Q1 2026 Nebius Group Earnings Call

May 13, 2026

Speaker #1: Welcome to Nebius Group Q1 2026 earnings conference call. The presentation will be followed by a Q&A session. If you would like to ask a question, you can click the Ask a Question tab in the top right of the livestream player.

Operator: Welcome to Nebius Group's Q1 2026 Earnings Conference Call. The presentation will be followed by a Q&A session. If you would like to ask a question, you can click the Ask a Question tab in the top right of the live stream player. Just type in your question and click Submit. You can submit questions at any time during the presentation, and the Nebius management team will try and answer them during the Q&A portion of the call. I will now hand over to Gili Naftalovich, Head of Investor Relations, to start the call.

Speaker #1: Then just type in your question and click Submit. You can submit questions at any time during the presentation, and the Nebius management team will try and answer them during the Q&A portion of the call.

Speaker #1: I will now hand over to Gilly Nostolovich, Head of Investor Relations, to start the call.

Speaker #2: Hi, everyone, and welcome to Nebius's first quarter 2026 earnings conference call. Joining us on the call today are co-founder and CEO, Arkady, and our CFO, Dado.

Gili Naftalovich: Hi, everyone, welcome to Nebius' Q1 2026 Earnings Conference Call. Joining us on the call today are Co-founder and CEO, Arkady, and our CFO, Dado, along with the broader Nebius executive management team. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 20-F, which has a list of our risk factors. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures.

Speaker #2: Along with the broader Nebius executive management team. Now I'll quickly cover the safe harbor, some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking.

Speaker #2: Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 20F, which has a list of our risk factors.

Speaker #2: We undertake no obligation to update any forward-looking statements. During this call, we will present both gap and non-gap financial measures. A reconciliation of non-gap to gap measures is included in today's earnings press release, which is distributed and available to the public through our investor relations website.

Gili Naftalovich: A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our investor relations website located at nebius.com. Now I'd like to turn the call over to Arkadiy.

Speaker #2: Located at nebius.com. And now I'd like to turn the call over to Arkady.

Speaker #3: Thanks, Gilly, and welcome everyone to our call. We have had a great start to the year. We're building an AI-native hyperscaler. And I would say we're developing it across four dimensions.

Arkady Volozh: Thanks, Gili, and welcome everyone to our call. We have had a great start to the year. We're building an AI-native hyperscaler, and I would say we're developing it across four dimensions. The first is capacity and scale. Second, product and functionality. Third dimension is customers and demand. Finally, capital, our fourth dimension. All of our focus is on execution across all four of these dimensions. Let me put our results of the quarter in this context. First, on capacity. As you see, we are building big. Last quarter, we told you that we already contracted more than 2 gigawatts of power while targeting more than 3 gigawatts by the end of the year. 3 months later, today, we have already contracted more than 3.5 gigawatts, and we are now targeting at least 4 gigawatts of contracted power this year.

Speaker #3: The first is capacity and scale. Second, product and functionality. Third dimension is customers and demand. And finally, capital, our fourth dimension. All of our focus is on execution across all four of these dimensions.

Speaker #3: Let me put our results of the quarter in this context. First, on capacity. As you see, we are building big. Last quarter, we told you that we already contracted more than two gigawatts of power, while targeting more than three gigawatts by the end of the year.

Speaker #3: Three months later, today, we have already contracted more than three and a half gigawatts. And we are now targeting at least four gigawatts of contracted power this year.

Speaker #3: Today, we announced a new site in Pennsylvania to support 1.2 gigawatts of power when solar went live. This is our second owned gigawatt-scale site in the United States.

Arkady Volozh: Today, we announced a new site in Pennsylvania to support 1.2 GW of power once fully lit live. This is our second owned GW-scale site in the US. Our platform is most efficient when we own the full stack, and we're building towards that. Our owned contracted capacity now accounts for more than 75% of our total power. More importantly, we continue to build our full stack platform, and this is our second dimension. What does it mean? It means, we don't just offer compute, we offer cloud services. Services that span across the AI lifecycle, from bare metal to multi-tenancy to inference to agentic and more. We have made significant progress in all that front. It's not just developing our platform and launching Aether version 3.5 this quarter.

Speaker #3: Our platform is most efficient when we own the full stack. And we are building towards that. Our owned contracted capacity. Now accounts for more than 75% of our total power.

Speaker #3: But more importantly, we continue to build our full stack platform. And this is our second dimension. What does it mean? It means we don't just offer compute.

Speaker #3: We offer cloud services. Services that span across the AI lifecycle. From bare metal to multi-tenancy to inference to agentic and more. And we have made significant progress on that front.

Speaker #3: And it's not just developing our platform and launching after version 3.5 this quarter. Our three acquisitions this year that really again and clarify demonstrate the uniqueness of what we're building.

Arkady Volozh: Our three acquisitions this year, Tavily, Aigen, and Clarifai demonstrate the uniqueness of what we're building. All three companies bring industry-leading engineers and researchers to Nebius. Aigen AI and Clarifai strengthen our inference optimization solutions. Aigen was recognized as the number 1 speed inference provider by NVIDIA. While Aigen optimizes at the model level, Clarifai optimizes at the system level, and they both strengthen our in-house Token Factory offering. We also acquired Tavily earlier this year, extending our platform reach to agentic search, an increasingly significant part of the market. This acquisition brought us a rare abilities of what this new class of developers need. We also expanded our technology partnership with NVIDIA. We again achieved NVIDIA Exemplar Cloud status, this time on our GB400 for training workloads. We're among a small group of providers to achieve this status across multiple GPU generations.

Speaker #3: All three companies bring industry-leading engineers and researchers to Nebius. Again, AI and Clarify strengthen our inference optimization solutions. Again, what's recognized as the number one speed inference provider by NVIDIA.

Speaker #3: While Again optimizes at the model level, clarify optimizes at the system level. And they both strengthen our in-house talking factory offering. We also acquired Tavini earlier this year, extending our platform reach to agentic search.

Speaker #3: And increasingly significant part of the market. This acquisition brought us regular visits of what this new class of developers need. We also expanded our technology partnership with NVIDIA.

Speaker #3: We again achieved NVIDIA Exemplar Cloud status, this time on our GB600 for training workloads. We're among a small group of providers to achieve this status across multiple GPU generations.

Speaker #3: At our core, we're a technology company. We have top AI engineers and deep proprietary expertise across every layer of the stack. Both hardware and software.

Arkady Volozh: At our core, we're a technology company. We have top AI engineers and deep proprietary expertise across every layer of the stack, both hardware and software. We're quickly becoming a magnet for top talent. We're happy with our ability to enlarge our offering through strategic acquisitions. Our clients appreciate the full extent of our offering. This is not common in our market. This is our strength, this is our uniqueness. We believe this is what will enable us to win. Demand is our third dimension, it continues to be increasingly strong, more importantly, our full stack platform allows us to capture and service a large and diverse range of hundreds of customers, not just several big bare metal operators.

Speaker #3: We're quickly becoming a magnet for top talent. We're happy with our ability to enlarge our offering through strategic acquisitions. Our clients appreciate the full extent of our offering.

Speaker #3: This is not common in our market. This is our strength. And this is our uniqueness. And we believe this is what will enable us to win.

Speaker #3: Demand is our third dimension. And it continues to be increasingly strong. But more importantly, our full stack platform allows us to capture and service a large and diverse range of hundreds of customers.

Speaker #3: Not just several big bare metal operators. Our pipeline generation in the first quarter grew 3.5 times over the fourth quarter. And this is a record for us.

Arkady Volozh: Our pipeline generation in Q1 grew 3.5 times over Q4, this is a record for us. The demand is broadening across industries. Today, we typically see several customers competing for every GPU we bring online. We're building to support this demand with scale and discipline. New customers across a number of use cases are using our full range of offerings to solve their most challenging problems. For example, European fintech leader Revolut recently began using our Token Factory. In physical AI, 1X Technologies is using our cloud platform to build general purpose robots. In life sciences, our cloud platform is enabling startups to build more powerful models that accelerate drug discovery and advance the fight against illnesses in ways that were previously impossible.

Speaker #3: And the demand is broadening across industries. Today, we typically see several customers competing for every GPU we bring online. We're building to support this demand with scale and discipline.

Speaker #3: New customers across a number of use cases are using our full range of offerings to solve their most challenging problems. For example, European fintech leader Revolut recently began using our talking factory.

Speaker #3: In physical AI, one X technologist is using our platform to build general-purpose robots. In life sciences, our platform is enabling startups to build more powerful models that accelerate drug discovery and advance the fight against diseases in ways that were previously impossible.

Speaker #3: And beyond technology sectors, larger companies in industries such as manufacturing, energy, heavy equipment, and pharmaceuticals are increasingly engaging with us. Demand is high. Everything we build is sold.

Arkady Volozh: Beyond technology sectors, larger companies in industries such as manufacturing, energy, heavy equipment, and pharmaceuticals are increasingly engaging with us. Demand is high. Everything we build with is sold. That is what is driving us to build more and to raise our 2026 CapEx guidance to between $20 billion and $25 billion, which is up from our prior range of $16 billion to $20 billion. This increase reflects investments in our 2027 capacity that will come online early next year. We expect these investments to contribute positively to revenue in the H1 of 2027, where we already have customer commitments in place. Meta is one such customer. We need to invest to fully realize this. This requires capital, which is our fourth dimension. We're doing a very good job in tapping the market at scale.

Speaker #3: That is what is driving us to build more and to raise our 2026 CAPEX guidance to between 20 and 25 billion dollars, which is up from our prior range of 16 to 20 billion dollars.

