Nebius Group NV (NBIS) 2025 Q3 法說會逐字稿

Thank you, and welcome to Nebius Group's third quarter 2025 earnings conference call. I'm Neil Doshi, Vice President of Investor Relations. Joining me today are Arkady Volozh, Founder and CEO and our broader management team.

謝謝，歡迎參加Nebius集團2025年第三季財報電話會議。我是投資人關係副總裁尼爾·多希。今天與我一同出席的有創辦人兼執行長 Arkady Volozh 以及我們更廣泛的管理團隊。

Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings press release and in our report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statements.

我們今天的發言將包含一些前瞻性陳述，這些陳述是基於截至今日的假設而作出的。實際結果可能因各種因素而與預期有重大差異，包括今天發布的獲利新聞稿和我們向美國證券交易委員會提交的 20-F 表格報告中所述的因素。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, shareholder letter and accompanying investor presentation are available on our website at nebius.com/investor-hub.

在本次電話會議中，我們將介紹 GAAP 財務指標和某些非 GAAP 財務指標。今天的獲利新聞稿中包含了GAAP與非GAAP指標的調節表。獲利新聞稿、股東信及相關投資者簡報可在我們的網站 nebius.com/investor-hub 上查閱。

And now I'd like to turn the call over to Arkady.

現在我想把電話交給阿爾卡季。

Thanks, Neil, and thank you, everyone, for joining the call today. I'd like to share my thoughts about the demand environment, about our capacity plans and what we are doing in our product. First, about the demand. Q3 demand was very strong. We sold out all of our available capacity. We continue to see a consistent trend. Every time we bring capacity online, we sold all of it.

謝謝尼爾，也謝謝各位今天參加電話會議。我想和大家分享我對市場需求環境、產能計畫以及我們在產品方面所做工作的看法。首先，我們來談談需求。第三季需求非常強勁。我們所有可用的座位都已售罄。我們持續看到這一趨勢。每次新增產能上線，我們都全部售罄。

With the new generation of NVIDIA Blackwell is coming online, more customers are interested in purchasing capacity in advance and securing it for a longer period of time.

隨著新一代 NVIDIA Blackwell 處理器的推出，越來越多的客戶有興趣提前購買容量並鎖定更長的使用權。

Today, we are very pleased to announce that we signed another major deal at this time with Meta for approximately $3 billion over the next five years. In fact, the demand for this capacity was overwhelming and the size of the contract was limited to the amount of capacity that we had available, which means that if we had more, we could have sold more. This deal comes on top of the Microsoft deal we announced early in September with a contract value between $17.4 billion and $19.4 billion. As we said before, we expect to sign more of these large long-term deals, and we are delivering that promise.

今天，我們非常高興地宣布，我們與 Meta 簽署了另一項重大協議，未來五年內總價值約為 30 億美元。事實上，市場對這種產能的需求非常旺盛，而合約規模又受限於我們現有的產能，這意味著如果我們有更多產能，我們就能賣出更多。這項交易是在我們9月初宣布的微軟交易的基礎上達成的，該交易的合約價值在174億美元至194億美元之間。正如我們之前所說，我們期望簽署更多此類大型長期協議，我們正在兌現這一承諾。

As busy as we are with these mega deals, our main focus is still to build our own core AI cloud business. We made great progress here with AI native start-ups like Cursor, Black Forest Labs and others. The economics and the cash flow of mega deals are attractive in their own right, but they also enable us to build our core AI cloud business faster. This is our real future opportunity.

儘管我們忙於這些巨額交易，但我們的主要重點仍然是建立我們自己的核心人工智慧雲端業務。我們在人工智慧原生新創公司方面取得了巨大進展，例如 Cursor、Black Forest Labs 等。巨額交易的經濟效益和現金流本身就極具吸引力，而且它們還能幫助我們更快地建立核心人工智慧雲端業務。這是我們真正的未來機會。

Now on the capacity. In order to meet the growing demand, we have accelerated our plans to secure more capacity, and this is actually our main focus for now. Capacity today is the main bottleneck to revenue growth. And we are now working to remove this bottleneck. As we look to 2026, we expect our contracted power to grow to 2.5 gigawatt contracted.

現在來說說產能問題。為了滿足不斷增長的需求，我們加快了確保更多產能的計劃，這實際上是我們目前的主要工作重點。產能不足是目前限制收入成長的主要瓶頸。我們現在正努力消除這個瓶頸。展望 2026 年，我們預計合約電力將成長至 2.5 吉瓦。

This is up from the 1 gigawatt, which we discussed in our previous earnings call in August. Furthermore, we plan to have power connected to our data centers, which means fully built of approximately 800 megawatts to 1 gigawatt by the end of 2026, by the end of next year. While we made significant investments in our capacity footprint, we are also investing in our main product, our AI cloud.

