Nebius Group NV (NBIS) 2024 Q4 法說會逐字稿

Hello and welcome to Nebius Group NV fourth quarter and full year 2024 earnings conference call. My name is Neil Doshi, head of investor relations. Joining me today to discuss our results are Arkady Volozh, founder and CEO, and the rest of the Nebius management team.

您好，歡迎參加 Nebius Group NV 2024 年第四季和全年財報電話會議。我叫 Neil Doshi，是投資人關係主管。今天與我一起討論我們的成果的有創辦人兼執行長 Arkady Volozh 和 Nebius 管理團隊的其他成員。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. By these forward-looking statements, factors that could cause these results to differ materially are set forth in today's earnings press release and in our quarterly report on Form 6K filed with the SEC.

在我們開始之前，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。實際結果可能與預期結果有重大差異。透過這些前瞻性陳述，可能導致這些結果出現重大差異的因素已在今天的收益新聞稿和我們向美國證券交易委員會提交的 6K 表格季度報告中列出。

Any forward-looking statements that we make on the call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and certain non-gap financial measures, a reconciliation. Of GAAP to non-gap measures is included in today's earnings press release. The earnings press release is available on our website at group.nebius.com/investor-hub, and now I'd like to turn the call over to Arkady.

我們在電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們將提供 GAAP 和某些非差距財務指標以及對帳表。今天的收益新聞稿中包括了 GAAP 與非差距措施。收益新聞稿可在我們的網站 group.nebius.com/investor-hub 上查閱，現在我想將電話轉給 Arkady。

Thank you, Neil, and welcome everyone to our fourth quarter earnings call. As we said on our last call, our aim is to build one of the world's largest AI infrastructure companies. We believe that we are well positioned to do this because we have a proven track record of building and running efficient data centers with stable power, delivering GPU-based AI compute infrastructure, Cloud, and offering a wide range of value-added services to businesses that adopting AI.

謝謝你，尼爾，歡迎大家參加我們的第四季財報電話會議。正如我們在上次電話會議上所說，我們的目標是打造世界上最大的人工智慧基礎設施公司之一。我們相信，我們有能力做到這一點，因為我們在構建和運行具有穩定電力的高效數據中心、提供基於 GPU 的 AI 計算基礎設施、雲端以及為採用 AI 的企業提供廣泛的增值服務方面擁有良好的記錄。

Since we publicly launched Nebius in July of last year, just seven months ago, we have been have been extremely focused on putting in place the foundation to support our future growth in '25 and below and beyond, of course. I'd like to share what we accomplished in the 4th quarter alone.

自從去年 7 月（也就是七個月前）公開推出 Nebius 以來，我們一直非常注重奠定基礎，以支持我們在 25 年及以後的未來成長。我想分享一下我們僅在第四季就取得的成就。

First, we resumed trading as a public company in October, becoming the first publicly traded AI specialized cloud. This came much faster than expected as we were still building our corporate and business functions. We also raised $700 million in capital in December in an oversubscribed offering, a deal that saw the likes of Nvidia, Accel, Orbis, and other enter our capital structure.

首先，我們在10月恢復了上市公司交易，成為第一家上市的AI專業雲端公司。由於我們仍在建立公司和業務功能，因此這比預期的要快得多。我們也在 12 月透過超額認購籌集了 7 億美元的資金，Nvidia、Accel、Orbis 等公司也進入了我們的資本結構。

On the infrastructure side, we successfully expanded our data center footprint and our GPU deployments. And we are building the foundation which will enable us to aggressively scale up this year in the US and Europe. Also, we launched our new AI Cloud platform and migrated all of our customers to it in Q4.

在基礎架構方面，我們成功擴展了資料中心的覆蓋範圍和 GPU 部署。我們正在奠定基礎，以便我們今年能夠在美國和歐洲大力擴大規模。此外，我們在第四季度推出了新的 AI Cloud 平台，並將所有客戶遷移到該平台。

We also launched our influence as a service platform called AI Studio. And we made we made the great progress in building our global sales and marketing team, with a particular focus on the US market. In that context, I'm very pleased with everything we were able to accomplish in Q4. Our sales function is now up and running, and we're seeing the results.

我們也推出了一個名為 AI Studio 的影響力即服務平台。我們在建立全球銷售和行銷團隊方面取得了巨大進展，特別關注美國市場。從這個角度來看，我對我們在第四季度所取得的所有成就感到非常滿意。我們的銷售功能現已啟動並運行，並且我們看到了成果。

More clients are coming onto the platform and now more diversified customer base is already contributing to strong growth around rate revenue. Based on contexts already in place, March analyzed run rate revenue will be at least $220 million. And we have more potential contracts in the pipeline.

越來越多的客戶加入該平台，現在更加多樣化的客戶群已經為費率收入的強勁成長做出了貢獻。根據現有的情況，三月分析的運行率收入將至少為 2.2 億美元。我們還有更多的潛在合約正在籌備中。

Given this momentum, as well as the anticipated impact of additional data center capacity that we're building as well, as next generation Blackwells, GPU coming online later this year, our projected December 2025 analyzed run rate revenue of $750 million to $1 billion is well within reach.

鑑於這種勢頭，以及我們正在建造的額外資料中心容量的預期影響，隨著下一代 Blackwells GPU 將於今年稍後上線，我們預計 2025 年 12 月的分析運行率收入將達到 7.5 億美元至 10 億美元，這是完全可以實現的。

Looking ahead to 2025, we have basically three strategic focus areas. The first, is our unique full stack AI technology. In addition to our European data centers in Finland and France, we started deploying GPU clusters in Iceland and in Kansas City, which was the first capacity in the US. For us Also, we will soon be announcing our first US data center that we will be built, to our own design and we will continue to enhance and expand our AI cloud and influences the service platforms.

展望2025年，我們主要有三個策略重點領域。第一，是我們獨特的全端AI技術。除了位於芬蘭和法國的歐洲資料中心外，我們還開始在冰島和堪薩斯城部署 GPU 集群，這是美國的首個 GPU 集群。對我們來說，此外，我們很快就會宣布我們將按照自己的設計建造我們的第一個美國資料中心，我們將繼續增強和擴展我們的人工智慧雲端和影響服務平台。

The second, area of focus was the capital to invest in our future growth. At the end of last year, we had $2.4 billion in cash, including those $700 million raised in Q4. From high quality investors and being a public company also gives us access to a wide variety of efficient financing options. And finally, well, another for point is our corporate structure. Here we have been particularly focused on our sales and marketing and customer support teams. We made great hires from within our industry in the last quarter, and we are already seeing positive results in terms of run rate revenue growth as we start 2025.

第二個重點領域是投資未來成長的資本。截至去年年底，我們擁有 24 億美元現金，其中包括第四季度籌集的 7 億美元。來自優質投資者和作為上市公司也使我們能夠獲得各種高效的融資選擇。最後，另一個要點是我們的公司結構。在這裡，我們特別關注我們的銷售、行銷和客戶支援團隊。我們在上個季度從行業內部招募了優秀人才，在 2025 年伊始，我們已經看到了運行率收入成長的積極成果。

In addition to our core infrastructure business, Oh, our businesses, business units are doing very well. Avride, our autonomous technology platform business, signed a contract with Uber as one of just three autonomous technology partners in the US, along with [Weyman Zux].

除了我們的核心基礎設施業務之外，我們的業務、業務部門都表現得非常好。我們的自動駕駛技術平台業務 Avride 與 Uber 簽署了合同，成為美國僅有的三家自動駕駛技術合作夥伴之一，另外還有[韋曼·祖克斯]。

Uber Eats has already deployed a robots for food delivery in Austin, Dallas, and Jersey City. Avride also signed the contract with Grubhub, which now uses Eight robots for food deliveries for college campuses across the United States, starting with Ohio State University. In addition, Avride robots have recently received certification in Japan.

Uber Eats 已經在奧斯汀、達拉斯和澤西市部署了送餐機器人。Avride 也與 Grubhub 簽署了合同，Grubhub 目前使用八台機器人為美國各地的大學校園提供食品配送服務，首先是俄亥俄州立大學。此外，Avride機器人最近還在日本獲得了認證。

The team will start to explore opportunities there as well. Taoka, our data trading platform for GNEI grew full year, revenue by 140% and diversified its customer base by adding several of the leading AI labs to its clients client portfolio. It has also completed this transition, to a new platform which, is, tuned for complex GNEI tasks, such as red teaming for AI agents, evaluation of reasoning models, and scalable training by quoting and mass.

