Nebius: Mega-Deals vs. Mega-Capex (nova.kapualabs.com)
Bulls see $3B ARR tripling on a $40B backlog; bears see $5.66B quarterly capex, dilution, and persistent GAAP losses
Big AI infrastructure deals are only as valuable as delivered compute. Our NBIS analysis examines mega-contracts, $5.66B quarterly capex, financing risk, and what the reported Meta relationship means for $META. https://post.kapualabs.com/2j3vbrfj