Speaker #3: We increase this increase reflects investments in our 2027 capacity that will come online early next year. We expect this investments to contribute positively to revenue in the first half of 2027.

Speaker #3: Where we already have customer commitments in place—Meta is one such customer—we need to invest to fully realize it. This requires capital, which is our fourth dimension.

Speaker #3: We're doing a very good job in tapping the market at scale. We raised significant capital this year—more than $6 billion. More than $4 billion of that came from converts, and $2 billion from NVIDIA equity investment.

Arkady Volozh: We raised significant capital this year, more than $6 billion. More than $4 billion of that came from converts and $2 billion from NVIDIA equity investment. This leaves us with a strong cash position of more than $9 billion. More importantly, we have laid the foundation to raise substantial further capital this year. There are a variety of ways for us to do this. There is our recent Meta contract. First, let me just say that we are very proud of our relationship with Meta, and there is tremendous respect between our tech teams. Formally, this is a $27 billion contract with Meta, but in fact, it's worth a lot more for us. This contract alone can unlock billions of dollars of capital for our own multi-tenant cloud at attractive rates that may not otherwise be available to us.

Speaker #3: This leaves us with a strong cash position of more than 9 billion dollars. More importantly, we have laid the foundation to raise substantial further capital this year.

Speaker #3: There are a variety of ways for us to do this. There is our recent Meta contract. First, let me just say that we are very proud of our relationship with Meta.

Speaker #3: And there is tremendous respect between our tech teams. Formerly, this is a 27 billion dollar contract with Meta. But in fact, it's worth a lot more for us.

Speaker #3: This contract alone can unlock billions of dollars of capital for our own multi-tenant clouds. It's attractive rates that may not otherwise be available to us.

Speaker #3: On top of this, we also have our first contract with Meta and our Microsoft agreement that will provide additional financing opportunities. Obviously, there are many other untapped options for us to finance our public cloud build-out.

Arkady Volozh: On top of this, we also have our first contract with Meta and our Microsoft agreement that will provide additional financing opportunities. Obviously, there are many other untapped options for us to finance our public cloud build-out, from the significant prepayments we get from customers to asset-backed financing of our payment of contracts to corporate debt, and so on. To close, it has been a great quarter. We are even more focused on what is ahead. We will continue to execute, expanding capacity, building our cloud platform, expanding our customer reach, and financing growth diligently. Everything we build, we sell, and we are still in the very early days. I want to thank our team for the incredible work day after day and night after night, and to thank our shareholders for your continued support. With that, let me hand it over to Dado Alonso.

Speaker #3: From a significant prepayments we get from customers to asset-backed financing of our payment contracts, to corporate debt, and so on. So to close, it has been a great quarter.

Speaker #3: We're even more focused on what we're what is ahead. We will continue to execute, expanding capacity, building our cloud platform, expanding our customer reach, and financing growth diligently.

Speaker #3: Everything we build, we sell. And we're still in a very early days. I want to thank our team for the incredible work day after day and night after night.

Speaker #3: And to thank our shareholders for your continued support. And with that, let me hand it over to Dago.

Speaker #1: Thank you, Arkady. Indeed, we are off to a strong start to the year, with a number of important achievements. First, we accelerated revenue growth during the quarter.

Dado Alonso: Thank you, Arkadiy. Indeed, we are off to a strong start to the year with a number of important achievements. First, we accelerated revenue growth during the quarter. We also significantly expanded our margins, and we strengthened our balance sheet. I will touch on each of these, share some color on our results, and conclude with guidance. Please note that all comparisons are year-over-year unless noted otherwise. Let's start with our revenue and ARR. In Q1, we grew the group revenue by 684% year-over-year to $399 million, up 75% from Q4. Once again, we sold out our capacity as demand continued to exceed available supply. Our Nebius AI business, which excludes our consolidated investments in TripleTen and AI Write, delivered even stronger results.

Dado Alonso Sanchez: Thank you, Arkadiy. Indeed, we are off to a strong start to the year with a number of important achievements. First, we accelerated revenue growth during the quarter. We also significantly expanded our margins, and we strengthened our balance sheet. I will touch on each of these, share some color on our results, and conclude with guidance. Please note that all comparisons are year-over-year unless noted otherwise. Let's start with our revenue and ARR. In Q1, we grew the group revenue by 684% year-over-year to $399 million, up 75% from Q4. Once again, we sold out our capacity as demand continued to exceed available supply. Our Nebius AI business, which excludes our consolidated investments in TripleTen and AI Write, delivered even stronger results.

Speaker #1: We also significantly expanded our margins. And we strengthened our balance sheet. I will touch on each of these share some color on our results and conclude with guidance.

Speaker #1: Please note that all comparisons are year over year unless noted otherwise. So let's start with our revenue and ARR. In Q1, we grew the group revenue by 684% year on year to $399 million.

Speaker #1: Up 75% from Q4. Once again, we sold out our capacity, as demand continued to exceed available supply. Our Nebius AI business, which excludes our consolidated investments in triple-tenant AI rights, delivered even stronger results.

Speaker #1: Revenue grew 841% from last year to 390 million dollars. Representing an 82% quarter-over-quarter increase and 98% of group revenue. Growth was driven by capacity scaling and was further supported by strong utilization of pricing.

Dado Alonso: Revenue grew 841% from last year to $390 million, representing an 82% quarter-over-quarter increase and 98% of group revenue. Growth was driven by capacity scaling and was further supported by strong utilization and pricing. Annualized run rate revenue for our Nebius AI business reached $1.9 billion at the end of March, up over 50% from $1.25 billion in the previous quarter. As we delivered strong top-line growth, we also remained focused on profitability. Group adjusted EBITDA was $130 million compared to $15 million last quarter and compared to a loss of $54 million a year ago. Group adjusted EBITDA margin was 32%, continuing the inflection in Q4 and reflecting operating leverage in our model.

Dado Alonso Sanchez: Revenue grew 841% from last year to $390 million, representing an 82% quarter-over-quarter increase and 98% of group revenue. Growth was driven by capacity scaling and was further supported by strong utilization and pricing. Annualized run rate revenue for our Nebius AI business reached $1.9 billion at the end of March, up over 50% from $1.25 billion in the previous quarter. As we delivered strong top-line growth, we also remained focused on profitability. Group adjusted EBITDA was $130 million compared to $15 million last quarter and compared to a loss of $54 million a year ago. Group adjusted EBITDA margin was 32%, continuing the inflection in Q4 and reflecting operating leverage in our model.

Speaker #1: Analyzed to underwrite revenue, for our Nebius AI business, rates $1.9 billion at the end of March. Up over 50% from $1.25 billion in the previous quarter.

Speaker #1: As we delivered strong top-line growth, we also remained focused on profitability. Group-adjusted EBITDA was 130 million dollars, compared to 15 million dollars last quarter and compared to a loss of 15 million dollars a year ago.

Speaker #1: Group-adjusted EBITDA margin was 13%, continuing the inflection in Q4 and expecting operating leverage in our model. Nebius AI business adjusted EBITDA margin expanded to 45%, up from 24% in Q4.

Dado Alonso: Nebius AI business adjusted EBITDA margin expanded to 45%, up from 24% in Q4. This improvement was driven by strong revenue growth. The gap between group and Nebius' margin essentially reflects our investments in Avride and TripleTen. Both are still early-stage companies and require substantial operating investments as they scale. We expect Nebius to represent the significant majority of group-adjusted EBITDA for the foreseeable future. As mentioned in the past, our intention is to find strategic and financial partners for these businesses and then consolidate them in the future. Net income of $621 million benefited from a valuation adjustment on the back of ClickHouse recent RV round. This is a non-cash item that captures the growth in the underlying value of the asset. Now turning to our balance sheet. Since our last call, we have continued to strengthen our financial position.

Dado Alonso Sanchez: Nebius AI business adjusted EBITDA margin expanded to 45%, up from 24% in Q4. This improvement was driven by strong revenue growth. The gap between group and Nebius' margin essentially reflects our investments in Avride and TripleTen. Both are still early-stage companies and require substantial operating investments as they scale. We expect Nebius to represent the significant majority of group-adjusted EBITDA for the foreseeable future. As mentioned in the past, our intention is to find strategic and financial partners for these businesses and then consolidate them in the future. Net income of $621 million benefited from a valuation adjustment on the back of ClickHouse recent RV round. This is a non-cash item that captures the growth in the underlying value of the asset. Now turning to our balance sheet. Since our last call, we have continued to strengthen our financial position.

Speaker #1: This improvement was driven by strong revenue growth. The gap between group and Nebius margin essentially reflects our investments in AV right and triple-tenant. Both are still early-stage companies and require substantial operating investments as they scale.

Speaker #1: We spent Nebius to represent the significant majority of group-adjusted EBITDA for the foreseeable future. As mentioned in the past, our intention is to find strategic and financial partners for these businesses and the consolidate them in the future.

Speaker #1: Net income of $621 million benefited from a valuation adjustment on the back of ClickHouse's recent market round. This is a non-cash item that captures the growth in the underlying value of the asset.

Speaker #1: And now turning to our balance sheet. Since our last call, we have continued to strengthen our financial position. In March, we closed a private offering of convertible senior nodes, raising 4.3 billion dollars of in gross proceeds, at attractive premiums and coupons of 1.25% and 2.60%.

Dado Alonso: In March, we closed a private offering of convertible senior notes, raising $4.3 billion in gross proceeds at attractive premiums and coupons of 1.25% and 2.60%. In the same month, we announced a $2 billion equity investment from NVIDIA, reinforcing our alignment with one of our key strategic partners. Repayments from our customers also reached a new quarterly record. Operating cash flow of $2.3 billion was up from an operating cash outflow of $198 million in Q1 last year. The sharp increase was primarily driven by upfront payments from our customers. Together, these sources of capital increased cash and cash equivalents to $9.3 billion at quarter end. Now let's speak about our CapEx. As Arkady mentioned, today we are raising our CapEx expectations to $20 to 25 billion for the year.

