RexExcalibur

$MSFT prepaid $NBIS ~40% of the contract value upfront. That is well above the 15-25% range investors usually see in AI infrastructure deals and Nebius already delivered its second GPU tranche on time in February.

The only thing that changed is people’s stomach for volatility. $NBIS

$nbis Overlooked amidst recent press releases, co. dropped their 20-F late last week. Some news, confirmatory nuggets, & potential read-through for upcoming earnings: 1. Microsoft Deal: --Upfront prepayment pegged @ ~40% of TCV ($6.95B on $17.39B contact value), which MStanley sees as significantly “higher than expected” and well above crwv’s referenced 15-25% prepayments --Successful delivery of 2nd tranche from Vineland detailed against a 9 tranche delivery schedule; corroboration MS has contracted service-level credit compensation & termination rights 2. DC Strategy & Dev List --Commentary on secured contracts across Europe, Middle East & US 3. Potential Benefits from Higher Pricing --Disclosure of a RPO @ $21.3B (pre-2nd Meta deal), plus a declaration that (outside Meta/Microsoft) “most of our customer engagements to date have relatively short term” implies possible read-through benefit from positive pricing trends --In a note earlier this month, Mstanley marked Nebius's exposure to spot market pricing at its ~550M arr base, suggesting it could lead to near term “outperformance"