Summary

Nebius now has several numbers that are large enough to be easily confused.

$582.3 million

$37.5 billion

more than $40 billion

billions of dollars of customer prepayments

They are not different ways of saying the same thing.

The first is Q2 2026 reported revenue.

The others describe forms of future contracted demand and financing support.

MEXC's current AI infrastructure research reports approximately $37.5 billion of remaining performance obligations, more than $40 billion of customer commitments and expectations for more than $9 billion of customer prepayments during 2026.

The distinction matters because Nebius must still build and operate much of the infrastructure required to turn those future commitments into recognized revenue.

Start With Reported Revenue

Q2 2026 group revenue was approximately:

$582.3 million

up 454% year over year.

AI Cloud generated approximately $574.9 million.

That is revenue already recognized for services delivered in the period.

It is the cleanest starting point.

What Is a Customer Commitment?

Customer commitments describe a broader pool of contracted future business.

Nebius said in July that it had more than $40 billion of additional contracted revenue from investment-grade customers including Microsoft and Meta.

That number demonstrates demand.

It does not mean Nebius has already earned $40 billion.

What Is RPO?

RPO stands for remaining performance obligations.

Conceptually, it represents contracted consideration that remains to be recognized as the company satisfies future service obligations.

MEXC's latest sector analysis puts Nebius's RPO at approximately $37.5 billion.

Think of it as future contracted revenue still waiting for service delivery—not cash profit sitting in a bank account.

What Is a Customer Prepayment?

A prepayment changes the financing timeline.

Instead of Nebius funding all of the infrastructure first and collecting cash later, a customer pays part of the contract value before the full service is delivered.

That cash can help fund:

• GPUs;
• data-center infrastructure;
• networking;
• power;
• construction.

It improves financing efficiency.

It does not automatically become revenue on the day the cash arrives.

Why Prepayments Matter So Much to Nebius

This is not a low-capex software subscription business.

Nebius may need to spend enormous amounts before a customer can use the contracted capacity.

If customers fund part of that buildout in advance, Nebius needs less external equity or debt for the same deployment.

Reuters reported in March that Nebius expected roughly 60% of growth funding at that stage to come from customer prepayments, with the remainder funded through debt and equity.

Q2 Deal Economics Became More Interesting Than the Headline Revenue

Nebius's Q2 shareholder letter said it closed four landmark AI Cloud deals with average total contract value of more than $1 billion each.

Annual contract value for those deals averaged roughly $20 million–$25 million per MW.

Around 70% of deals included customer prepayments, which the company said covered roughly 50%–60% of associated capex.

These numbers explain why contract structure matters as much as headline contract size.

A $1 Billion Contract Can Be Better or Worse Than Another $1 Billion Contract

Two contracts with the same TCV can have very different economics.

Contract A:

• high prepayment;
• short payback;
• strong utilization;
• attractive price per MW.

Contract B:

• no prepayment;
• long build period;
• expensive financing;
• low margin.

Both may be announced as “$1 billion deals.”

They do not create the same shareholder value.

Sarah Chen: The Conversion Funnel Matters More Than the Headline Backlog

Sarah Chen, MEXC senior crypto industry analyst, frames Nebius's customer metrics as a conversion funnel. The top of the funnel is contracted demand. Then comes financed infrastructure, deployed megawatts, customer utilization, recognized revenue and ultimately cash flow. A large commitment is valuable because it improves visibility, but the economic result depends on how effectively Nebius moves through every stage. Sarah's research can be followed through her MEXC author page.

Chen sees the current prepayment data as one of the more constructive parts of the story because it directly addresses a weakness in the neocloud model: capital intensity. If customers fund 50%–60% of the associated capex on many new contracts, Nebius does not need to raise the same amount externally. But prepayments also create a delivery obligation. Once the cash is received, the company still needs to provide the capacity on schedule and at the economics it expected when the contract was signed.

The $775 Million Secured Financing Shows Another Path

In July, Nebius raised approximately $775 million through its first senior secured debt facility.

The debt is backed by deployed GPU infrastructure and contracted cash flows from an investment-grade customer.

Nebius said the facility plus customer cash flows covers more than 100% of the capex required for the underlying GPU deployment.

That is materially different from issuing common equity to fund every new cluster.

What Investors Should Track Each Quarter

The most useful sequence is:

New commitments

→

RPO

→

Prepayments

→

Capacity coming online

→

Revenue

→

EBITDA

→

Cash flow

A company can look exceptional at the top of the sequence and still disappoint at the bottom.

Why This Matters for NBISON

NBISON does not give the holder a claim on a particular customer contract.

It is linked to NBIS.

If the market becomes more confident that Nebius can convert RPO into profitable revenue, NBIS may benefit.

If large commitments require more capital than expected or suffer delays, NBIS can be repriced downward.

NBISON follows that equity exposure.

For the company overview, see What Is Nebius Group?.

FAQ

Does $40B+ of customer commitments mean Nebius has earned $40B?

No.

What is RPO?

It is a measure of contracted consideration that remains to be recognized as performance obligations are satisfied.

Why are customer prepayments important?

They can help finance GPUs and infrastructure before the associated revenue is fully recognized.

How large was Q2 2026 revenue?

Approximately $582.3 million.

How large were the landmark Q2 contracts?

Nebius said four major deals averaged more than $1 billion of total contract value each.

Do large commitments guarantee profit?

No.

Risk Disclaimer

Contracted revenue, RPO, prepayments and reported revenue are different metrics. Future customer commitments remain exposed to construction, financing, delivery, utilization, counterparty and other execution risks.