Dado Alonso Sanchez: In March, we closed a private offering of convertible senior notes, raising $4.3 billion in gross proceeds at attractive premiums and coupons of 1.25% and 2.60%. In the same month, we announced a $2 billion equity investment from NVIDIA, reinforcing our alignment with one of our key strategic partners. Repayments from our customers also reached a new quarterly record. Operating cash flow of $2.3 billion was up from an operating cash outflow of $198 million in Q1 last year. The sharp increase was primarily driven by upfront payments from our customers. Together, these sources of capital increased cash and cash equivalents to $9.3 billion at quarter end. Now let's speak about our CapEx. As Arkady mentioned, today we are raising our CapEx expectations to $20 to 25 billion for the year.

Speaker #1: In the same month, we announced a 2 billion dollar equity investment from NVIDIA, reinforcing our alignment with one of our key strategic partners. Prepayments from our customers also reached a new quarterly record.

Speaker #1: Operating cash flow of $2.3 billion was up from an operating cash outflow of $198 million in Q1 last year. The sharp increase was primarily driven by upfront payments from our customers.

Speaker #1: Together, these sources of capital increased cash and cash equivalents to 9.3 billion dollars at quarter end. Now let's speak about our CapEx. As Arkady mentioned, today we are raising our CapEx expectations to 20 to 25 billion dollars for the year.

Speaker #1: The expansion of our infrastructure footprint remains one of our highest priorities. Given the strength of market demand and customer activity, we are building for 2027 demand.

Dado Alonso: The expansion of our infrastructure footprint remains one of our highest priorities, given the strength of market demand and customer activity. We are building for 2027 demand, where we have customer commitments already in place. We have near-term visibility into future revenue associated with this investment. As always, we will invest in capacity with discipline and rigor, including the capacity we are bringing online in 2026. In terms of how we build and how we will fund the capacity in the year ahead, we will continue to leverage a diversified range of funding sources. On the debt side, during the past year, we built our ability to take on debt capacity. For example, with our Microsoft contract and our two Meta contracts, we expect to unlock the ability to raise significant capital through asset-backed financing.

Dado Alonso Sanchez: The expansion of our infrastructure footprint remains one of our highest priorities, given the strength of market demand and customer activity. We are building for 2027 demand, where we have customer commitments already in place. We have near-term visibility into future revenue associated with this investment. As always, we will invest in capacity with discipline and rigor, including the capacity we are bringing online in 2026. In terms of how we build and how we will fund the capacity in the year ahead, we will continue to leverage a diversified range of funding sources. On the debt side, during the past year, we built our ability to take on debt capacity. For example, with our Microsoft contract and our two Meta contracts, we expect to unlock the ability to raise significant capital through asset-backed financing.

Speaker #1: We have customer commitments already in place, and so we have near-term visibility into future revenue associated with these investments. As always, we will invest in capacity with discipline and rigor, including the capacity we are bringing online in 2026.

Speaker #1: In terms of how we deal and how we fund the capacity in the year ahead, we will continue to leverage a diversified range of funding sources.

Speaker #1: On the debt side, during the past year, we built our ability to take on debt capacity. For example, with our Microsoft contract and our two Meta contracts, we expect to unlock the ability to raise significant capital through asset-backed financing.

Speaker #1: We expect this to be at attractive terms based on Microsoft and Meta credit ratings. And we'll inject this capital into building our cloud business.

Dado Alonso: We expect this to be at attractive terms based on Microsoft and Meta credit ratings, and will inject this capital into building our cloud business. In addition, we expect to raise corporate level debt. We plan to start tapping into these financing options in the near term. On top of that, our financing options include our at-the-market program. We have not utilized this program to date, but we are evaluating its readiness. Obviously, we are very focused on generating prepayments from our current and future customers in order to reduce the capital needed from equity and debt financing. We may also evaluate other financing options, but we'll ultimately pursue whichever vehicles serve best the long-term interest of the business to support our expected capital spending in 2026.

Dado Alonso Sanchez: We expect this to be at attractive terms based on Microsoft and Meta credit ratings, and will inject this capital into building our cloud business. In addition, we expect to raise corporate level debt. We plan to start tapping into these financing options in the near term. On top of that, our financing options include our at-the-market program. We have not utilized this program to date, but we are evaluating its readiness. Obviously, we are very focused on generating prepayments from our current and future customers in order to reduce the capital needed from equity and debt financing. We may also evaluate other financing options, but we'll ultimately pursue whichever vehicles serve best the long-term interest of the business to support our expected capital spending in 2026.

Speaker #1: In addition, we expect to raise corporate-level debt. We plan to start tapping into these financing options in the near term. And on top of that, our financing options include our at-the-market program.

Speaker #1: We have not utilized this program to date, but we are evaluating it regularly. Obviously, we are very focused on generating prepayments from our current and future customers in order to reduce the capital needed from equity and debt financing.

Speaker #1: We may also evaluate all the financing options, but we'll ultimately push through whichever vehicles serve best the long-term interest of the business to support our expected capital spending in 2026.

Speaker #1: The bottom line is that as of now, given our strong balance sheet and the work we have done putting in place the various long-term contracts, we have laid the foundation to enable us to access a wide range of potential funding sources.

Dado Alonso: The bottom line is that as of now, given our strong balance sheet and the work we have done putting in place the various long-term contracts, we have laid the foundation to enable us to access a wide range of potential funding sources. Now, turning to our outlook for the year. While it remains early in the year, our strong Q1 performance reinforces our confidence in our annual targets. As such, we are reiterating our full year 2026 guidance for annualized run rate revenue of $7 to 9 billion, group revenue of between $3 and 3.4 billion, and group adjusted EBITDA margin of around 40%. Three key parameters will determine our growth profile and margin progression throughout the year: utilization, pricing, and capacity. At present, neither of the first two parameters is limiting our growth.

Dado Alonso Sanchez: The bottom line is that as of now, given our strong balance sheet and the work we have done putting in place the various long-term contracts, we have laid the foundation to enable us to access a wide range of potential funding sources. Now, turning to our outlook for the year. While it remains early in the year, our strong Q1 performance reinforces our confidence in our annual targets. As such, we are reiterating our full year 2026 guidance for annualized run rate revenue of $7 to 9 billion, group revenue of between $3 and 3.4 billion, and group adjusted EBITDA margin of around 40%. Three key parameters will determine our growth profile and margin progression throughout the year: utilization, pricing, and capacity. At present, neither of the first two parameters is limiting our growth.

Speaker #1: And now, turning to our outlook for the year. While it remains early in the year, our strong Q1 performance reinforces our confidence in our annual targets.

Speaker #1: As such, we are reiterating our full-year 2026 guidance for annualized run rate revenue of $7 to $9 billion, group revenue of between $3 and $3.4 billion, and group-adjusted EBITDA margin of around 40%.

Speaker #1: Three key parameters will determine our growth profile, and margin progression throughout the year. Utilization, pricing, and capacity. At present, neither of the first two parameters is limiting our growth.

Speaker #1: The third, capacity, will play an important role in unlocking our growth potential and driving margin throughout the year. While utilization will continue to sell out our capacity—and we expect this to be the case for the foreseeable future—due to strong market demand and our healthy pipeline.

Dado Alonso: The third, capacity, will play an important role in unlocking our growth potential and driving margin throughout the year. On utilization, we continue to sell out our capacity, and we expect this to be the case for the foreseeable future due to strong market demand and our healthy pipeline. On pricing, strong market demand is translating into pricing gains in our latest deals. On capacity, the timeline of deploying the new capacity impacts both top and bottom-line results from quarter to quarter. We anticipate a nonlinear quarterly adjusted EBITDA margin progression during 2026. We will see this in Q2, given the back-end-weighted nature of the capacity we bring online. These investments unlock growth by increasing capacity substantially from Q2 to Q3, leading us to be confident in our adjusted EBITDA margin returning to Q1 levels in Q3 before moving even higher in Q4.

Dado Alonso Sanchez: The third, capacity, will play an important role in unlocking our growth potential and driving margin throughout the year. On utilization, we continue to sell out our capacity, and we expect this to be the case for the foreseeable future due to strong market demand and our healthy pipeline. On pricing, strong market demand is translating into pricing gains in our latest deals. On capacity, the timeline of deploying the new capacity impacts both top and bottom-line results from quarter to quarter. We anticipate a nonlinear quarterly adjusted EBITDA margin progression during 2026. We will see this in Q2, given the back-end-weighted nature of the capacity we bring online. These investments unlock growth by increasing capacity substantially from Q2 to Q3, leading us to be confident in our adjusted EBITDA margin returning to Q1 levels in Q3 before moving even higher in Q4.

Speaker #1: On pricing, strong market demand is translating into pricing gains in our latest deals. On capacity, the timeline of deploying the new capacity impacts both top and bottom line results from quarter to quarter.

Speaker #1: We anticipate a non-linear quarterly adjusted EBITDA margin progression during 2026. We will see this in Q2, given the backend weighted nature of the capacity we bring online.

Speaker #1: These investments unlock growth by increasing capacity substantially from Q2 to Q3, leading us to be confident in our adjusted EBITDA margin returning to Q1 levels in Q3 before moving even higher in Q4.

Speaker #1: Overall, we are confident in our full year targets. In closing, Q1 was another quarter of rigorous execution across the business. We delivered strong revenue growth, margin expansion, new business wins, and continued capital discipline.