該團隊也將開始在那裡探索機會。Taoka 是我們為 GNEI 提供的數據交易平台，全年收入成長了 140%，並透過將幾個領先的人工智慧實驗室添加到其客戶的客戶組合中，實現了客戶群的多樣化。它還完成了這一轉變，轉向了一個新平台，該平台針對複雜的 GNEI 任務進行了調整，例如 AI 代理的紅隊、推理模型的評估以及透過引用和批量進行的可擴展訓練。

TripleTen tech business, education tech business, doubles its new student additions year over year in '24, and maintains its position as one of the leading IT boot camps in the US by student feedback. Finally, as a reminder, we still own 28% stake in ClickHouse, which we believe is a significant potential source of value, although it is not part of all consolidated results. Well, all in all, 2024, was just the starting point for Nebius group. And I'm excited to enter 2025 with significant momentum and big ambitions to scale and grow our business.

TripleTen 科技公司，教育科技公司，2024 年新生人數年增一倍，並根據學生回饋保持其作為美國領先 IT 訓練營之一的地位。最後，提醒一下，我們仍然擁有 ClickHouse 28% 的股份，我們認為這是一個重要的潛在價值來源，儘管它不是所有合併結果的一部分。總而言之，2024年對Nebius集團來說，只是一個起點。我很高興能夠以強勁的勢頭和遠大的抱負邁入 2025 年，擴大和發展我們的業務。

And now I turn over to Tom for questions.

現在我把問題交給湯姆。

Thank you very much, Arkady, and thanks to those of you who've already sent through your questions. We'll try and cover as much ground as we can on this call. And actually, the first question is about capacity expansion plans and so I'll actually come to Andrei Korolenko for this first one. And so Andrei, can you discuss a little bit more of the broader plans for capacity expansion over 2025?

非常感謝，Arkady，也感謝那些已經發送問題的人。我們將盡力在本次通話中涵蓋盡可能多的內容。實際上，第一個問題是關於產能擴張計劃，因此我首先會找 Andrei Korolenko 來問這個問題。那麼安德烈，您能否進一步討論一下 2025 年產能擴張的更廣泛計畫？

Sure, I can. Thank you. Hi, everyone. So, before getting into 2025, let me quickly recap on what we did last year. We announced tripling the capacity of our data center in Finland, and the expansion is going well. The construction is going according to the schedule with the first part of the delivery to be completed in Q3, and the remaining capacity will come online around year end.

當然可以。謝謝。大家好。因此，在進入 2025 年之前，讓我快速回顧一下我們去年所做的事情。我們宣布將芬蘭資料中心的容量擴大三倍，而且擴建進展順利。建設工作正在按計劃進行，第一部分將於第三季交付完成，剩餘產能將於年底前投入使用。

We also added a data center facility in France, which is already up and running, and recently announced our first US cluster in Kansas City, which is now in deployment phase and should be up and running by the end of this quarter. For 2025, we are already well under way in scaling up further.

我們還在法國增加了一個數據中心設施，該設施已投入運行，並且最近宣佈在堪薩斯城建立我們的第一個美國集群，該集群目前處於部署階段，預計將於本季度末投入運行。針對 2025 年，我們已經在進一步擴大規模的道路上穩步前進。

We can announce today that we are deploying a new H200 queer in Iceland, which we expect to be available for customers in March. And with the additions of Iceland and Kansas City, it takes our total current capacity to around 30,000 GPUs, most of which are H200s.

我們今天可以宣布，我們正在冰島部署一款新的 H200 酷兒，預計將於 3 月向客戶推出。隨著冰島和堪薩斯城的加入，我們目前的總容量達到約 30,000 個 GPU，其中大部分是 H200。

I'm also pleased to announce that we just signed a significant new build to suit facility in the US specifically equipped for black hole deployments, and we will update on the details soon.

我也很高興地宣布，我們剛剛簽署了一項重要的新建協議，該協議將在美國專門建造用於黑洞部署的設施，我們將很快更新詳細資訊。

Now, guidance calls for 100 megawatts. In operations by end of this year. And we are on track to deliver that also, I would like to highlight that all these new facilities are potentially scalable to a total of more than 300 megawatts as and when we are ready to do so we are working on even further expansion, focusing on greenfield sites in US and Europe that will increase our capacity multiply times. That's it.

現在，指導要求是 100 兆瓦。今年年底投入營運。我們也正在按計劃實現這一目標，我想強調的是，所有這些新設施都可能擴展到總共 300 兆瓦以上，當我們準備好這樣做時，我們正在進一步擴張，重點是美國和歐洲的綠地站點，這將使我們的產能成倍增加。就是這樣。

Thank you very much, Andrei. And actually, next question, Arkady, I'll come to you on as it relates to you. So the question is that in some of your recent public appearances, you talked about potential growth in capacity that went beyond the stated guidance. Can you give us an update in terms of how you're thinking about capacity expansion generally?

非常感謝，安德烈。實際上，下一個問題，阿爾卡季，我會根據與您相關的內容來詢問您。所以問題是，在您最近的一些公開露面中，您談到了超出既定指導範圍的潛在產能成長。您能否向我們介紹一下您對產能擴張的整體看法？

Well, I think what you're referring to is, my comments at the recent conference when we were having a more general discussion about the overall market opportunity which we believe is huge and I think during that conversation, I talked about potential building a gigawatt and more of capacity if we see that the demand is there. And I still believe that the advantage of having a team like ours, which was decades of experience of building hundreds of megawatts of data centers, and they have specific products. Gives us disadvantage and as Andrei said, we already have over 300 megawatts secured and we know how to scale it well, much more above that.

嗯，我認為你指的是我在最近的會議上發表的評論，當時我們正在進行更廣泛的討論，討論我們認為巨大的整體市場機遇，我認為在那次談話中，我談到瞭如果我們看到有需求，那麼建設千兆瓦及以上容量的潛力。我仍然相信擁有像我們這樣的團隊的優勢，我們擁有數十年建立數百兆瓦資料中心的經驗，並且他們擁有特定的產品。這給我們帶來了不利影響，正如安德烈所說，我們已經擁有超過 300 兆瓦的安全電力，我們知道如何很好地擴大規模，甚至遠遠超過這個數字。

Thanks, Arkady, and I'll stick with you so in the press release, you reconfirmed, reiterated the 2025 ARR guidance. Question is sort of what, how are you thinking about that and what it, what is it that gives you the confidence that you'll be able to achieve it?

謝謝，Arkady，我會繼續支持你，所以在新聞稿中，你再次確認並重申了 ARR 指南 2025 年。問題是，您對此有何看法，是什麼讓您有信心實現它？

Well, there are a number of factors that give us confidence in our full year, revenue and rate guidance. First, we're significantly scaling up our data center capacity this year and we will have more than enough to support this number. And second, we also have not yet deployed all of our even 200 GPUs, and we have black holes reserved and coming in online later this year. This is maybe will be the main source of our income.

嗯，有許多因素讓我們對全年收入和利率指引充滿信心。首先，我們今年將大幅擴大資料中心的容量，並且有足夠的容量來支援這個數字。其次，我們還沒有部署全部 200 個 GPU，而且我們已經預留了黑洞，並將在今年稍後上線。這也許將成為我們收入的主要來源。

And finally we entered 2025 as was said with a very great momentum. As I said earlier, even with existing capacity and based on contracts already in place, our March will be at least $220 million and we have more potential deals to come soon, we hope so we feel very good that we are well on track to hear the guidance to the end of '25. And actually, in reality, we believe that the skill opportunity could be even much bigger.

最後我們如人們所說的那樣，以非常強勁的勢頭進入了2025年。正如我之前所說，即使按照現有產能並根據已經簽訂的合同，我們 3 月份的銷售額也將至少達到 2.2 億美元，而且我們很快還會有更多潛在交易，我們希望如此，我們感到非常高興，因為我們預計在 25 年底之前獲得指導。事實上，我們相信技能機會可能會更大。

Thank you, Arkady. There's a one question about Q4 and the and the revenue in Q4 Roman I wonder if I can come to you to just explain a little bit of how we saw the revenue dynamics in the last quarter.

