Nebius Has $40 Billion of Customer Commitments. Most of It Comes From 2 Customers.

Nebius, an AI cloud company, has $40 billion in customer commitments, with approximately $32 billion in firm contracts coming from just two customers: Microsoft ($17.4-19.4 billion) and Meta ($15 billion total). While the signed contracts provide revenue security with upfront payments and limited cancellation clauses, the analyst expresses concern that the stock valuation assumes many more major contracts beyond these two customers, and recommends waiting for evidence of a broader customer base before investing at current prices near $243 per share.