What caught my attention about $NBIS is how they’re thinking about capacity.

Long-term deals with big customers give Nebius something important: stability. They bring predictable revenue, reduce credit risk, and make it easier to finance new infrastructure.
But Nebius doesn’t want to lock everything away for years.
They’re keeping part of their capacity available for shorter deals, because that’s where they believe they can get better pricing when demand is strong.
And this is the interesting part.
Management said they could already sell their full 2027 capacity under today’s short-term terms, but they’re choosing not to.
That tells me they’re trying to keep some flexibility instead of simply chasing guaranteed revenue.
The strategy is pretty simple: use large hyperscalers as the foundation, then keep enough capacity open to capture higher-value opportunities as they appear.
For a company building in the AI infrastructure space, that balance between stability and upside could matter a lot.
$NBIS