Dado Alonso: Overall, we are confident in our full year targets. In closing, Q1 was another quarter of rigorous execution across the business. We delivered a strong revenue growth, margin expansion, new business wins, and continued capital discipline. As we look ahead, we will continue to scale rapidly to capture the tremendous market opportunity ahead while remaining balanced, disciplined, and focused on delivering long-term value for our shareholders. With that, I'll turn the call back over to Gili for Q&A.

Dado Alonso Sanchez: Overall, we are confident in our full year targets. In closing, Q1 was another quarter of rigorous execution across the business. We delivered a strong revenue growth, margin expansion, new business wins, and continued capital discipline. As we look ahead, we will continue to scale rapidly to capture the tremendous market opportunity ahead while remaining balanced, disciplined, and focused on delivering long-term value for our shareholders. With that, I'll turn the call back over to Gili for Q&A.

Speaker #1: As we look ahead, we will continue to scale rapidly to capture the tremendous market opportunity ahead, while remaining balanced, disciplined, and focused on delivering long-term value for our shareholders.

Speaker #1: With that, I'll turn the call back over to Gili for Q&A.

Speaker #2: As a reminder, if you would like to ask a question, please click the Ask a Question tab in the top right of the livestream player and just type in your question and click Submit.

Operator: As a reminder, if you would like to ask a question, please click the Ask a Question tab in the top right of the live stream player. Just type in your question and click Submit.

Speaker #3: Thank you, moderator. The first question from our investors on the portal is from Alex Duvall at Goldman Sachs. To what extent have you started to see the impact of stronger GPU pricing reflecting in your core AI business?

Gili Naftalovich: Thank you, moderator. The first question from our investors on the portal is from Alex Duval at Goldman Sachs. To what extent have you started to see the impact of stronger GPU pricing reflecting in your core AI business? Additionally, is there a way for us to think about the share of older, shorter-term contracts that could benefit from this pricing dynamic? Mark, would you be able to answer this one for us?

Speaker #3: Additionally, is there a way for us to think about the share of older shorter-term contracts that could benefit from this pricing dynamic? Mark, would you be able to answer this one for us?

Speaker #4: Thank you, Alex. We continue to see strong pricing across both old and new GPU generations as demand continues to exceed our available capacity. We just raised prices again in the latest quarter, and we are still selling out across all chip types at the higher prices.

[Company Representative] (Nebius Group): Thank you, Alex. We continue to see strong pricing across both old and new GPU generations as demand continues to exceed our available capacity. We just raised prices again in the latest quarter, we are still selling out across all chip types at the higher prices. We're in a very dynamic market, we have built a resilient set of processes that allow us to adapt and respond accordingly in any market environment for both new and existing customers. The strength is showing up in a number of ways beyond just price. Contract durations are extending, with the average duration of contracts growing meaningfully over the past few quarters. Also, average contract values continue to increase across new logos and existing accounts, where we're seeing strong expansion as well. Finally, prepayments are becoming more significant.

Marc Boroditsky: Thank you, Alex. We continue to see strong pricing across both old and new GPU generations as demand continues to exceed our available capacity. We just raised prices again in the latest quarter, we are still selling out across all chip types at the higher prices. We're in a very dynamic market, we have built a resilient set of processes that allow us to adapt and respond accordingly in any market environment for both new and existing customers. The strength is showing up in a number of ways beyond just price. Contract durations are extending, with the average duration of contracts growing meaningfully over the past few quarters. Also, average contract values continue to increase across new logos and existing accounts, where we're seeing strong expansion as well. Finally, prepayments are becoming more significant.

Speaker #4: We're in a very dynamic market, and we have built a resilient set of processes that allow us to adapt and respond accordingly in any market environment for both new and existing customers.

Speaker #4: The strength is showing up in a number of ways beyond just price. Contract durations are extending with the average duration of contracts growing meaningfully over the past few quarters.

Speaker #4: Also, average contract values continue to increase across new logos and existing accounts, where we are seeing strong expansion as well. And finally, prepayments are becoming more significant.

Speaker #4: Customers of all types are prepaying in order to lock in future capacity including the hyperscalers. This improves our working capital position and gives us flexibility around external financing needs.

[Company Representative] (Nebius Group): Customers of all types are prepaying in order to lock in future capacity, including the hyperscalers. This improves our working capital position and gives us flexibility around external financing needs. Our go-to-market model is being built to be agile and adapt to the market and yield outcomes that can best help us continue to scale our business.

Marc Boroditsky: Customers of all types are prepaying in order to lock in future capacity, including the hyperscalers. This improves our working capital position and gives us flexibility around external financing needs. Our go-to-market model is being built to be agile and adapt to the market and yield outcomes that can best help us continue to scale our business.

Speaker #4: Our go-to-market model is being built to be agile and adapt to the market, and yield outcomes that can best help us continue to scale our business.

Speaker #3: Thanks, Mark. We have a few questions coming in on CapEx guide and cost inflation. Andre, can you please discuss how much our raise in CapEx is driven by higher capacity growth versus component cost inflation?

Gili Naftalovich: Thanks, Mark. We have a few questions coming in on CapEx guide and cost inflation. Andrey, can you please discuss how much our raise in CapEx is driven by higher capacity growth versus component cost inflation?

Speaker #5: Sure. Thanks, Gili. Well, the increase in this spending is driven by visibility for 2027 and our need to invest ahead of capacity that we expect to bring online.

Andrey Korolenko: Sure. Thanks, Gili. Well, the increase in this in this spending is driven by visibility into 2027 and our need to invest ahead of capacity that we expect to bring online. We'll add much more capacity in H1 2027 than this year. That requires more CapEx spending in the, well, starting from now in the later part of this year. We have been able to secure sites and power and customer commitments for 2027. We are ramping up construction activities accordingly. In short, the high number reflects confidence in our contracted demand pipeline and our ability to secure the infrastructure to deliver against it. It's not the cost pressure.

Speaker #5: We'll add much more capacity in the first half of '27 than this year. And that requires more CapEx spend, starting from now in the later part of this year.

Speaker #5: We have been able to secure sites and power and customer commitments for 2027. And so we are ramping up construction activities accordingly. And in short, the high number reflects confidence in our contracted demand pipeline and our ability to secure the infrastructure to deliver against it.

Speaker #5: It's not the cost pressure. The impact of the component inflation in our 2026 program was quite material around low single digit as a percentage of total spend.

Andrey Korolenko: The impact of the component inflation in our 2026 program was quite material, around low single digits USD as a percentage of total spend. Because we secured a lot of 2026 back in 2025 at the previous price levels.

Speaker #5: Also, because we secured a lot of 2026 back in 2025 at the previous price levels.

Speaker #3: Thank you, Andre. Next question we have is from James Kuzner at Water Tower Research. Nebius said AI cloud adjusted EBITDA margin nearly doubled quarter-over-quarter to 45% in Q1.

Gili Naftalovich: Thank you, Andrey. Next question we have is from James Kisner at Water Tower Research. Nebius said AI cloud adjusted EBITDA margin nearly doubled quarter over quarter to 45% in Q1, while you're targeting around 40% for the full year. What's driving the five step down? Can you walk us through the adjusted EBITDA margin progression for the year?

Speaker #3: While you're targeting around 40% for the full year, what's driving the implied step down? Can you walk us through the adjusted EBITDA margin progression for the year?

Speaker #3: Dado, please.

Speaker #6: Yeah, thanks, James. Yeah, indeed. Indeed. As you saw in the quarter, our Q1 margins were really strong. Nebius AI adjusted EBITDA margin reached 45%, nearly doubling from Q4.

Dado Alonso: Dado, please. I think, thanks, James. Yeah, indeed. As you saw in the quarter, our Q1 margins were really strong. Nebius AI adjusted EBITDA margin reached 45%, nearly doubling from Q4. That really reflects the underlying strength of the business. On the one hand side, the demand we are seeing in the market, then the terms that we are also able to negotiate with our contracts, and the unique economics of the platform itself. As I mentioned earlier, as we move throughout the year, you will see some quarter-to-quarter variability, I think this is worth, you know, taking a moment to explain the dynamic. We have made a number of important investments in H1 of the year, hiring across go-to-market and engineering, our recent acquisitions, and continued development of new product capabilities.

Gili Naftalovich: Dado, please.

Dado Alonso Sanchez: I think, thanks, James. Yeah, indeed. As you saw in the quarter, our Q1 margins were really strong. Nebius AI adjusted EBITDA margin reached 45%, nearly doubling from Q4. That really reflects the underlying strength of the business. On the one hand side, the demand we are seeing in the market, then the terms that we are also able to negotiate with our contracts, and the unique economics of the platform itself. As I mentioned earlier, as we move throughout the year, you will see some quarter-to-quarter variability, I think this is worth, you know, taking a moment to explain the dynamic. We have made a number of important investments in H1 of the year, hiring across go-to-market and engineering, our recent acquisitions, and continued development of new product capabilities.

Speaker #6: And that really reflects the underlying strength of the business. On the one hand, the demand we are seeing in the market, then the terms that we are also able to negotiate with our contracts.

Speaker #6: And the unit economics of this platform itself, so as I mentioned earlier, as we move throughout the year, you will see some quarter-to-quarter variability.

Speaker #6: And I think this is worth taking a moment to explain the dynamic. We have made a number of important investments in the first half of the year.

Speaker #6: Hiring across go-to-market and engineering are recent acquisitions and continue to development of new product capabilities. And those investments are already in the cost base today.

