Nebius Has $40 Billion of Customer Commitments. Most of It Comes From 2 Customers.
How exposed are shareholders if one of its two largest customers pulls back?
Overview
Nebius Group (NASDAQ:NBIS) says it has more than $40 billion in contracted revenue from investment-grade customers. The two it names are Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META).
For scale, the artificial intelligence (AI) cloud company's revenue for all of 2025 was around $530 million. Put another way, Nebius has signed up about 75 times its 2025 revenue. But how much of that rides on just two customers?
Details
Most of it, by my count. And yet the signed part of that reliance worries me less than what the stock price assumes about the deals that come next.
Source
Originally published at www.fool.com.
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