謝謝你，阿爾卡季。有一個關於第四季度和第四季度收入的問題，羅曼，我想知道我是否可以向您解釋我們如何看待上個季度的收入動態。

Yeah, thank you, Tom.

是的，謝謝你，湯姆。

Okay, talking about Q4 revenue and analyzed revenue run rate as a fan of Q4. I believe these were mostly timing issues. That were very specific for Q4 and now we feel that we are very much on track and if we deep in some details, what we observed is the deals with customers. The lead times were taking longer than we, observed, in the previous periods of, 2024 as customers became much more selective and wanted to do more in depth proof of concept testing or proof of POCs and so on, but we believe this was industry wide.

好的，作為 Q4 的粉絲，讓我們來談談 Q4 的收入並分析收入運行率。我認為這些主要是時間問題。這對第四季來說非常具體，現在我們覺得我們正走在正軌上，如果我們深入了解一些細節，我們觀察到的就是與客戶的交易。由於客戶變得更加挑剔，並希望進行更深入的概念驗證測試或 POC 驗證等，因此交貨時間比我們在 2024 年之前觀察到的要長，但我們相信這是整個行業的情況。

In addition, We had a couple of large customers that completed their engagement with us in Q4. This was anticipated, but because of the longer lead times, we were not able to replace them before the end of the year. We were also launching our new AI cloud platform and put a lot of efforts to move all our customer base to the new version of the platform. Which took some resources to support this migration. Now we are done with that and fully focused on scaling.

此外，我們有幾個大客戶在第四季度完成了與我們的合作。這是預料之中的，但由於交貨時間較長，我們無法在年底之前更換它們。我們還推出了新的 AI 雲端平台，並付出了很多努力將我們所有的客戶群轉移到新版本的平台。這需要一些資源來支持這次遷移。現在我們已經完成了這項工作並完全專注於擴展。

It's also worth to mention that during this period we were Very much Busy building out our sales and marketing teams. Essentially we had to do it from scratch. We were, pleased with our efforts, but many of these hires come late in the quarter, came late in the quarter and we are now starting to see the early results in terms of new contracts finally. But to reiterate, as Arkady said, this was more a timing issue and we are back on track in 2025.

另外值得一提的是，在此期間我們非常忙於建立我們的銷售和行銷團隊。本質上，我們必須從頭開始。我們對我們的努力感到滿意，但其中許多招聘都是在本季末進行的，現在我們終於開始看到新合約的早期成果。但需要重申的是，正如阿爾卡迪所說，這更多的是一個時間問題，我們將在 2025 年重回正軌。

Okay, thank you very much, Roman. And actually I, I'll stay with you. In fact, it picks up on a topic that you briefly addressed there around the sales function. So can you give a little bit more color in terms of the ramp up of the sales function and just sort of generally, when you think you're going to start to see that flowing into additional deals and revenue.

好的，非常感謝，羅曼。事實上，我會​​和你在一起。事實上，它涉及了您在那裡簡要討論的有關銷售職能的一個主題。那麼，您能否更詳細地介紹一下銷售功能的提升，以及一般來說，您認為什麼時候會開始看到銷售功能轉化為額外的交易和收入。

Sure. I think we had a, we made a very good progress on hiring front and, we starting to see, the benefits with new customer additions and, ramp up in revenue in this quarter like Arkady mentioned. Generally speaking, we were very focused on building our sales, marketing and customer success function in the US because as you can imagine, a lot of our customers come from the US.

當然。我認為我們在招募方面取得了非常好的進展，而且我們開始看到新客戶增加的好處，正如 Arkady 所提到的那樣，本季收入也隨之增加。總的來說，我們非常注重在美國建立我們的銷售、行銷和客戶成功職能，因為你可以想像，我們的許多客戶都來自美國。

We regardless of the fact that we brought on board like pretty strong people, normally it takes like six months or more for new sales hires to become fully productive and come to the full capacity. So, I believe we are moving in a very right direction now and we see some results already, but the growth opportunity ahead of us is huge and we'll continue to develop our sales, marketing, and other customer related functions, in respect to that.

儘管我們招募了非常優秀的人才，但新招募的銷售人員通常需要六個月或更長時間才能完全投入工作並達到最大能力。因此，我相信我們現在正朝著正確的方向前進，並且已經看到了一些成果，但我們面前的成長機會是巨大的，我們將繼續發展我們的銷售、行銷和其他與客戶相關的功能。

Thanks very much, Roman. And actually one more for you, which is around the customers, can you give some color in terms of the types of customers that we're working with and attracting and also if there's anything you can comment on in terms of length of contracts that we're seeing.

非常感謝，羅曼。實際上還有一個關於客戶的問題，您能否介紹一下我們正在合作和吸引的客戶類型，以及您是否可以就我們所看到的合約期限發表評論。

Yeah, so in terms of customers, I want to emphasize that we are building a very flexible platform that let us attract and work with a wide variety of customers from small ones to large enterprises we currently see that many of our customers are obviously native Gen AI startups and tech native companies. These kinds of customers appreciate, the flexibility and scalability of the platform, the fact that we can, spin out very quickly and provide them services and a flexible mode and we also see that the mixture of the contract is pretty diver diverse.

是的，就客戶而言，我想強調的是，我們正在建立一個非常靈活的平台，讓我們能夠吸引和與各種各樣的客戶合作，從小型企業到大型企業，我們目前看到我們的許多客戶顯然是本土的 Gen AI 新創公司和技術本土公司。這些客戶欣賞平台的靈活性和可擴展性，我們能夠快速發展並為他們提供服務和靈活的模式，我們也看到合約的組合非常多樣化。

So we see, some short term on demand, contracts that we actually benefit from because we believe he one of the provider on the, on, one of the player in the market who can really serve cloud type of workloads. But as the black holes come on stream, we anticipate moving to more of a mix of, short term as well as long term contracts since at the beginning of generation of black holes, we, expect to sign longer term contracts.

因此，我們看到一些短期按需合約確實讓我們受益，因為我們相信他是市場上真正能夠服務雲端類型工作負載的提供者之一。但隨著黑洞的出現，我們預計將轉向更多的短期和長期合約組合，因為在黑洞產生之初，我們預計會簽訂長期合約。

Okay, that's great. And just a reminder to all the investors on the line, you can send through questions through the chat function.

好的，太好了。提醒所有線上投資者，您可以透過聊天功能發送問題。

Okay, so, okay, we have a question actually about the competitive environments. Daniel, I'll come to you on this one. And so really it's basically, can you help us sort of think about what the competitive environment looks like now. Roman made a reference to longer deal times, is that because you see the market becoming more competitive and generally how do you see it, how do you see the market evolving going forward?

好的，好的，我們實際上有一個關於競爭環境的問題。丹尼爾，我會就此事來找你。所以實際上，基本上，您能否幫助我們思考一下現在的競爭環境是什麼樣的。羅曼提到了更長的交易時間，這是因為您認為市場競爭變得更加激烈了嗎？總體而言，您如何看待這種情況？您認為市場未來會如何發展？

Yeah, thanks, Tom. Roman did touch on this, but I'll see if I can add a little more color commentary to it. In terms of market developments, the longer lead times for deals are less a function of increased competition in the market and more just a reflection of the increasing maturity of our customers, coupled with the larger scale of the opportunities that we're seeing now versus six months ago. That's sort of the competition on the customer side.

是的，謝謝，湯姆。羅曼確實談到了這一點，但我會看看是否可以為其添加更多精彩評論。就市場發展而言，交易交付週期延長並不是市場競爭加劇的結果，更多的是反映了我們的客戶日益成熟，再加上與六個月前相比，我們現在看到的機會規模更大。這就是客戶端的競爭。

We're now seeing longer proof of concepts and Roman mentioned that with new customers. And so as we build out our AI specific cloud platforms and it's functionality, we expect this trend, should work in our favor, as we're not only able to demonstrate our price advantage, but also the quality and flexibility of our platform. And then finally, in terms of, I think the question asked about scale. We're increasingly working with customers looking for clusters in the multiple thousands of GPU size range. Logically, these are more significant investment decisions and so they take a little bit longer from a sales cycle perspective.

