Nebius Earnings Preview: Has The Contracts, But Still Too Expensive Even After A 57% Decline

Impact · against what's priced in

The article is largely a confirmation of existing bearish risks for NBIS, reinforcing concerns that aggressive financing and high capex are masking a lack of true free cash flow. While the Microsoft and Meta contracts are positive, they are already integrated into the valuation, leaving the stock vulnerable to a downward correction toward fair value.

NBIS−0.10

Already priced in

The price assumes

The risk that extending useful lives merely flatters adjusted EBITDA while true annual depreciation exceeds $1.1 billion, trapping the company in a perpetual cash-burn cycle