Dado Alonso: Those investments are already in the cost base today. We expect them to actually benefit from the business going forward. On the capacity side, our delivery this year is back-end weighted, and we have a meaningful step up coming in Q3. We have very clear visibility into both the investments that we have made and also the capacity that we are bringing online. Really what you are seeing across the quarters is a timing dynamic, not a structural one. The investments land first, and the capacity and the revenue it supports come online shortly after. Given the timing of our investments in Q2 and the timing of the deployment towards the end of the quarter, we actually expect those margins in Q2 to go a little bit lower, returning to Q1 levels in Q3 and stepping even higher in Q4.

Dado Alonso Sanchez: Those investments are already in the cost base today. We expect them to actually benefit from the business going forward. On the capacity side, our delivery this year is back-end weighted, and we have a meaningful step up coming in Q3. We have very clear visibility into both the investments that we have made and also the capacity that we are bringing online. Really what you are seeing across the quarters is a timing dynamic, not a structural one. The investments land first, and the capacity and the revenue it supports come online shortly after. Given the timing of our investments in Q2 and the timing of the deployment towards the end of the quarter, we actually expect those margins in Q2 to go a little bit lower, returning to Q1 levels in Q3 and stepping even higher in Q4.

Speaker #6: And we expect them to actually benefit from the business going forward. On the capacity side, our delivery this year is back-end weighted. And we have a meaningful step up coming in Q3.

Speaker #6: We have very clear visibility into both the investments that we have made and also the capacity that we are bringing online. So, really, what you are seeing across the quarters is a timing dynamic, not a structural one.

Speaker #6: The investments land first, and the capacity and the revenue, it supports come online shortly after. So given the timing of our investments in Q2 and the timing of the deployment towards the end of the quarter, we actually expect those margins in Q2 to go a little bit lower returning to Q1 levels in Q3 and stepping even higher in Q4.

Speaker #6: So for the full year group, we expect a margin around 40% as we have guided. And on the longer term, those dynamics will smooth over time.

Dado Alonso: For the full year Group, we expect a margin around 40% as we have guided. On the longer term, those dynamics will smooth over time and our capacity footprint continues to scale and higher value software solutions will become larger part of the mix.

Dado Alonso Sanchez: For the full year Group, we expect a margin around 40% as we have guided. On the longer term, those dynamics will smooth over time and our capacity footprint continues to scale and higher value software solutions will become larger part of the mix.

Speaker #6: And our capacity footprint continues to scale and higher value software solutions will become larger part of the mix.

Speaker #3: Thank you, Dado. The next question is around capacity from Andrew Beal at Arree. Andrew, Andre, maybe I can come to you here. Can you talk about the timing of capacity additions beginning in Q2, and when you expect key sites such as Pennsylvania to reach full capacity?

Gili Naftalovich: Thank you, Dado Alonso. The next question is around capacity from Andrew Beale at Arete Research. Andrey Korolenko, maybe I can come to you here. Can you talk about the timing of capacity additions beginning in Q2 and when you expect key sites such as Pennsylvania to reach full capacity?

Speaker #4: Thanks, Gili. So Andrew, first, about the Pennsylvania. Pennsylvania is going to have lights up by the end of 2027 with the first around 250 to 300 megawatts probably.

Andrey Korolenko: Thanks, Gili. Andrew, first, about the Pennsylvania. Pennsylvania is gonna have lights up by the end of 2027, with the first around 250 to 300 MW probably. The schedule looks like adding 300 MW each year up to 1.2 GW in total. Actually, 1.2 according to our power contract we have in our possession by mid 2023 or the beginning of 2030, to be more correct, more precise. Overall, our capacity schedule is just ramping up. This year is heavily towards H2 of the year. Q3 is March is a very significant improvement for us in terms of the capacity going online.

Speaker #4: And then the schedule looks like adding 300 megawatts each year up to 100, 1.2 gigawatts in total, actually. And 1.2 according to our power contract we have in our possession by mid-2030 or the beginning of 2030 to be more correct, more precise.

Speaker #4: But overall, our capacity schedule is just ramping up. This year is heavily towards the second half of the year. Q3 is a very significant improvement for us in terms of the capacity going online.

Speaker #4: Q4 also very significant. And then Q1 next year is where our bigger projects like Alabama and probably the first Missouri will kick in also.

Andrey Korolenko: Q4 also very significant. Q1 next year is where our bigger projects like Alabama and probably the first Missouri will kick in also.

Speaker #3: Great, thank you. We'll probably stick with you, Andre, as we have a question from Josh there at Morgan Stanley. Can you address the media reports indicating delays at the Vinland, New Jersey, site?

Gili Naftalovich: Great. Thank you. We'll probably stick with you, Andrey, as we have a question from Josh Baer at Morgan Stanley. Can you address the media reports indicating delays at the Vineland, New Jersey site? Understanding you've delivered commitments so far, are there any delays to note for the remainder of the Microsoft contract?

Speaker #3: Understanding you've delivered commitments so far, are there any delays to note for the remainder of the Microsoft contract?

Speaker #4: So we delivered all our capacity commitments across our Microsoft and the other customers. So the first, as we already spoke, I believe the first contract was fully delivered in the one this year.

Andrey Korolenko: We delivered all our capacity commitments across our Microsoft and the other customers. The first Meta, as we already spoke, I believe the first Meta contract was fully delivered in Q1 this year. The Microsoft contract is way more stretched, and we have the delivery schedule up to the end of this year. We delivered the first tranche in November last year. We continue to be in the contract schedule. Again, it ramps up starting from the mid-year, and most of the volumes will be coming in Q3 and Q4.

Speaker #4: The Microsoft contract is way more stretched, and we have the delivery schedule up to the end of this year. We delivered the first tranche in November last year.

Speaker #4: We yeah. And so we continue to be in the contract schedule. Again, it ramps up starting from the mid-year, and most of the volumes will be coming in Q3 and Q4.

Speaker #3: Great. Thank you. So we have had a number of questions around the Meta contract. A question from Alex Flagg is, can you provide more details on the recently announced Meta deal?

Gili Naftalovich: Great. Thank you. We have had a number of questions around the Meta contract. A question from Alex Platt is, can you provide more details on the recently announced Meta deal? Can you explain how the $15 billion capacity option works? Should we view this as Meta backstopping $15 billion with a set attractive margin? If you can get a customer with better unique economics on that capacity, would you take that instead? Mark, let me come to you here to walk us through this.

Speaker #3: Can you explain how the $15 billion capacity option works? Should we view this as Meta backstopping $15 billion with a set attractive margin? And if you can get a customer with better unit economics on that capacity, would you take that instead?

Speaker #3: Mark, let me come to you here to walk us through this.

Speaker #5: Thank you, Alex. First, I want to say that we love working with Meta. And we're excited that they chose to buy more capacity from us.

[Company Representative] (Nebius Group): Thank you, Alex Duval. First, I want to say that we love working with Meta, and we're excited that they chose to buy more capacity from us. This expanded new agreement is to make sure that we all understand this, a 5-year contract for a total of $27 billion, and it is structured in 2 parts. First, there's a $12 billion commitment to dedicated compute capacity with delivery starting in early 2027. Second, as you pointed out, there's another $15 billion of additional capacity that we, at our discretion, can either allocate to Meta or sell to our AI cloud customers as it comes online for the duration of the 5-year contract. Let me explain this in a bit more detail.

Marc Boroditsky: Thank you, Alex Duval. First, I want to say that we love working with Meta, and we're excited that they chose to buy more capacity from us. This expanded new agreement is to make sure that we all understand this, a 5-year contract for a total of $27 billion, and it is structured in 2 parts. First, there's a $12 billion commitment to dedicated compute capacity with delivery starting in early 2027. Second, as you pointed out, there's another $15 billion of additional capacity that we, at our discretion, can either allocate to Meta or sell to our AI cloud customers as it comes online for the duration of the 5-year contract. Let me explain this in a bit more detail.

Speaker #5: This expanded new agreement is to make sure that we all understand this, a five-year contract for a total of 27 billion dollars. And it is structured in two parts.

Speaker #5: First, there's a 12 billion dollar commitment to dedicated capacity with delivery starting in early 2027. And then second, as you pointed out, there's of additional capacity that we at our discretion can either allocate to Meta or sell to our AI cloud customers as it comes online for the duration of the five-year contract.

Speaker #5: Let me explain this in a bit more detail. Meta is committed to buy up to 15 billion dollars of any capacity in these clusters at our option during the entire five-year contract.

[Company Representative] (Nebius Group): Meta is committed to buy up to $15 billion of any capacity in these clusters at our option during the entire 5-year contract. This commitment will likely allow us to finance the clusters with asset-backed financing at attractive terms while selling them to, as I think you pointed out, to our AI cloud customers at potentially higher market prices. The unique combination of being able to sell at a premium, along with the commitment by Meta to purchase any capacity during the contract, should provide us with higher margins, less risk, and more visibility in our revenue. If the market remains strong, we should generate more than $27 billion in revenue from this great agreement.

Marc Boroditsky: Meta is committed to buy up to $15 billion of any capacity in these clusters at our option during the entire 5-year contract. This commitment will likely allow us to finance the clusters with asset-backed financing at attractive terms while selling them to, as I think you pointed out, to our AI cloud customers at potentially higher market prices. The unique combination of being able to sell at a premium, along with the commitment by Meta to purchase any capacity during the contract, should provide us with higher margins, less risk, and more visibility in our revenue. If the market remains strong, we should generate more than $27 billion in revenue from this great agreement.

Speaker #5: This commitment will likely allow us to finance the clusters with asset-based backed financing at attractive terms. While selling them to, as I think you pointed out, to our AI cloud customers at potentially higher market prices.

Speaker #5: The unique combination of being able to sell at a premium, along with the commitment by Meta to purchase any capacity during the contract, should provide us with higher margins, less risk, and more visibility in our revenue.

Speaker #5: It's the market remains strong. We should generate more than the 27 billion dollars in revenue from this great agreement.