這比我們在8月的財報電話會議上討論的1吉瓦有所增加。此外，我們計劃在明年年底，也就是 2026 年底，將資料中心的電力供應全面覆蓋，這意味著屆時將建成約 800 兆瓦至 1 吉瓦的電力供應。雖然我們在產能方面進行了大量投資，但我們也在投資我們的主要產品—人工智慧雲端。

To extend our addressable market opportunity to large enterprise customers, we released our new enterprise-ready cloud platform version 3.0 called Aether and our new inference platform called Nebius Token Factory. We believe Aether gives organizations the trust, control and simplicity they need to run their most critical AI workloads. Nebius Token Factory is a production scale inference platform that enables organizations to run open source models with reliability, visibility and control.

為了將我們的目標市場機會擴展到大型企業客戶，我們發布了名為 Aether 的全新企業級雲端平台 3.0 版本和名為 Nebius Token Factory 的全新推理平台。我們相信 Aether 能為企業提供運作其最關鍵的 AI 工作負載所需的信任、控制和簡單性。Nebius Token Factory 是一個生產規模的推理平台，使組織能夠可靠、可見且可控地運行開源模型。

And we have a large pipeline of new software and services that we are continuing to build, which will differentiate us from other cloud companies. Based on the strength in demand that we see and our accelerated capacity growth plan, we believe we can achieve annualized run rate revenue ARR of $7 billion to $9 billion by the end of 2026.

我們正在不斷開發新的軟體和服務，這將使我們與其他雲端公司區分開來。根據我們看到的強勁需求和我們加速的產能成長計劃，我們相信到 2026 年底，我們可以實現 70 億美元至 90 億美元的年化運作收入 (ARR)。

In summary, Nebius is positioned to win in this large and rapidly expanding AI cloud market. We're just beginning to realize the powerful potential of the AI evolution that is underway, and we are quickly becoming one of the primary cloud and infrastructure providers to support it.

總而言之，Nebius 已做好充分準備，在這個規模龐大且快速成長的 AI 雲端市場中取得成功。我們才剛開始意識到正在進行的人工智慧發展的巨大潛力，並且我們正在迅速成為支援人工智慧發展的主要雲端和基礎設施提供者之一。

And with this, I would like to hand the call over to our CFO, Dado Alonso. Dado, please?

接下來，我將把電話交給我們的財務長達多·阿隆索。達多，好嗎？

Thank you, Arkady. While the details of our Q3 financial performance can be found in our shareholder letter, I'd like to provide some additional color to the quarter, discuss our financing options and conclude with 2025 guidance. Q3 group revenue was $146 million, up nearly 355% year-over-year and 39% quarter-over-quarter. Annualized run rate revenue for the core business at the end of September was $551 million.

謝謝你，阿爾卡季。雖然我們第三季的財務表現詳情可以在致股東信中找到，但我還是想對本季度的情況做一些補充說明，討論一下我們的融資方案，並最後給出 2025 年的業績指引。第三季集團營收為 1.46 億美元，年增近 355%，季增 39%。截至 9 月底，核心業務的年化運作收入為 5.51 億美元。

The core infrastructure business, which accounted for nearly 90% of total revenue, grew 400% year-over-year and 40% sequentially. Once again, we sold out our capacity and our revenue growth was limited only by the capacity that we were able to bring online. I'm also pleased to say that adjusted EBITDA margin for the core infrastructure business expanded quarter-over-quarter to nearly 19%.

核心基礎設施業務佔總營收的近 90%，較去年同期成長 400%，較上季成長 40%。我們再次售罄了所有產能，收入成長僅受限於我們能夠投入使用的產能。我也很高興地宣布，核心基礎設施業務的調整後 EBITDA 利潤率較上季成長至近 19%。

On financing, in order to support our aggressive growth plans in 2026 and to maintain this pace of growth in 2027, we will be utilizing at least three sources: corporate debt, asset-backed financing and equity. We are in the process of raising asset-backed debt, which we'll be able to secure with attractive terms supported by creditworthiness of our largest customers.

