Nebius' chief revenue officer, Marc Boroditsky, said the company is watching AI compute costs outpace prior assumptions. He pointed to a Tuesday auction for capacity that indicated prices are still moving up and added, "We're seeing continued upward mobility in terms of the kind of price per megawatt." In plain English: price per megawatt is a yardstick for how much neoclouds can charge for a set chunk of computing.
Nebius is part of a newer group of providers pouring billions into Nvidia GPUs, building data centers, and leasing that power out to customers.
Caution rose after the cost to insure CoreWeave's five year debt via credit default swaps spiked to levels often associated with distress, while its bond yields moved higher. Questions about hefty borrowing to fund data center expansion then weighed on others, with Iren and Nebius both sliding sharply over the past month.
Boroditsky drew a line between Nebius and CoreWeave on leverage, saying, "we're not carrying the kind of debt that they are."
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Chase Lochmiller, CEO of Crusoe, an Nvidia backed AI infrastructure builder, also leaned bullish on pricing for graphics chips, including older Nvidia parts. "There's tremendous demand and a lot of it is because the underlying model capabilities have gotten so much more advanced that people are just creating so much more value out of the compute infrastructure."
That lands in the middle of an investor debate about how fast GPUs lose their economic punch as newer generations arrive. If firms can keep leasing prior generation chips at solid rates, it helps them claw back big GPU bills and support profits - and Lochmiller's read suggests Crusoe is doing just that.
After SpaceX revealed its AI revenue had risen to $7.56 billion - nine times the prior level - Nebius traded higher on Wednesday. According to SpaceX CFO Bret Johnsen, pricing is "currently tracking slightly above the high end of the $30 to $50 per watt range," underscoring the leverage providers have in compute rentals. Following his remarks, CoreWeave, Iren, and Applied Digital traded higher in premarket action.
Nebius' own tape showed 172.33, up 0.88 or 0.51 percent at 10:48 AM EDT. Boroditsky's takeaway on the setup was blunt: "I'm thrilled by SpaceX's results.
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