Speaker #3: Thank you, Mark. We have a question from Alex Duvall Goldman Sachs about M&A. Could you explain the rationale behind your move to acquire Egan AI and clarify how does this move improve your AI cloud platform capabilities?

Gili Naftalovich: Thank you, Mark. We have a question from Alexander Duval, Goldman Sachs, about M&A. Could you explain the rationale behind your move to acquire Aigen AI and Clarifai? How does this move improve your AI cloud platform capabilities? To what extent does this move mean that you could improve customer stickiness? Roman, I think over to you.

Speaker #3: To what extent does this move mean that you could improve customer stickiness? Roma? I think we'll go to you.

Speaker #6: Yeah. Thank you, Gili. Thank you, Alex, for the question. First of all, I want to say that we are super excited that these two incredible teams of talented people from Egan and Clarify will join us.

Roman Chernin: Yeah. Thank you, Gili. Thank you, Alex, for the question. First of all, I want to say that we're super excited with these two incredible teams of talented people from Aigen and Clarifai will join us. To deep dive in rationale, let's start from foundations. Our view is that we should own the compute stack. That is where our vertical integration, our supply chain depth and our hardware engineering generate advantage. It's also the layer that drives the bulk of our economics. Above the compute stack, we build the full cloud solution. Software plays the role of enabler. By the way, we partner where partnership is the right path. As you see now, we use M&A selectively where it accelerates our roadmap, brings in proven developer adoption or adds capabilities complementary to what we are building.

Speaker #6: And to deep dive in rationale, let's start from foundations. Our view is that we should own the compute stack. That is where our vertical integration, our supply chain, dev, and our hardware engineering generate advantage.

Speaker #6: And it's also the layer that drives the bulk of our economics. Above the compute stack, we build the full cloud solution. And software plays the role of enabler.

Speaker #6: By the way, we partner we're a partnership is the right path. And as you see now, we use M&A selectively where it accelerates our roadmap.

Speaker #6: Brings in proven developer adoption or adds capabilities, complementary to what we are building. Acceleration is the key lens we apply to every potential transaction.

Roman Chernin: Acceleration is the key lens we apply to every potential transaction, where we can find rare talent or proven adoption. This is, by the way, the example of Tavily that has incredible developer adoption that would, in general, take us meaningfully longer to build organically. Acquisition is the fastest path. We evaluate every potential deal against the clear criteria. Does it deepen customer engagement, increase lifetime value, unlock the new category of customers or use cases we can address? In general, strengthen our position as a full-stack AI cloud.

Speaker #6: Where we can find where talent or proven adoption this is, by the way, the example of Tavidi that has incredible developer adoption. That would, in general, take us meaningfully longer to build organically acquisition is the fastest path.

Speaker #6: And we evaluate every potential deal against a clear criteria. Does it dip in customer engagement? Increase lifetime value? Unlock the new category of the customers or use cases we can address?

Speaker #6: And, in general, strengthen our position as a full-stack AI cloud.

Speaker #3: Thanks, Roma. We're getting more questions on M&A, so we'll likely stay with you here. Several participants are asking on whether token factory and software more broadly are distinctly different from the infrastructure layer and training.

Gili Naftalovich: Thanks, Roma. We're getting more questions on M&A, so we'll likely stay with you here. Several participants are asking on whether Token Factory and software more broadly are distinctly different from the infrastructure layer and training. We'd love to get your insights around agentic monetization and the opportunity there.

Speaker #3: We'd love to get your insights around agentic monetization and the opportunity there.

Speaker #6: Yeah, thank you for the question. As I said, we look at the software as an enabler. So, it's not that we build the software to generate a separate revenue stream.

Roman Chernin: Yeah. Thank you for the question. As I said, we look at the software as an enabler. It's not that we build the software to generate a separate revenue stream. The software first of all plays the role of unlocking the new capabilities for us, unlocking the new opportunities in the types of the workloads that growing on the market and the types of the customers that we can address. Software change the shape of the customer relationship. Every layer of the software unlocks another group of users and the customers. We wanna meet customers where they need us and let them consume our vertically integrated solution in the way that they need, and it might be different way for different types of the customers. Customers come to our platform for different needs.

Speaker #6: The software first of all plays the role of unlocking the new capabilities for us. Unlocking the new opportunities in the types of the workloads that are growing on the market and the types of the customers that we can address.

Speaker #6: Software changed the shape of the customer relationship. Every layer of the software unlocks another group of users and the customers. We want to meet customers where they need us.

Speaker #6: And let them consume our vertically integrated solution in the way that they need, and it might be a different way for different types of customers.

Speaker #6: Customers come to our platform for different needs. In essence, they all need to run AI at scale, which means that they need compute.

Roman Chernin: In essence, they all need to run AI at scale, which means that they need compute. But for example, people who use our multi-tenant cloud, they to a big extent come for large training jobs. And these are like research-driven, data scientists-driven workloads. People who come to Token Factory, they build vertical AI products or apply AI in their enterprises, and they come for the tokens. And moving forward, we will see new ways to consume infrastructure at scale that will be the agentic, end-to-end agentic workloads.

Speaker #6: But for example, people who use our multi-tenant cloud for a big extent come for large training jobs. People who and these are research-driven data scientist-driven workloads.

Speaker #6: People who come to talk in factory, they build vertical AI integrated vertical AI products or apply AI in their enterprises. And they come for the tokens.

Speaker #6: And moving forward, we'll see new ways to consume infrastructure at scale that will be the agentic end-to-end agentic workloads.

Speaker #3: Thanks, Saul. We have a question from Taliani, I think, of America. How do you plan to finance the additional CapEx? And are you considering disposing some of your non-core holdings?

Gili Naftalovich: Thanks, Rom. We have a question from Tal Liani at Bank of America. How do you plan to finance this additional CapEx, and are you considering disposing some of your non-core holdings? Dado, over to you.

Speaker #3: Tato, over to you.

Speaker #7: Happy to take this question, Tali. While our look, our balance sheet is strong. At the end of the quarter, 9.3 billion of cash and cash equivalents.

Dado Alonso: Happy to take this question, Tal. Well, look, our balance sheet is strong. At the end of the quarter, $9.3 billion of cash and cash equivalents, and this was supported by $2.3 billion of operating cash flow, which was generated in the quarter. Mainly, you know, coming from payments from our customers. Currently more than 90% of the CapEx range that we projected in February is already secured by cash and contractual commitments. The incremental capacity reflected in our raised $20 to 25 billion guidance will be funded through additional financing. As I have mentioned in previous calls, we have a wide range of sources available to us.

Dado Alonso Sanchez: Happy to take this question, Tal. Well, look, our balance sheet is strong. At the end of the quarter, $9.3 billion of cash and cash equivalents, and this was supported by $2.3 billion of operating cash flow, which was generated in the quarter. Mainly, you know, coming from payments from our customers. Currently more than 90% of the CapEx range that we projected in February is already secured by cash and contractual commitments. The incremental capacity reflected in our raised $20 to 25 billion guidance will be funded through additional financing. As I have mentioned in previous calls, we have a wide range of sources available to us.

Speaker #7: And this was supported by 2.3 billion of operating cash flow, which was generated in the quarter, right? Mainly coming from payments, from our customers.

Speaker #7: So currently, more than 90% of the CapEx range that we've rejected in February is already secured by cash and contractual commitments. The incremental capacity reflected in our raised 20 to 25 billion dollars guidance will be funded through additional financing.

Speaker #7: And as we have as I have mentioned in previous calls, right, so we have a wide range of sources available to us. On the dev side, we expect to use asset-backed financing against our contracts with Microsoft and Meta.

Dado Alonso: On the debt side, we expect to use asset-backed financing against our contracts with Microsoft and Meta. We may also raise corporate level debt. On the equity side, we have established an at-the-market program from up to 25 million Class A shares. We have not utilized these programs to date, but we are evaluating the program regularly. In any case, as we have done today, we will apply consistent guardrails on cost of capital and shareholder dilution while maintaining a disciplined capital structure.

Dado Alonso Sanchez: On the debt side, we expect to use asset-backed financing against our contracts with Microsoft and Meta. We may also raise corporate level debt. On the equity side, we have established an at-the-market program from up to 25 million Class A shares. We have not utilized these programs to date, but we are evaluating the program regularly. In any case, as we have done today, we will apply consistent guardrails on cost of capital and shareholder dilution while maintaining a disciplined capital structure.

Speaker #7: And we will we may also raise corporate-level debt. On the equity side, we have established an at-the-market program from up to 25 million class A shares.

Speaker #7: We have not utilized this program to date, but we are evaluating the program regularly. In any case, as we have done today, we will apply consistent guardrails on cost of capital and shareholder dilution while maintaining a disciplined capital structure.

Speaker #3: Thanks, Tato. We have gotten a few questions on pipeline. One from Nahal Chokhfi at Northland Capital. Your pipeline is up 3.5 times or a quarter over quarter in 1Q26.

Gili Naftalovich: Thanks, Dado Alonso. We have gotten a few questions on pipeline. One from Nehal Chokshi at Northland Capital Markets. Your pipeline is up 3.5 times quarter-over-quarter in Q1 2026. Does this pipeline include hyperscalers like Meta, like the Meta deal? Can you also provide more details on what this number represents, and how likely are you to convert pipeline to revenue? Mark?

Speaker #3: Does this pipeline include hyperscales like Meta, like the Meta deal? Can you also provide more details on what this number represents and how likely are you to convert pipeline to revenue?

Speaker #3: Mark?

Speaker #5: Thank you, Gillian. Thank you, Nahal. The referenced pipeline growth of 3.5 times a quarter, which 3.5 times quarter over quarter, which we're very proud of, is for our AI cloud business.