我們現在看到了更長的概念驗證，Roman 也提到了新客戶的情況。因此，當我們建立我們的人工智慧特定雲端平台及其功能時，我們預計這種趨勢應該對我們有利，因為我們不僅能夠展示我們的價格優勢，還能展示我們平台的品質和靈活性。最後，就規模而言，我認為問題涉及規模。我們越來越多地與尋求數千個 GPU 規模的叢集的客戶合作。從邏輯上講，這些都是更重要的投資決策，因此從銷售週期的角度來看，它們需要更長的時間。

Okay. That's great. Thank you very much, Daniel. Okay, so actually, there's a question that's come through about DeepSeek. So obviously, that DeepSeek took the market a little bit by storm, a couple of weeks ago and they basically the question is what do we think about it and what has been the impact that we've seen on our business, if any? Arkady, maybe I can ask you to get some thoughts on that one.

好的。那太棒了。非常感謝，丹尼爾。好的，實際上，有一個關於 DeepSeek 的問題。顯然，幾週前 DeepSeek 在市場上引起了一陣轟動，他們基本上的問題是，我們對此有何看法，以及它對我們的業務有何影響（如果有的話）？阿爾卡季，也許我可以請你對此發表一些看法。

Well, this just highlights that, the nature of this market is very dynamic. Yeah, it was a great example that demonstrates that our strategy of to deploy flexible and extendable, AI focused cloud infrastructure is working. Because we were able to actually to meet the demands of the customers. At the infrastructure level we saw incremental demand, for several sets Nvidia chips, H200s because that was the best processor to run in terms of DeepSeek. So we had a spike in demand, for those chips in the end of January.

嗯，這只是強調了這一點，這個市場的本質是非常動態的。是的，這是一個很好的例子，表明我們部署靈活、可擴展、以人工智慧為中心的雲端基礎設施的策略正在發揮作用。因為我們確實能夠滿足客戶的需求。在基礎設施層面，我們看到了幾套 Nvidia 晶片 H200 的增量需求，因為這是運行 DeepSeek 的最佳處理器。因此，一月底這些晶片的需求量激增。

Yeah, exactly, by the way, in the week, we are of hostel. And we had this unexpected demand and we're pretty sure that there will be more DeepSeek on the way. The industry is very young and, these kinds of things like DeepSeek specifically, it just lowered the bar for the really good high-end models and which actually will help to accelerate the growth of the whole industry.

是的，確實如此，順便說一下，本週我們在宿舍。我們遇到了這個意想不到的需求，我們非常確定將會有更多的 DeepSeek 推出。這個行業非常年輕，特別是像 DeepSeek 這樣的產品，它降低了真正優秀的高端模型的標準，這實際上將有助於加速整個行業的發展。

Thank you for that, Arkady. So just going through, I've got a question around the full stack. So the point is that we've, we talked a lot about how we see that as an interesting advantage against our peers in the space. And the question is really can you just give us a bit more color on how we're thinking about full stack, why we see it as an advantage and what type of customers are sort of utilizing, particularly the software layer at the top end of the stack. And so maybe Daniel, I can come to you on this one.

謝謝你，阿爾卡季。經過一番思考，我有一個關於全端的問題。所以重點是，我們已經討論了很多我們如何將其視為相對於該領域同行的一個有趣優勢。問題是，您能否向我們詳細介紹我們如何看待全棧，為什麼我們認為它是一種優勢，以及什麼類型的客戶正在利用它，特別是堆疊頂端的軟體層。所以也許丹尼爾，我可以就這個問題來找你。

Yeah, thanks Tom. So I do think that when we consider our direct competitors in this space and really the entire landscape, having a full stack approach is the thing that sets us apart. But it's important to understand what that means. For us it's really four main components. The first one is our ability to leverage our experience in building and operating data centers, specifically with high power intensive workloads that we see across the AI landscape.

是的，謝謝湯姆。因此，我確實認為，當我們考慮這個領域的直接競爭對手以及整個領域時，採用全端方法才是我們脫穎而出的關鍵。但理解這意味著什麼很重要。對我們來說它實際上有四個主要組成部分。第一個是我們能夠利用我們在建置和營運資料中心方面的經驗，特別是在我們在整個人工智慧領域看到的高功率密集型工作負載方面的經驗。

We have, we are experts at building. High [PUE] or power use efficiency and laying the foundation of our cost advantage, amongst our neo cloud peers. So that's a really important first component. With that, we couple our expertise in developing our own hardware from servers, racks, motherboards, cooling. This gives us a massive advantage in terms of our ability to provide the most cost effective solution on the market. And then we couple that with the third component which is the AI specific cloud platform that we've built from the ground up and built it in a way that is, it is targeted, and bespoke to AI workloads.

我們有，我們是建築專家。高 [PUE] 或電源使用效率，為我們在 Neo Cloud 同業的成本優勢奠定了基礎。所以這是非常重要的第一個組成部分。除此之外，我們也結合了伺服器、機架、主機板、冷卻系統等方面的專業知識，開發自己的硬體。這使得我們在提供市場上最具成本效益的解決方案的能力方面具有巨大優勢。然後，我們將其與第三個元件結合起來，該元件是我們從頭開始建立的 AI 特定雲端平台，並以針對 AI 工作負載的方式建構它。

And this is what helps us deliver the flexibility and reliability that our customers need, especially as they're looking to providers to help them navigate the sometimes choppy waters of deploying AI infrastructure. And then the last component are the value-added services. This helps us extend the economic life of our GPUs and extends, a greater value, well above a pure bare metal offering. In turn, this gives us a better and enhanced way to return, to create a return on capital invested, and also creates new rev revenue streams for the company that enable us to, command software like margins.

這有助於我們為客戶提供所需的靈活性和可靠性，特別是當他們希望供應商幫助他們在部署人工智慧基礎設施時渡過有時困難的時期時。最後一個組成部分是增值服務。這有助於我們延長 GPU 的經濟壽命，並帶來遠高於純裸機產品的價值。反過來，這為我們提供了一種更好、更強的回報方式，創造了投資資本的回報，也為公司創造了新的收入來源，使我們能夠像控制利潤一樣控制軟體。

So we're very excited about the, from the top to the bottom of the stack, all of the innovation. That Nebius is bringing to market. Going forward, we think pure bare metal offerings will become more commoditized, and it's our investments now across the full stack, especially at the top end of the stack, that are going to pay the biggest dividends in the mid to long term.

因此，我們對從堆疊頂部到底部的所有創新感到非常興奮。Nebius 正在將其推向市場。展望未來，我們認為純裸機產品將變得更加商品化，而我們現在對整個堆疊（尤其是堆疊頂端）的投資將在中長期帶來最大的回報。

Okay, that's great, Daniel, thank you very much.

好的，太好了，丹尼爾，非常感謝。

Okay, so actually there's a question around hardware deployment plans for this year. So Andrei, maybe I can come to you on this one. Can you update generally and also more specifically, when do you expect to be able to deploy the GB 200s and B200s in the next Blackwell series?

好的，實際上有一個關於今年硬體部署計劃的問題。那麼安德烈，也許我可以就這個問題來找你。您能否大致更新一下情況，更具體地說，您預計何時能夠在下一個 Blackwell 系列中部署 GB 200 和 B200？

Sure, so as of now, we are continuing with the deployments of H200.

當然，到目前為止，我們正在繼續部署 H200。

And the last deployed H200s will be available to the customers in late March or early April. And right after that, we will be switching to the black hole generations, which will include B200, GB 200s, and GB 300s later in the year. B200 should be available in Q2. GB200s should be available in the platform in Q3, and after that, as I said earlier, like later this year, we plan to deploy GB300s.

最後部署的 H200 將於 3 月底或 4 月初提供給客戶。此後，我們將轉向黑洞系列，包括今年稍後推出的 B200、GB 200 和 GB 300。B200 應該會在第二季上市。GB200 應該會在第三季在該平台上推出，之後，正如我之前所說，例如今年晚些時候，我們計劃部署 GB300。

Very good. We're all waiting for the Blackwells to come on stream. So thank you, Andrei. So, Next question is, maybe Neil actually perhaps I can come to you on this one. This is really about, so the question is, as we're trying to model the business, how should we be thinking about the cadence of revenue run rate and revenue over the year.

非常好。我們都在等待布萊克威爾的到來。所以謝謝你，安德烈。所以，下一個問題是，也許尼爾，實際上我可以就這個問題來找你。這實際上是關於，所以問題是，當我們試圖模擬業務時，我們應該如何考慮全年收入運行率和收入的節奏。

Yeah, Tom, so we really are in the early days of building our business and there are many variables including how quickly we can build data centers, time of GPU delivery, deployment, and availability of those GPUs. Like Andrei mentioned, we have more than more H-200s coming online in Iceland and Kansas City by April. And then we'll have GPU deployments for Blackwells coming on after that. So, we're excited to see those black holes come online.

