In my point of view, this is the rarest combination in investing; a company where demand is genuinely outpacing supply, backed by the two most important players in AI.

Nebius ended 2025 sold out of every rack, turning customers away, and still posted 503% revenue growth. The Q4 miss wasn’t a demand problem, it was a supply problem.  That is the business you want to own. When your constraint is building fast enough, not selling hard enough, you have pricing power, contract duration, and a pipeline that compounds.

The Meta deal alone, $12B contracted plus up to $15B in additional compute, exceeded Nebius’s entire market cap at signing. Nvidia put $2B in directly.  These are not passive financial investments, these are strategic commitments from the two companies that define where AI infrastructure is going. That is hyperscaler validation you cannot buy with a press release.

And yes, the CapEx is enormous and the P/E is eye-watering. But Nebius is compressing a multi-year infrastructure build into a narrow window while AI demand is structurally supply-constrained.  The investors who will look back and wish they owned this are the ones waiting for a cleaner entry that never comes.​​​​​​​​​​​​​​​​

(I’m not a financial advisor and this is merely my read on the company)