$NBIS Your one calculation is wrong: $45B divided by $180M is 250x. And trailing P/E is the wrong tool for a company that grew revenue 454% last quarter and sells out every GPU it brings online. Nebius guides $3-3.4B of revenue this year at a ~40% group adjusted EBITDA margin, roughly $1.2-1.4B of adjusted EBITDA, and every dollar goes straight back into capacity customers are fighting over. CFO Dado Alonso: "Once again, we sold out our capacity as demand continued to exceed available supply." CRO Marc Boroditsky: "4 or more customers competing for every GPU we bring online." What you skipped: • Q2 revenue up 454% to $582.3M and ARR up 598% to $3.0B, with a 49.7% adjusted EBITDA margin in AI cloud. Four landmark deals averaged over $1B each • 2026 guidance reaffirmed at $7-9B of ARR by year-end, after the AI cloud pipeline grew 3.5x in Q1 excluding hyperscaler deals • Over $40B of customer commitments. AAA-rated Microsoft is $17.4B, up to $19.4B, with every tranche delivered, and Meta is up to ~$27B • Over $9B of customer prepayments expected this year. 70% of Q2 deals included prepayments covering 50-60% of the capex, and payback fell to 1 year 10 months from 2-3 years • GPU prices raised 17-21% on October 1. H100 went from $3.85 to $4.50 an hour and B300 from $7.85 to $9.50 • 5 GW of contracted power targeted by year-end, including a 1.2 GW Pennsylvania campus whose first 250-300MW arrives by the end of 2027 • Rated Platinum in SemiAnalysis's ClusterMAX 3.0 alongside CoreWeave Now 2027. Microsoft's $17.4B runs five years out of Vineland, a site designed for up to 300MW. On 300MW that's about $11.6M per MW a year. Meta's $12B of dedicated Vera Rubin capacity, starting in early 2027, also runs five years, so $2.4B a year, or about 200MW at that rate. Volozh says Nebius plans to build more than 1 GW of new capacity a year starting in 2027. Take only 800MW of it: • 200MW for Meta: $2.4B • 600MW at $20M per MW, the bottom of Q2's $20-25M deals: $12.0B • Plus $7B, the bottom of the 2026 guide That's $21.4B of ARR at the end of 2027, and at Q2's 49.7% AI cloud margin, over $10B of adjusted EBITDA a year. Push 20% of the enterprise capacity into 2028 and ARR is still $19.0B. Wolfe models $13.9B, and BNP Paribas, with a $399 target, sees about $22B. That gives zero credit for the $40-50M per MW short-term deals Nebius has started signing, "and sometimes above" per Volozh, Token Factory, where inference workloads more than tripled in Q2, or being named Palantir's sovereign AI infrastructure partner. Volozh: "We could sell our entire 2027 capacity on these terms today." The CFO said they're choosing not to, "reflecting our confidence with respect to future pricing dynamics." At $45B, Nebius trades at 2.1x that $21.4B and 2.4x the stress case. The average analyst target is ~$284, and Rosenblatt is at $304. "Worthless": at June 30 Nebius had $10.34B of shareholders' equity and $8.04B of cash, plus a stake in ClickHouse, a company valued at ~$15B in January. Microsoft and Meta's commitments alone come to up to ~$46B, about the entire market cap you call worthless. Lenders priced its first secured loan, $775M, at SOFR + 2.50%, and investors bought $3.45B of its converts at a 0.50% coupon. They read the filings you didn't. On 1999: name one dot-com whose customers prepaid half the cost of its buildout, or that signed $17.4B with Microsoft and delivered every tranche. 27 years should be long enough to tell a company with no customers from one with over $40B of signed commitments. On "short any rally": anyone who shorted Nebius on P/E at $76.77 last December had lost $223 a share, nearly 3x what they sold it at, by the time it hit $299.86 in June. That's the trade you're recommending today. I'm long $NBIS.