是的，湯姆，我們確實處於業務建設的早期階段，並且存在許多變量，包括我們建立資料中心的速度、GPU 交付時間、部署以及這些 GPU 的可用性。正如安德烈所提到的，到四月份，我們將有超過 100 架 H-200 飛機在冰島和堪薩斯城投入使用。隨後我們將為 Blackwells 部署 GPU。因此，我們很高興看到這些黑洞的出現。

And as Roman also said, our sales team is ramping up, but it takes about six months for that team to get fully productive. So putting all these elements together, we expect that most of our ARR and revenue will come in the second half of the year and will probably be weighted more towards the towards the end of the year.

正如羅曼所說，我們的銷售團隊正在壯大，但大約需要六個月的時間才能完全投入工作。因此，將所有這些因素綜合起來，我們預計大部分 ARR 和收入將在下半年實現，並且可能更集中在年底。

Okay, thank you, Neil. Okay, so the next question is actually about investment plans for sort of 2026 and beyond and specifically how we're thinking about raising capital to support those future expansion plans. So, I'm happy to take that one.

好的，謝謝你，尼爾。好的，下一個問題實際上是關於 2026 年及以後的投資計劃，特別是我們如何考慮籌集資金來支持未來的擴張計劃。所以，我很高興接受這個。

I think that right now, the full management focus is on executing the plans for 2025. As I reiterated in the press release today, and as Arkady mentioned, we're targeting to exit the year with an ARR of $750 million to $1 billion. And again, based on what we've been seeing in the very positive dynamics coming into 2025, we see that we're very much within reach of that target.

我認為目前管理層的重點是執行 2025 年計劃。正如我在今天的新聞稿中重申的那樣，正如 Arkady 所提到的那樣，我們的目標是在今年年底實現 7.5 億至 10 億美元的 ARR。而且，根據我們在 2025 年看到的非常積極的動態，我們看到我們完全有可能實現這一目標。

At the same time, we're looking at the roadmap for the next generation of GPUs. So this is, it's actually the B300s, GB300s, and even further out [Rubens]. And we, I think we, we're just really at the stage where we're still assessing the scope of addressable demand beyond '25. It's too early to comment sort of specifically and publicly at this stage, but obviously, as Arady mentioned, we believe that the opportunity here is very significant.

同時，我們正在研究下一代 GPU 的路線圖。所以這其實是 B300s、GB300s，甚至更遠[魯本斯]。我認為，我們目前仍處於評估 25 年以後可解決需求範圍的階段。目前就具體和公開地發表評論還為時過早，但顯然，正如阿拉迪提到的，我們認為這裡的機會非常重要。

So, generally speaking, when we're thinking about going forward, that our aim is to move really as fast and as aggressively as we can to grow the business and to maximize value for shareholders. This will clearly require significant capital that goes beyond what we currently have. But we're very confident in our ability to continue funding this growth. We've seen very strong interest and demand from different sides, and we'll be opportunistic in terms of when and how we raise.

因此，一般來說，當我們考慮未來發展時，我們的目標是盡可能快速、積極地發展業務並實現股東價值最大化。這顯然需要超出我們現有資本的大量資本。但我們對我們繼續資助這一增長的能力非常有信心。我們看到各方都非常濃厚的興趣和需求，我們將在融資時間和方式上抓住機會。

So, we've got another question now that it goes back, comes back into the next generation Blackwell series and Roman, maybe I can come to you on this one. We launched pre-sales of GB200s and B200s right at the very end of 2024. Can you update on what the progress is there and what is the feedback that you're getting from the market around the next generation?

所以，我們現在有了另一個問題，它回到了下一代布萊克威爾系列和羅曼，也許我可以就這個問題來找你。我們在 2024 年底啟動了 GB200 和 B200 的預售。您能否更新一下目前的進度以及您從市場獲得的有關下一代產品的回饋？

Yeah, I can comment on this. First, we need to mention that we're still working through the initial customer demand for Blackwells, which is obviously the function of delivery and deployment timelines. But I already can say that at this stage, demand is positive and we expect to complete pre-sales for proportion of the initial deliveries.

是的，我可以對此發表評論。首先，我們需要指出的是，我們仍在努力滿足客戶對 Blackwells 的初始需求，這顯然是交付和部署時間表的功能。但我已經可以說，現階段需求是正面的，我們預計將完成部分初始交付的預售。

So, we're now discussing a variety of reserve contracts, length from one year and higher, and, we, have different levels of pre-commitments, in multiple thousands of GPUs, ahead of, they being, delivered. So at this point. We see positive dynamics it's supported by the ongoing efforts, in building our sales and marketing, and as well as solid demand on the market overall, and yeah, we'll update you in the next calls on how the development of Blackwell's going.

因此，我們現在正在討論各種儲備合同，期限從一年或更長，在交付之前，我們對數千個 GPU 有不同程度的預先承諾。所以在這一點上。我們看到了積極的動力，它得到了我們持續努力、建立銷售和行銷以及整體市場強勁需求的支持，是的，我們將在下次電話會議中向您通報 Blackwell 的發展進展。

Okay, thank you very much, Roman. One moment Okay, so actually, the next question is around return on invested capital. And again, the question is sort of how should the market be thinking about CapEx investments and what's the general return that we expect to be able to receive on those investments. So maybe Neil, perhaps I can come to you on that question.

好的，非常感謝，羅曼。等一下，好的，實際上，下一個問題是關於投資資本的報酬率。再一次，問題是市場應該如何看待資本支出投資以及我們期望從這些投資中獲得的整體回報是多少。所以尼爾，也許我可以向你諮詢這個問題。

Yeah, we seem to get this question quite a bit, so if you think about the Hopper generation of GPUs, we were really excited about, this, especially with the H200s coming online, and based on some of our calculations, we believe that the payback period is somewhere between the 2.5 years to 3 years range. When it comes to Blackwells, the play, the payback period on the Blackwells, it's a little too early to say what that'll be.

是的，我們似乎經常被問到這個問題，所以如果你想想 Hopper 世代的 GPU，我們對此感到非常興奮，尤其是隨著 H200 的上線，根據我們的一些計算，我們認為投資回收期在 2.5 年到 3 年之間。說到布萊克韋爾、這部戲以及布萊克韋爾的回報期，現在說這些還為時過早。

But I want to kind of put it into perspective that that there are certain other elements to our business that we think can actually make that payback period a little bit faster. So first it's, we're able to build very efficient data centers. We have developed our own racks and servers, and so we think that's an area of cost savings, in addition, we are a full stack business and as a full stack business we have additional value added services that we can offer.

但我想從某個角度來說明，我們的業務中還有其他一些因素，我們認為這些因素實際上可以加快投資回收期。首先，我們能夠建立非常有效率的資料中心。我們已經開發了自己的機架和伺服器，因此我們認為這是一個節省成本的領域，此外，我們是一家全端企業，作為一家全端企業，我們可以提供額外的增值服務。

That could really help accelerate the ROIC as that software layer is a high margin element to our business. It's still very small today that that software piece, but we think that as we grow our customer account and we start building more tools and software and services, we think that can actually be a nice contributor to revenue and margin and help with that ROIC.

這確實有助於加速 ROIC，因為軟體層是我們業務的高利潤要素。目前，該軟體部分仍然很小，但我們認為，隨著客戶帳戶的成長以及我們開始建立更多的工具、軟體和服務，我們認為它實際上可以對收入和利潤做出良好貢獻，並有助於提高投資回報率。

Okay, great. Thank you, Neil. So there's, we've had a few questions actually just asking about how things are going with the with the other businesses with TripleTen and Avride and so Arkady perhaps I can ask you to address that and give a sense of where things are going with the three.

好的，太好了。謝謝你，尼爾。因此，我們實際上有幾個問題，只是詢問 TripleTen 和 Avride 等其他業務的進展情況，因此，Arkady，也許我可以請您回答這個問題，並介紹一下這三家公司的發展。

Oh, okay, let me go back to them again. They, they're all growing very well, as I said. Well, Toloka, grew revenue again 140% in 2024 versus 2023 and last year they actually pivoted the platform to focus on more experts rather than just simple outsourcing that data labeling. And maybe most important that they added almost all of the leading I loves as their costs, virtually all the big names.