[Company Representative] (Nebius Group): Thank you, Gili, and thank you, Neha. The referenced pipeline growth of 3.5x quarter-over-quarter, which we're very proud of, is for our AI Cloud business, and it does not include any strategic hyperscaler deals like the Meta deal. It does include qualified opportunities across our core AI Cloud and Token Factory products, as well as across all of our key customer segments, including AI natives, software vendors, and enterprises. What we can share about conversion is that we have maintained our solid win rates, at the same time as we've accelerated our sales cycles, and increased our average selling prices.

Marc Boroditsky: Thank you, Gili, and thank you, Neha. The referenced pipeline growth of 3.5x quarter-over-quarter, which we're very proud of, is for our AI Cloud business, and it does not include any strategic hyperscaler deals like the Meta deal. It does include qualified opportunities across our core AI Cloud and Token Factory products, as well as across all of our key customer segments, including AI natives, software vendors, and enterprises. What we can share about conversion is that we have maintained our solid win rates, at the same time as we've accelerated our sales cycles, and increased our average selling prices.

Speaker #5: And it does not include any strategic hyperscaler deals like the Meta deal. It does include qualified opportunities across our core AI cloud and token factory products, as well as across all of our key customer segments, including AI natives, software vendors, and enterprises.

Speaker #5: What we can share about conversion is that we have maintained our solid win rates at the same time as we've accelerated our sales cycles and increased our average selling prices.

Speaker #5: And you can see this with some of the strong wins that we have, such as Sword Health at in healthcare life sciences and Rhoda and 1X in physical AI and core automation, one of our AI native model builders, as well as Revolut and Monday.com new customer wins for token factory.

[Company Representative] (Nebius Group): You can see this with some of the strong wins that we have, such as Sword Health in healthcare life sciences and Rhoda AI and 1X in physical AI and Core Automation, one of our AI native model builders, as well as Revolut and monday.com, new customer wins for Token Factory. What we are doing is enabling our go-to-market teams to have a consultative conversation with our customers about their plans and for current and future workloads, including, as an example, what they're thinking about with regard to Vera Rubins. We're also focusing and scaling our go-to-market and success teams to help customers to realize their plans, which turns into durable revenue for us.

Marc Boroditsky: You can see this with some of the strong wins that we have, such as Sword Health in healthcare life sciences and Rhoda AI and 1X in physical AI and Core Automation, one of our AI native model builders, as well as Revolut and monday.com, new customer wins for Token Factory. What we are doing is enabling our go-to-market teams to have a consultative conversation with our customers about their plans and for current and future workloads, including, as an example, what they're thinking about with regard to Vera Rubins. We're also focusing and scaling our go-to-market and success teams to help customers to realize their plans, which turns into durable revenue for us.

Speaker #5: What we are doing is enabling our go-to-market teams to have a consultative conversation with our customers about their plans and for current and future workloads, including, as an example, what they're thinking about with regard to Vera Rubin's.

Speaker #5: We're also focusing and scaling our go-to-market and success teams to help customers to realize their plans which turns into durable revenue for us. Speaking about scaling, by the way, we have a number of recent appointments including key leaders for the Americas, Dan Lawrence, who is our SVP and GM for the Americas, and John Harr, who is joining who has joined as GM for Asia-Pacific and Japan.

[Company Representative] (Nebius Group): Speaking about scaling, by the way, we have a number of recent appointments, including key leaders for the Americas, Dan Lawrence, who is our Senior Vice President and General Manager for the Americas, and John Hart, who has joined as GM for Asia-Pacific and Japan, and Raja Agrawal, our VP for the Middle East.

Marc Boroditsky: Speaking about scaling, by the way, we have a number of recent appointments, including key leaders for the Americas, Dan Lawrence, who is our Senior Vice President and General Manager for the Americas, and John Hart, who has joined as GM for Asia-Pacific and Japan, and Raja Agrawal, our VP for the Middle East.

Speaker #5: And Raja Agrawal, our VP for the Middle East.

Speaker #3: Thanks, Mark. Another question that we have from the portal is saying that you emphasize the momentum in your software stack. Where are you seeing the most momentum across the stack today?

Gili Naftalovich: Thanks, Mark. Another question that we have from the portal is saying that you emphasize the momentum in your software stack. Where are you seeing the most momentum across the stack today? Why are customers choosing Nebius Group? Roma, over to you.

Speaker #3: Why are customers choosing Nebius? Roma? Over to you.

Speaker #4: Yeah, thank you, Gillian. I think it said so many times by different people that now's the time of inference. And we see the same.

Roman Chernin: Thank you, Gili. I think it said so many times by different people that now is the time of inference, and we see the same. Inference is the fastest-growing segment, new segment, in our stack. And we see a very lucrative place where Nebius is positioned. We have the winning combination with capacity and customer need scale. We have the strong software stack, and we invest in-house and with the new announced acquisitions to be on the top performance of supporting the most popular open-source models and specialized models. We can provide the best total cost of ownership and, like, cost of tokens for our customers through the full stack optimization of the stack. Of course, we care a lot about the developer experience.

Speaker #4: Inference is the fastest growing segment, new segment in our stack. And we see a very lucrative place where Nebius is positioned. We have the winning combination with capacity.

Speaker #4: And customers need scale. We have the strong software stack. And we invest in-house and with the new announced acquisitions to be on the top performance of supporting the most popular open source, models, and specialized models.

Speaker #4: We can provide the best total cost of ownership and cost of tokens for our customers through the full-stack optimization of the stack. And, of course, we care a lot about the developer experience.

Speaker #4: So we think that in a way, we combine the best from different worlds of specialized inference platforms the scale of AI specialized clouds the scale of hyperscalers and specialization of AI specialized cloud.

Roman Chernin: We think that, in a way, we combine the best from different worlds, of specialized inference platforms, the scale of AI specialized clouds, the scale of hyperscalers and specialization of AI specialized cloud. Token Factory is our primary inference product now, and we are seeing good product market fit. If you look at on a next layer, on agentic, it's still to be defined what is the final shape of the product and who will be the winners. We expect that Nebius will play the same role of foundation for people to build at scale and will provide the set of tools and platforms to optimize workloads in agentic world.

Speaker #4: So token factory is our primary inference product now. And we are seeing good product-market fit. If you look on the next layer, on Agentic, it's still to be defined what is the final shape of the product and who will be the winners.

Speaker #4: We expect that Nebius will play the same role of foundation for people to build at scale and will provide the set of tools and platforms to optimize workloads in Agentic world.

Speaker #3: Thanks, Roma. We have a question on customer concentration. Mark, how do you think about concentration risk given how large your contracts are with Meta and Microsoft?

Gili Naftalovich: Thanks, Roma. We have a question on customer concentration. Mark, how do you think about concentration risk given how large your contracts are with Meta and Microsoft? What does the rest of your revenue base look like in terms of customer diversification?

Speaker #3: What is the rest of your revenue base look like in terms of customer diversification?

Speaker #5: Thank you, Gillian. As a reminder, I think we say this over and over again, but I think it's important to recognize that our priority is our AI cloud business.

[Company Representative] (Nebius Group): Thank you, Gili. As a reminder, I think we say this over and over again, but I think it's important to recognize that our priority is our AI cloud business. As such, we are very intentional about how we are pairing these key strategic relationships with the likes of Meta and Microsoft with a diversified core of our AI cloud customer base. We do not take these big strategic deals lightly and only take them when we see terms favorable for our core mission. Again, serving our AI cloud business. We also very diligently capacity plan, and we're always looking to add capacity to best serve our core AI cloud customers from developers all the way through to enterprises.

Marc Boroditsky: Thank you, Gili. As a reminder, I think we say this over and over again, but I think it's important to recognize that our priority is our AI cloud business. As such, we are very intentional about how we are pairing these key strategic relationships with the likes of Meta and Microsoft with a diversified core of our AI cloud customer base. We do not take these big strategic deals lightly and only take them when we see terms favorable for our core mission. Again, serving our AI cloud business. We also very diligently capacity plan, and we're always looking to add capacity to best serve our core AI cloud customers from developers all the way through to enterprises.

Speaker #5: As such, we are very intentional about how we are pairing these key strategic relationships with the likes of Meta and Microsoft, with a diversified core of our AI cloud customer base.

Speaker #5: We do not take these big strategic deals lightly and only take them when we see terms favorable for our core mission. Again, serving our AI cloud business.

Speaker #5: We also very diligently capacity plan, and we're always looking to add capacity to best serve our core AI cloud customers, from developers all the way through to enterprises.

Speaker #5: Our AI cloud business is experiencing strong traction across all of the products that we're offering as well as customer segments and the verticals that we're chasing.

[Company Representative] (Nebius Group): Our AI cloud business is experiencing strong traction across all of the products that we're offering, as well as customer segments and the verticals that we're chasing. The diversified AI cloud book of business as well gives us both customer and use case visibility that helps to fuel our go-to-market and drives our pipeline and revenue diversification overall.

Marc Boroditsky: Our AI cloud business is experiencing strong traction across all of the products that we're offering, as well as customer segments and the verticals that we're chasing. The diversified AI cloud book of business as well gives us both customer and use case visibility that helps to fuel our go-to-market and drives our pipeline and revenue diversification overall.

Speaker #5: The diversified AI cloud book of business as well gives us both customer and use case visibility that helps to fuel our go-to-market and drives our pipeline and revenue diversification overall.

Speaker #3: Thanks, Mark. We have a question from James Kidner at Water Tower Research. On the $2 billion investment from NVIDIA and the expanded collaboration on inference and agentic software around Token Factory, what concrete deliverables should we expect over the next few quarters?