在融資方面，為了支持我們在 2026 年的積極成長計劃，並維持 2027 年的成長速度，我們將至少利用三種融資來源：公司債務、資產支持融資和股權。我們正在籌集資產支持債務，憑藉我們最大客戶的良好信譽，我們將能夠以優惠的條款獲得擔保。

Tomorrow, November 12, we will be putting in place an at-the-market equity program for up to 25 million Class A shares and plan to file a prospectus supplement. We will evaluate the program regularly based on our capital needs. The program enables us to access equity funding on an efficient ongoing basis. However, we will remain dilution sensitive as we prepare to finance future growth opportunities.

明天，11 月 12 日，我們將推出一項按市價發行至多 2500 萬股 A​​ 類股票的股權計劃，併計劃提交招股說明書補充文件。我們將根據資金需求定期評估該項目。該計劃使我們能夠持續且有效率地獲得股權融資。但是，在為未來的成長機會籌集資金的過程中，我們將對股權稀釋​​保持敏感。

Now I would like to turn to 2025 guidance. As we approach the end of the year, we are tightening our full year group revenue guidance to a range of $500 million to $550 million, and we are currently pacing to the midpoint of that range. This compared to the $450 million to $630 million in our previous guide.

現在我想談談2025年的指導。隨著年底臨近，我們將全年集團收入預期收緊至 5 億美元至 5.5 億美元之間，目前我們正朝著該範圍的中點穩步邁進。與我們上一份指南中的 4.5 億美元至 6.3 億美元相比，這一數字有所上升。

The reason we are in the middle and not at the top of that range simply relates to the exact timing of when capacity comes online. Our current momentum and the long-term trajectory remain extremely strong. Our annual run rate revenue, which is a good reflection of our future growth opportunity continues to expand, demonstrating the resilience and scalability of our business model.

我們之所以處於中間位置而不是最高位置，只是因為產能上線的具體時間不同。我們目前的勢頭和長期發展軌跡依然非常強勁。我們的年度運行收入持續成長，很好地反映了我們未來的成長機會，這證明了我們商業模式的韌性和可擴展性。

As such, we remain well on track to hit our ARR guidance of $900 million to $1.1 billion by the end of 2025, while also paving the way for substantial annualized run rate revenue growth in 2026 and beyond. In terms of the mega deals, we will begin serving Microsoft and Meta late in the quarter and almost all of the revenue from these deals will start to be realized and ramp up during the course of 2026. We plan to give full year revenue guidance for 2026 next quarter.

因此，我們仍有望在 2025 年底實現 9 億至 11 億美元的年度經常性收入目標，同時為 2026 年及以後的大幅年度經常性收入成長鋪平道路。至於大型交易，我們將在本季末開始為微軟和 Meta 提供服務，這些交易的幾乎所有收入將在 2026 年期間開始實現並逐步成長。我們計劃在下個季度發布2026年全年營收預期。

Turning to adjusted EBITDA. As we have previously indicated, we expect to be slightly positive at the group level by year-end, while remaining negative for the full year. Regarding CapEx, we are raising our 2025 guidance from approximately $2 billion to circa $5 billion. This acceleration reflects our strong conviction in the demand outlook and our decision to secure critical infrastructure, including hardware, power, land and key sites. These investments are strategic enablers of future growth and will position us exceptionally well to capture the opportunities ahead.

接下來看調整後的 EBITDA。正如我們之前所指出的，我們預計到年底集團層面將略有獲利，但全年仍將為負。關於資本支出，我們將 2025 年的預期從約 20 億美元上調至約 50 億美元。這項加速發展反映了我們對市場需求前景的堅定信心，以及我們保障關鍵基礎設施（包括硬體、電力、土地和重要場所）的決心。這些投資是未來成長的策略推動因素，將使我們處於非常有利的地位，從而抓住未來的機會。

In summary, we have a large and rapidly growing opportunity in front of us, and we are executing with focus and discipline to capture it while delivering sustainable growth and setting the stage for strong long-term profitability.

總而言之，我們面前有一個巨大且快速增長的機會，我們正在以專注和嚴謹的態度執行，以抓住這個機會，同時實現可持續增長，並為強勁的長期盈利能力奠定基礎。

Now let me turn the call over to Neil for Q&A.

現在我把電話交給尼爾，讓他回答問題。

Great. Thank you, Dado. We'll give it a moment to collect questions from the online platform, and then we'll begin the Q&A.

偉大的。謝謝你，達多。我們將稍作等待，從線上平台收集問題，然後開始問答環節。

All right. Let's start with the first question coming from Alex Platt of D.A. Davidson.

好的。讓我們先來看看來自 D.A. Davidson 的 Alex Platt 提出的第一個問題。

Can you tell us more about the new Meta deal? Why did you choose -- why would they choose you? And how should we model the deal? Arkady?