哦，好的，讓我再回去看看他們。正如我所說，它們都長得很好。好吧，Toloka 的收入在 2024 年與 2023 年相比再次增長了 140%，去年他們實際上將平台轉向關注更多專家，而不僅僅是簡單地外包數據標籤。也許最重要的是，他們把幾​​乎所有我喜歡的領先品牌都當作成本，幾乎所有大品牌都是如此。

In, TripleTen, they also had a great year. Revenue was up even higher, 250% and they ended last year with 14,000 students, mostly in the US. Which was of course the record high in the short term, career developed. On Avride as you, so they, came, entered into a partnership with Uber in the US. Either deliver robots are already being tested in various markets in Dallas, Austin, Jersey and the cars are expected to come into service later this year. And I also entered into partnership with Grubhub, where we will provide, also robots for food delivery on college campuses.

在 TripleTen，他們也度過了美好的一年。收入成長甚至更高，達 250%，去年共有學生 14,000 名，其中大部分在美國。這當然是短期內職業生涯發展的最高紀錄。在 Avride 上，正如你所說，他們來了，與美國的 Uber 建立了合作關係。這兩款送貨機器人均已在達拉斯、奧斯汀、澤西等多個市場進行測試，預計汽車將於今年稍後投入使用。我還與 Grubhub 建立了合作夥伴關係，我們將為大學校園提供送餐機器人。

We recently deployed around 100 robots for food delivery service at Ohio State University. And they already on the first week, they already made more than 1,000 deliveries a day, which was a great start. of course. [77,800 a week], which is 7,000 to 8,000 a week sorry.

我們最近在俄亥俄州立大學部署了大約 100 個機器人用於送餐服務。在第一周，他們每天的送貨量就已經超過 1,000 次，這是一個很好的開始。當然。 [每週 77,800]，對不起，也就是每週 7,000 到 8,000。

Well, I also received a certifications in Japan. And we start exploring opportunities in that, country, and we think Japan is yet another, huge opportunity for autonomous, robots and cars. And as we told before, we are planning to bring one or more co-investors to this business.

嗯，我也在日本獲得了認證。我們開始在該國探索機遇，我們認為日本為自動駕駛機器人和汽車提供了另一個巨大的機會。正如我們之前所說，我們計劃為這項業務引入一位或多位共同投資者。

Because as we said, this is yet another business with substantial capital requirements. But at the same time it was a great market opportunity which became obvious this year. So there's nothing specific to say about the new coin investments right now, but we definitely will keep everyone updated as the things progress.

因為正如我們所說，這又是一項需要大量資本的業務。但同時，這也是一個巨大的市場機遇，並且在今年變得顯而易見。因此，目前關於新硬幣投資沒有什麼具體消息可說，但我們一定會隨著事情的進展隨時向大家通報。

Thank you very much, Arkady, and I'll just, for the benefit of everyone on the line, just confirm a couple of the numbers that we spoke. So with the Grubhub partnership, which got off to a great start, we've deployed around 100 robots already for food delivery service, and they were already showing 1,000 daily deliveries in the first week alone. So we're very pleased with how that's going. And again, we see a lot of opportunity there in and around that space and a lot of interest in it from the outside.

非常感謝，Arkady，為了讓在線的每個人能夠理解，我只是想確認我們所說的幾個數字。因此，透過與 Grubhub 的合作，我們取得了良好的開端，已經部署了大約 100 個機器人用於食品配送服務，僅在第一周，它們每天的配送量就已達到 1,000 次。我們對目前的情況非常滿意。而且，我們看到該領域及其周邊存在著許多機遇，外界也對此很感興趣。

Okay, so just a reminder again, please keep your questions coming through the chat function. We still have a little bit more time.

好的，再次提醒一下，請透過聊天功能繼續提問。我們還有一點時間。

There's been a question on the kind of regulatory side and so actually I'll read it out. It's, how does the US IFRS on framework for artificial intelligence diffusion impact the outlook for the Nebius core business? Have you assessed whether Nebius will be able to qualify for universal verified and user status under the rules? So I'm happy to have a go at that one.

有人提出了有關監管方面的問題，所以我會把它讀出來。那麼，美國《國際財務報告準則》關於人工智慧擴散框架的規定對 Nebius 核心業務的前景有何影響？您是否評估過 Nebius 是否能夠根據規則獲得通用驗證和使用者身分？所以我很高興嘗試一下。

While it remains to be seen how the framework will be implemented in practice, and if indeed there will be any changes. Our initial reading of the text as it stands right now is that at being in Netherlands headquartered business with our current largest data center in Finland, and also a very significant part of our expansion being focused in and around the US market.

但該框架在實踐中將如何實施，以及是否確實會發生任何變化，仍有待觀察。就目前的情況來看，我們對文本的初步解讀是，我們的總部位於荷蘭，目前最大的數據中心位於芬蘭，而且我們擴張的很大一部分集中在美國市場及其周邊地區。

We sort of anticipate that we'll be able to qualify for UV, EU status, and we don't anticipate any material negative impact on our business or prospects at this time. But again, it's a little bit early, and it's still, we will be watching it and still remains to be seen how it's all going to be implemented in practice.

我們預計我們將能夠獲得 UV 和歐盟地位，並且我們預計目前不會對我們的業務或前景產生任何重大負面影響。但再說一次，現在還為時過早，我們仍將持續關注，並觀察這一切將如何在實踐中實施。

Okay, so we're actually continuing on the kind of regulatory side of things. So there's a question which says that we've stated previously that we're servicing US clients when a lot of our data centers currently are in the are in the US, sorry, in the EU. And do we see any risks to the business if tariffs are introduced against the EU as President Trump has indicated, and are we considering a corporate relocation to the US?

好的，我們實際上正在繼續處理監管方面的事情。所以有一個問題，我們之前已經說過，我們為美國客戶提供服務，而我們的許多資料中心目前都在美國，抱歉，是在歐盟。如果像川普總統所說的對歐盟徵收關稅，我們是否會對企業造成任何風險？我們是否會考慮將公司遷往美國？

So President Trump indicates a lot of things, but, as of now, we don't, again, we don't see any material risks to our business in this regard. Again, while it's indeed our initial data center footprint started in Europe. We're now actively building out physical footprint in the US and it's both in terms of data centers, as well as GPU hardware, as well as the team, so on. And so we believe that we're going to continue to be very well positioned to service US and global customers from our data center foot printer around the world. So, in terms of the sort of corporate headquarters, so indeed, yeah, our headquarters are in Amsterdam.

因此，川普總統表明了很多事情，但是，截至目前，我們還沒有看到這方面對我們的業務有任何重大風險。再說一次，我們的最初的資料中心足跡確實是始於歐洲。我們目前正在美國積極拓展實體業務，包括資料中心、GPU 硬體以及團隊等等。因此，我們相信，我們將繼續保持良好的地位，透過遍布全球的資料中心為美國和全球客戶提供服務。因此，就公司總部而言，我們的總部確實在阿姆斯特丹。

It we're happy here, but as a global business, so powering the needs of AI companies around the world, many of whom are in the US, it obviously makes sense for us to keep building out the on the ground presence in the US. So, Andrei outlined some of the specific plans around the DC footprint expansion and GPU cluster expansion in the US. Arkady, and Roman made reference to the fact that we've been really building out the sales function again with a real focus on the US market.

我們在這裡很開心，但作為一家全球性企業，為了滿足世界各地人工智慧公司的需求（其中許多公司都在美國），我們顯然有必要繼續在美國建立實地業務。因此，安德烈概述了圍繞美國 DC 足跡擴展和 GPU 叢集擴展的一些具體計劃。Arkady 和 Roman 提到，我們一直在真正地重新建立銷售職能，並真正關注美國市場。

And you might remember we announced that we opened up sort of sales and customer facing offices in San Francisco and Dallas. And, we'll continue to be building up the US presence going forward. So no, I think so, sorry, that was a long-winded way of saying we don't anticipate any material risk around this around tariffs. We think that we have the right geographic spread, to be able to continue to develop very efficiently on both sides.