Gili Naftalovich: Thanks, Mark. We have a question from James Kisner at Water Tower Research. On the $2 billion investment from NVIDIA and expanded collaboration on inference and agentic software around Token Factory, what concrete deliverables should we expect over the next few quarters? Does the partnership affect the timing or scale of your Vera Rubin deployments in H2 2026? Andrey?

Speaker #3: And does the partnership affect the timing or scale of your Vera Rubin deployment in the second half of 2026? Andre?

Speaker #6: Yeah. Okay, Gillian. Thanks, James, for the question. So first of all, the NVIDIA strategic investment is meaningful across several dimensions. Beyond the $2 billion of equity and line of sight to 5 gigawatts of capacity commitment by the end of 2030 that we've done.

Andrey Korolenko: Okay, Gili. Thanks, James, for the question. First of all, the NVIDIA strategic investment is meaningful across several dimensions, beyond the $2 billion of equity and line of sight to 5 gigawatts of capacity commitment by the end of 2030 that we've done. It really deepens a multi-year partnership with our most important hardware supplier at the moment, when access to GPU supply is a competitive advantage, so to say. We gain differentiated supply chain certainty on the future Vera Rubin, Vera CPUs, and the network. We also have a close collaboration with NVIDIA for the design and early support of the future SKUs. As of today, this is Vera Rubin and Vera CPU platforms.

Speaker #6: It really deepens a multi-year partnership with our most important hardware supplier. At the moment, when access to GPU supplies competitive advantage, so to say.

Speaker #6: We gain differentiated supply chain certainty on the future Rubin, Vera CPUs, and the networking. We also have a close collaboration with NVIDIA for the design and early support of the future SKUs as of today.

Speaker #6: This is Vera Rubins and Vera CPU platforms. And we are able actually to have an early deployment and support on our cloud platform as soon as they will be publicly available.

Andrey Korolenko: We are able actually to have a early deployment and support on our cloud platform as soon as they will be publicly available. Again, it reinforces our position as a preferred builder of AI infrastructure and aligns our roadmap with the NVIDIA product cycle, which is very critical for the price and the performance and the utilization and just leadership overall. We are also expanding our software integration. Our announcements around PINCLE AI is one example, and we are very excited about our partnership driving vertical specific investments. We are also partnering with them to build software for inference and agentic part, and just recently achieved NVIDIA Exemplar Cloud status on GB300 for training.

Speaker #6: Again, it reinforces our position as a preferred builder of AI infrastructure and aligns our roadmap with the NVIDIA product cycle. Which is very critical for the price and the performance and the utilization and just leadership overall.

Speaker #6: We are also expanding our software integration our announcements around physical AI is one example. And we are very excited about our partnership driving vertical specific advancements.

Speaker #6: We are also partnering with them to build software for inference and agentic part. And just recently, achieved NVIDIA exemplary cloud status on GB300 for training.

Speaker #6: We are very much among the first cloud providers globally to receive for all the NVIDIA generation by this status is available. Yeah, that's it.

Andrey Korolenko: We are very much among the first cloud providers globally to receive for all the NVIDIA generation where the status is available. Yeah, that's it.

Speaker #3: Thanks, Andrei. Mark, maybe this one for you on a question from the portal. Some of your competitors have mentioned they are sold out for most of 2026 and even into 2027.

Gili Naftalovich: Thanks, Andrey. Mark, maybe this one for you. A question from the portal. Some of your competitors have mentioned they are sold out for most of 2026 and even into 2027. If you are future selling, how much of your future capacity is sold out for this year and next?

Speaker #3: If you are a future selling, how much of your future capacity is sold out for this year and next?

Speaker #5: Thank you, Gillian. Yeah, first of all, we are sold out again in Q1. As we have for several quarters, as demand continues to significantly exceed available capacity.

[Company Representative] (Nebius Group): Thank you, Gili. Yeah, first of all, we are sold out again in Q1. As we have for several quarters, as demand continues to significantly exceed available capacity. The vast majority of capacity coming online over the next several quarters to 12 months is already under contract or earmarked for our AI cloud customers. We do retain a portion of capacity for self-service to serve those AI builders that Roman mentioned earlier. We proactively manage those allocations to keep the segment supplied as demand evolves. Separately, we are typically seeing 4 or more customers competing for every GPU we bring online. We have significant expansion plan for 2027, including Vera Rubin, and we'll start selling that capacity as we move into H2 of this year.

Marc Boroditsky: Thank you, Gili. Yeah, first of all, we are sold out again in Q1. As we have for several quarters, as demand continues to significantly exceed available capacity. The vast majority of capacity coming online over the next several quarters to 12 months is already under contract or earmarked for our AI cloud customers. We do retain a portion of capacity for self-service to serve those AI builders that Roman mentioned earlier. We proactively manage those allocations to keep the segment supplied as demand evolves. Separately, we are typically seeing 4 or more customers competing for every GPU we bring online. We have significant expansion plan for 2027, including Vera Rubin, and we'll start selling that capacity as we move into H2 of this year.

Speaker #5: The vast majority of capacity coming online over the next several quarters to 12 months is already under contract or earmarked for our AI cloud customers.

Speaker #5: We do retain a portion of capacity for self-service, to serve those AI builders that Roman mentioned earlier. And then we proactively manage those allocations to keep the segment supplied as demand evolves.

Speaker #5: Separately, we are typically seeing four or more customers competing for every GPU we bring online. We have significant expansion planned for 2027, including Vera Rubins and we'll start selling that capacity as we move into the second half of this year.

Speaker #3: Thank you, Mark. We also have a question on US data center opposition. Tom, can you touch on some of the political opposition here in the US related to data center construction?

Gili Naftalovich: Thank you, Mark. We also have a question on US data center opposition. Tom, can you touch on some of the political opposition here in the US related to data center construction?

Speaker #4: Yeah, for sure, Gillian. I mean, so definitely this is a big topic. It's something that we pay a lot of attention to. But overall, I think what I would say is that the approach that we've taken so far we found to be quite effective and I would basically say there's a few sort of components of that approach and how we think about this.

Tom Blackwell: Yeah, for sure, Gili. I mean, definitely this is a big topic. It's something that, you know, we pay a lot of attention to. Overall, I think what I would say is that the approach that we've taken so far, we found to be quite effective. I would basically say there's a few sort of components of that approach and how we think about this. Number one, I think, you know, first of all, not all companies that build data centers build them the same way. They're not all alike. I think you've heard kind of Andrey and team, you know, talk about how we build the efficiencies that we're able to achieve, what we do around create these, you know, interesting technological ways of heat reuse and so on and so forth.

Speaker #4: Number one, I think first of all, not all companies that build data centers build in the same way. We're not all alike and I think you've heard kind of Andrei and team talk about how we build the efficiencies that we're able to achieve what we do around create interesting technological ways of heat reuse and so on and so forth.

Speaker #4: So we build very efficiently, very effectively. And I think that's an important part of our story and what we talk about when we come into new regions.

Tom Blackwell: We build very efficiently, very effectively, and I think that's an important part of our story and what we talk about when we come into new regions. Of course, that's not enough. I think that, you know, we take a very transparent approach to what we do and how we talk about ourselves. I think that's not something that's necessarily universal in our industry. If right from the very beginning when we're looking at a site and we're engaging very clear who we are, we engage very actively in communities in talking about what our plans are, what we do, how we build, how we contribute.

Speaker #4: But, of course, that's not enough. I think that also, the second thing is that we take a very transparent approach to what we do and how we talk about ourselves.

Speaker #4: I think that's not something that's necessarily universal in our industry, but from the very beginning when we're looking at a. And we're engaging very clear who we are.

Speaker #4: We engage very actively in communities and talking about what our plans are, what we do, how we build, how we contribute. You can see us showing up at community town hall meetings or I'm looking actually right now at Andrei across the table in Amsterdam who's just flown in from our event in Independence, Missouri yesterday where we were engaging with the local government and community.

Tom Blackwell: You know, you can see us showing up at community town hall meetings or, you know, I'm looking actually right now at Andrey Korolenko across the table in Amsterdam, who's just flown in from our event in Independence, Missouri, yesterday, where we were engaging with the local government and community. We try and just be very clear and transparent about what we do, how we do, and what the benefit that we bring, that it brings. I think the last thing is that, look, when we come into a new region to build, we don't just build and then move on to the next city. These are long-term investments, therefore, we have to look at these relationships with communities as long-term partnerships and relationships.

Speaker #4: So we're trying to just be very clear and transparent about what we do, how we do, and what the benefit that we bring that it brings.

Speaker #4: And I think the last thing is that, look, when we come into a new region to build, we don't just build and then move on to the next city.

Speaker #4: These are long-term investments. And so, therefore, we have to look at these relationships with communities as long-term partnerships and relationships. So we think very much beyond what we do in terms of the building, but where else we can contribute through it—whether it's through our Nebius Academy, academic offerings, working with local universities, helping to train and reskill, resolve, and so on.

Tom Blackwell: We think very much beyond what we do in terms of the building, but where else we can contribute through it, whether it's through our Nebius Academy academic offerings, working with local universities, helping to train, reskill, retool, and so on. We view this very much holistically as a long-term partnership, and so far, we found that this approach resonates well. There's no room for complacency here, you know, we continue to pay attention and make sure that we're doing the best we can to be a positive contributor to the local ecosystems.

Speaker #4: So, we view this very much holistically as a long-term partnership. And so far, we’ve found that this approach resonates well. But there’s no room for complacency here.

Speaker #4: So we continue to pay attention and make sure that we're doing the best we can to be a positive contributor to the local ecosystems.

Operator: This concludes today's call. Thank you everyone for joining. You may now disconnect.