a high-capex growth story toward improving unit economics: payback on new contracts has fallen to roughly 1 year 10 months, and recent deals include heavy prepayments and strong ACVs. The market is fixated on capex and interest-rate sensitivity; this trade instead banks on accelerating operating leverage and a short-term techn…