您可能還記得，我們​​宣佈在舊金山和達拉斯開設了銷售和客戶辦事處。並且，我們將繼續加強美國的存在。所以不，我認為是的，抱歉，這是一種冗長的說法，我們預計關稅方面不會有任何重大風險。我們認為我們擁有正確的地理分佈，能夠繼續在雙方有效率地發展。

Okay, so there's a question about the Stargate project, and potentially European Stargate, and whether potentially Nebius can be a beneficiary. So just for context, I'll add, so this makes reference to what we heard during the week of Davos about the US plans to invest $500 billion in AI infrastructure. Not long after that, France came out with their, the plan to invest $100 billion in AI infrastructure. And generally, there's been a lot of interest and enthusiasm around these big mega projects in the sector. So I can, maybe I can come to you for how you're thinking about those projects and potentially what they could mean for us.

好的，有一個關於星際之門計畫以及潛在的歐洲星際之門的問題，以及 Nebius 是否有可能成為受益者。因此，為了便於說明背景，我要補充一點，這指的是我們在達沃斯週聽到的有關美國計劃在人工智慧基礎設施上投資 5000 億美元的消息。不久之後，法國也推出了投資1,000億美元建設人工智慧基礎設施的計畫。總體而言，人們對該領域的大型專案表現出了濃厚的興趣和熱情。所以我可以，也許我可以來找你，了解你對這些項目的看法，以及它們對我們可能意味著什麼。

Well, we are definitely believers that AI infrastructure is a huge opportunity and it's so it's good to see that there's so much focus in this space now. I just think that when time comes, probably later this year, someone will need to come and build all the all of this and I think we are tech and I know how to how to build all these AI cloud data centers at scale. I believe. We are just One of the best companies positioned here to help build something here.

嗯，我們堅信人工智慧基礎設施是一個巨大的機遇，很高興看到現在這個領域受到如此多的關注。我只是認為，當時機成熟時，可能是今年晚些時候，有人將需要來建立所有這一切，我認為我們是技術人員，我知道如何大規模地建立所有這些人工智慧雲端資料中心。我相信。我們只是在這裡提供幫助建立的最佳公司之一。

Okay, thank you very much, Arkady.

好的，非常感謝，Arkady。

Okay, so there's a question around pricing. And so, Roman, I'll come to you on this one. There's been some, discussion of price declines for the H100s in Q4 of last year. Did you experience this and how have the market dynamics changed in the last few months?

好的，有一個關於定價的問題。所以，羅曼，我會就此事來找你。去年第四季度，有人討論過 H100 的價格下跌。您是否經歷過這種情況？過去幾個月市場動態發生了什麼樣的變化？

Yeah, so we as all the market did see some price pressure in Q4. It was partly expected, as H200s came online. But in general, we believe that we are one of those who have one of the best cost structures in the market and we can be successful even on a price pressure situation. And what is more important that going forward the significant majority of our fleet will be in the new generations of chips, like black holes this year, which will come on higher pricing and we believe we well positioned on this front to get healthy margin on new generation of the chips.

是的，所以我們和整個市場一樣，在第四季度確實看到了一些價格壓力。隨著 H200 的上線，這在某種程度上是意料之中的。但總的來說，我們相信我們是市場上擁有最佳成本結構的公司之一，即使在價格壓力的情況下我們也能取得成功。更重要的是，未來我們絕大多數的產品都將採用新一代晶片，例如今年的黑洞晶片，其價格將更高，我們相信我們在這方面處於有利地位，能夠在新一代晶片上獲得健康的利潤。

Okay, great. So there's actually a question that's come through, asking to clarify where we are in terms of GPUs, in terms of what's already been deployed. I know you touched on that briefly Andrei in one of your earlier remarks, but maybe I can ask you to come back to that and to elaborate a little bit on where we are on GPU capacity.

好的，太好了。因此實際上出現了一個問題，要求澄清我們在 GPU 方面處於什麼位置，以及已經部署了什麼。我知道安德烈，在您之前的發言中您曾簡要地提到過這一點，但也許我可以請您再回到這個問題上來，並詳細說明一下我們的 GPU 容量目前處於什麼位置。

Sure, though, so. What we, what I already mentioned is 30, we'll have around 30,000. By the end of March, deployed in the platform and available for the customers 20,000 of which, H200s. And just to remind that we actually started deploying these numbers, for the last, half a year, basically, and the H200s, it came to the deployment time in late October, November, and so the lifespan and deployment time for us is Q4, second half of the Q4, and the first, well, and Q1 essentially.

當然，確實如此。我已經提到過，我們將有大約 30,000 人。截至3月底，已在平台部署並向客戶提供2萬輛H200。需要提醒的是，我們實際上已經開始部署這些數字了，基本上是在過去半年的時間裡，而 H200 的部署時間是在 10 月底、11 月底，所以我們的生命週期和部署時間是第四季度，也就是第四季度的後半段，以及第一季度，基本上是第一季。

Okay, I thank you, Andrei. Neil, maybe I can come to you for a question again around the revenue and EBITDA guidance. So, we provided guidance on the last call, in light of everything. Can you provide an update on the guidance of where we are?

好的，謝謝你，安德烈。尼爾，也許我可以再次向您詢問有關收入和 EBITDA 指引的問題。因此，我們在最後一次通話中根據所有情況提供了指導。您能否提供有關我們所在位置的指導的最新資訊？

Yeah, so, as you read in our press release and heard from Arkady's prepared remarks, we did reiterate our annualized run rate revenue guidance for exiting 2025 at $750 million to $1 billion and so this would basically be a reiteration of our revenue and the tech guidance that we provided previously, so. Just as a reminder, we said revenue for Nebius Group should be in the range of $500 million to $700 million and for EBITDA.

是的，正如您在我們的新聞稿中讀到的以及從 Arkady 的準備好的發言中聽到的，我們確實重申了到 2025 年結束時的年化運行率收入預測為 7.5 億美元至 10 億美元，所以這基本上是對我們之前提供的收入和技術預測的重申，所以。提醒一下，我們說過 Nebius Group 的營收應該在 5 億到 7 億美元之間，EBITDA 也應該在 5 億到 7 億美元之間。

We said that EBITDA will remain negative for the full year, but we should pass break even at some point during the year. We haven't given specific timing. There's a lot of factors as we're, ramping and scaling the business, but we believe that with more Blackwells coming online and as Roman said, we're starting to presell some of the Blackwells we believe that helped drive, better revenue, and for all margin growth for the business.

我們說過，EBITDA 全年仍將保持負值，但我們應該在今年的某個時候實現收支平衡。我們還沒有給出具體的時間。在我們擴大和擴展業務的過程中有很多因素，但我們相信，隨著更多 Blackwell 上線，正如羅曼所說，我們開始預售一些 Blackwell，我們相信這有助於推動更好的收入，並為業務帶來利潤成長。

Okay, thank you, Neil. That there was a specific question in the press release earlier we'd referenced it in four we'd had some churn with some of our clients, and the question is just if we can provide any more color around that, Daniel, perhaps I can come to you on that one.

好的，謝謝你，尼爾。我們在先前的新聞稿中提到了一個具體問題，我們與一些客戶發生了一些糾紛，問題是我們是否可以就此提供更多細節，丹尼爾，也許我可以就這個問題來找你。

Sure. Yeah, so I think that there's we should expect a certain amount of turn in a market such as as the AI market period. That's baked into our plans and in some ways highlights the fact that one of the things that makes us unique is the range of customers that we serve from the, single instances of inference with our AI studio to self-service to large implementations like I mentioned earlier, thousands of GPUs at a time. To bare metal, it's a very wide range.

當然。是的，所以我認為我們應該預期市場（例如人工智慧市場時期）會出現一定程度的轉變。這已經融入我們的計劃中，並且在某種程度上突顯了這樣一個事實：我們的獨特之處在於我們服務的客戶範圍，從使用我們的 AI 工作室的單一推理實例到自助服務，再到大型實施，就像我之前提到的那樣，一次有數千個 GPU。對於裸機來說，範圍非常廣泛。

And so, as we look at the lower end, we expect churn to be a part of the number. A great example of that was, as DeepSeek hit the news waves, our demand for H200s really skyrocketed. And we expect more of that in this market. And so there's definitely one element of seeing churn across the broad spectrum of our offering. The other is as we exited '24 and into '25, there are lots of learnings in terms of how we service our customers and perfect our AI Platform. And so as we do that, there were things that we picked up, things that we experienced with our customers, and expect to solve those going into, and extending into '25.

