Nebius at Citi TMT: auction pricing color; 5 GW financing still mostly ahead
Nebius Group N.V. (Nasdaq: NBIS) Founder and CEO Arkady Volozh appeared September 9, 2026, at Citi’s 2026 Global TMT Conference (7:50 a.m. Pacific per the company’s September 2 IR calendar). In the on-the-record fireside, Volozh repeated that Nebius is building a full-stack AI hyperscaler with about 5 GW contracted capacity to build, describing industry bare-metal price discovery moving from roughly $10–15 million per MW toward about $20–25 million per MW for retail/consumer-level deals and $40–50 million per MW on shorter contracts where buyers need capacity sooner than 2027–2028. He said Nebius was among the first to push auction-style price discovery and that its sweet spot is mid-size customers buying thousands to tens of thousands of GPUs on one- to three-year terms, with Meta and Microsoft bare-metal deals used mainly to finance the independent cloud stack. On capital, he said launching 5 GW at about $50 billion per MW implies on the order of $250 billion of financing, of which “maybe 20%” is financed so far, leaving further large raises ahead. He reiterated geographic diversification (Europe, Middle East, India, Japan partnerships) amid U.S. community pushback and discussed the Palantir preferred-partner channel without new megawatt or annual recurring revenue (ARR, contracted run-rate revenue expressed yearly) figures. No new Form 6-K accompanied the remarks in this check.
Why it matters
Conference color on per-MW pricing, auction mechanics, and the remaining multi-tens-of-billions financing gap is the main Nebius IR signal after yesterday’s Palantir Form 6-K stamp.
Companies
- Nebius Group
Risks
- Conference remarks are not SEC-filed operating metrics and were not accompanied by a new Form 6-K in this check.
- Per-MW price figures are CEO color, not disclosed contract schedules.
- The $250 billion / ~20% financed framing is illustrative arithmetic on announced GW, not a formal capital plan.
- Elevated pricing may not persist if supply and demand rebalance.