因此，當我們看低端時，我們預計客戶流失率將是數字的一部分。一個很好的例子是，隨著 DeepSeek 登上新聞頭條，我們對 H200 的需求真的會猛增。我們期待這個市場能有更多這樣的表現。因此，在我們所提供的廣泛產品範圍內，肯定會出現客戶流失的情況。另一個是，當我們走出 24 年、進入 25 年時，我們在如何服務客戶和完善我們的人工智慧平台方面有很多學習經驗。因此，當我們這樣做的時候，我們會發現一些問題，一些與客戶相處時遇到的問題，並希望在 25 年內解決這些問題。

That's great. Thank you very much, Daniel. I, so, once again, we, at the beginning of the call, we introduced Neil Doshi, who we're very pleased, joined us as head of investor relations, who's based in San Francisco. And actually, Neil, you joined us in time, this good question for you. So there's a question is if you can update it where we are in terms of sell side analyst coverage and just maybe you know more generally as we're putting together the IR calendar, how we're thinking about IR for the coming here.

那太棒了。非常感謝，丹尼爾。因此，我們再次在電話會議開始時介紹了尼爾·多西 (Neil Doshi)，我們非常高興他加入我們，擔任駐舊金山的投資者關係主管。事實上，尼爾，你及時加入了我們，這個問題問得很好。因此，有一個問題是，您是否可以更新我們在賣方分析師覆蓋範圍內的情況，也許您更了解我們在整理 IR 日曆時是如何考慮即將到來的 IR 的。

Yeah, thanks Tom. So, we are building out the IR plan for 2025, in terms of sell side coverage. Today we don't have really any covering analysts, as we, as everyone knows we did not have the luxury of an IPO, so we were one of the few companies that have, the market cap that we do with zero, brokerage or broker focused analyst coverage, so. This is really a priority for us. We would like to have several analysts from broker dealers and research firms that pick-up coverage of our stock. We started to have some good conversations with many of those analysts and we'll continue to engage with them.

是的，謝謝湯姆。因此，我們正在製定 2025 年的 IR 計劃，涵蓋賣方覆蓋範圍。今天我們實際上沒有任何分析師負責，因為眾所周知，我們沒有進行首次公開發行 (IPO) 的奢侈，所以我們是少數幾家市值達到零、經紀或以經紀人為重點的分析師負責的公司之一。這對我們來說確實是優先事項。我們希望有幾位來自經紀商和研究公司的分析師來報道我們的股票。我們開始與許多分析師進行一些良好的對話，並將繼續與他們合作。

Also, we'll be attending investor conferences this year, we really want to elevate Nebius in terms of brand and recognition from the investment community and so, for example, Arkady will actually be speaking at the Goldman Sachs disruptive technologies symposium in London in March, and he'll be doing a fireside chat there and then, finally we'll. Well, consider hosting analysts and investors at industry conferences and maybe even do a tour of one of our data centers, but more on that to come. But overall we're excited to build a plan and work with both our institutional and retail investors.

此外，我們今年將參加投資者會議，我們非常希望提升 Nebius 在品牌和投資界的認可度，例如，Arkady 實際上將在 3 月在倫敦舉行的高盛顛覆性技術研討會上發表演講，他將在那裡進行爐邊談話，然後，最後我們將。好吧，考慮在行業會議上接待分析師和投資者，甚至可以參觀我們的一個數據中心，但更多內容將在稍後介紹。但總的來說，我們很高興制定計劃並與我們的機構和散戶投資者合作。

Great, thank you, Neil. So we have a question about, a Dutch tax liability. I'll just to recap to remind people what this refers to. I, we had said on the previous call that there was a potential Dutch tax payment that would be made that would be probably on the upper end of $400 million but that we were in discussion with the Dutch tax authorities to potentially to bring that down.

太好了，謝謝你，尼爾。我們對荷蘭稅收責任有一個疑問。我只是想重述一下，提醒人們這指的是什麼。我在之前的電話會議上說過，可能需要繳納的荷蘭稅款可能高達 4 億美元，但我們正在與荷蘭稅務機關討論如何降低這個數字。

And the reason for the variable was because it would depend on how the shares that we received as part of the consideration for the divestment of how we would use them and how they would be treated. So through the shares issued in the pipe transaction that we announced at the end of last year when we had Nvidia, Accel and others coming into the capital structure, we were able to utilize part of the treasury shares, and that already reduced some of the potential obligation on that front.

之所以存在變量，是因為它取決於我們作為剝離對價的一部分所收到的股份，以及我們將如何使用它們以及如何處理它們。因此，透過我們在去年年底宣布的管道交易中發行的股票，當時 Nvidia、Accel 和其他公司進入了我們的資本結構，我們能夠利用部分庫存股，這已經減少了這方面的一些潛在義務。

Anyway, we're happy to say that actually in February we submitted the required filings and paid tax to amounting to $180 million to the authorities to settle the remaining potential liability. This isn't completely done yet, but we're actually reasonably confident that $180 million will end up being the amounts, which would mean that from the $400 million that we had previously guided around, that we would free up $220 million to put into our expansion plans.

無論如何，我們很高興地說，實際上我們在二​​月向當局提交了所需的文件並繳納了 1.8 億美元的稅款以解決剩餘的潛在債務。這還沒有完全完成，但我們實際上相當有信心，最終的金額將是 1.8 億美元，這意味著從我們之前指導的 4 億美元中，我們將釋放 2.2 億美元投入到我們的擴張計劃中。

So as I say, it's not 100% done, but that we're reasonably confident that that's the way things are going to end up. Okay, so, thank you very much, to everyone, for having joined us, on the call. It's only our second quarterly results call since we became Nebius, but we're looking forward to many more. And, maybe just before we close, I'll turn the floor back to Arkady to wrap up.

所以正如我所說，事情還沒有 100% 完成，但我們有理由相信事情最終會這樣結束。好的，非常感謝大家參加我們的電話會議。這是我們更名為 Nebius 以來第二次召開季度業績電話會議，但我們期待更多次會議。也許就在我們結束之前，我會把發言權交還給 Arkady 來總結。

Yeah, I think so again, the company actually didn't exist seven months ago and look where we are today. We are public on Nasdaq. We, raised the profile of our investors. We have this pipe. We started building our infrastructure. We now have hundreds of megawatts of data centers guaranteed this year and with huge plans going forward.

是的，我再次這麼認為，這家公司實際上七個月前還不存在，看看我們今天的處境。我們在納斯達克上市。我們提高了投資者的知名度。我們有這根管子。我們開始建設基礎設施。我們今年已保證建造數百兆瓦的資料中心，並且未來仍有宏偉的計劃。

We, deployed the first, so tens of thousands of GPUs and waiting for the next generation with more tens of thousands GPUs deployed, which will be deployed this year. We completely launched our cloud platform and interest of the service platform as well. We now have hundreds of customers quickly growing. It will be thousands of customers there.

我們已經部署了第一批數萬個 GPU，並等待部署下一代數萬個 GPU，下一代 GPU 將於今年部署。我們全面推出了我們的雲端平台以及服務平台的興趣。我們現在有數百個客戶，並且成長迅速。那裡將會有數千名顧客。

And, we believe that we're going to have a lot of big contacts, going forward on this new generation of black bells. So, Other businesses are growing well as well, and a lot of going on there. So all in all, the group, which didn't exist again so seven months ago, goes very well and we're going forward, looking forward into great results this year.

而且，我們相信，在新一代黑鈴的推出過程中，我們將會擁有許多重要的連結。所以，其他業務也發展得很好，並且有很多事情正在發生。總而言之，這個七個月前還不存在的團隊現在進展順利，我們將繼續前進，期待今年取得優異的成績。

Thank you, Arkady. I can certainly confirm it's been a busy time and at the same time, we're just getting going. So, thank you very much to everyone for joining us. Good afternoon, morning, and all of that and evening, and we'll look forward to seeing to following up with many of you over the coming periods and otherwise, thanks again. Be in touch.

謝謝你，阿爾卡季。我可以肯定地說，這是一個忙碌的時刻，同時，我們才剛開始。非常感謝大家的參與。大家下午好、早安、晚上好，我們期待在接下來的時間裡與你們中的許多人保持聯繫，再次感謝。保持聯繫。

Thank you.

謝謝。