能詳細介紹一下Meta的新合作協議嗎？為什麼選擇他們？ ——他們又為什麼會選擇你？我們應該如何建構這筆交易的模型？阿卡迪？

Well, again, as we're happy to announce today this new deal with Meta, approximately $3 billion. As I said, the size of the deal was limited only by the capacity that we had available. And if we had more capacity, we could have signed a bigger deal probably. After we announced Microsoft in September, we said that we will have more deals of this kind, more large deals.

再次，我們很高興地宣布今天與 Meta 達成的這項新協議，金額約為 30 億美元。正如我所說，這筆交易的規模僅受限於我們可用的產能。如果我們有更多的談判籌碼，我們或許就能簽下更大的合約了。我們在九月宣布與微軟達成合作後曾表示，我們將達成更多此類交易，更多大型交易。

And actually delivering on that promise. And we -- actually, we are optimistic as these deals will arise more and more. However, these deals are important, these mega deals. It is important to stress that we will remain focused on developing our own AI cloud, which currently serves not only these big deals, but AI start-ups and enterprises. And ultimately, we believe that these large contracts provide us with great sourcing of financing for us to continue building our core AI cloud business.

而且還兌現了這項承諾。事實上，我們對此持樂觀態度，因為這類交易將會越來越多。然而，這些交易很重要，這些超級交易。需要強調的是，我們將繼續專注於開發我們自己的 AI 雲，目前不僅服務這些大型交易，還服務於 AI 新創公司和企業。最終，我們相信這些大型合約為我們提供了充足的資金來源，使我們能夠繼續發展我們的核心人工智慧雲端業務。

Great. Thank you, Arkady. We'll take the next question from Alex Duval, analyst from Goldman Sachs.

偉大的。謝謝你，阿爾卡季。接下來，我們將回答高盛分析師 Alex Duval 提出的問題。

So we provided the updated 2026 ARR outlook of $7 billion to $9 billion. What exactly is in the $7 billion to $9 billion ARR target? And is this based on pre-existing core business plus Microsoft and Meta? Is there anything else in terms of signing up for large deals? Marc, maybe you can take this one.

因此，我們更新了 2026 年 ARR 預期，為 70 億至 90 億美元。70億至90億美元的年度經常性收入目標具體包含哪些內容？這是基於原有的核心業務加上微軟和Meta嗎？關於簽署大型交易協議還有其他需要注意的地方嗎？馬克，或許你可以接下這個任務。

Thank you, Alex, for your question. And let me walk you through the building blocks of how we get to the $7 billion to $9 billion in ARR. First of all, as we already shared, we had a bottleneck in capacity, and we worked extremely hard over the last several months to unblock this bottleneck. As we shared, we plan to have 800 megawatts to 1 gigawatt of connected power by the end of '26 and 2.5 gigawatts of contracted power.

謝謝你的提問，Alex。接下來，我將帶您了解我們如何實現 70 億至 90 億美元的年度經常性收入 (ARR) 目標。首先，正如我們之前所說，我們遇到了產能瓶頸，在過去的幾個月裡，我們非常努力地疏通了這個瓶頸。正如我們之前所說，我們計劃在 2026 年底實現 800 兆瓦至 1 吉瓦的併網發電量，以及 2.5 吉瓦的合約發電量。

Second, we see the demand out there from AI start-ups to enterprises to the large strategics. And we see that client demand that we were unable to sell this past year due to a lack of capacity. And we strongly believe that the capacity we are putting in place in '26 will help us to meet more of this demand. At the end of the day, we will allocate between the categories of customers based on the individual economics of the deals they represent.

其次，我們看到從人工智慧新創公司到企業再到大型策略家，市場都存在著人工智慧方面的需求。我們看到客戶對去年因產能不足而未能售出的產品的需求。我們堅信，我們在 2026 年投入的產能將有助於我們滿足更多此類需求。最終，我們將根據每筆交易的具體經濟效益，在各類客戶之間進行分配。

Thirdly, this new capacity that we are putting in place together with our current capacity that has already been sold and the long-term contracts that we signed with Microsoft and Meta gives us the confidence that we can achieve the $7 billion to $9 billion of ARR, of which more than half is already booked.

第三，我們正在投入的這項新產能，加上我們目前已售出的產能以及我們與微軟和 Meta 簽訂的長期合同，使我們有信心實現 70 億至 90 億美元的年度經常性收入 (ARR) 目標，其中超過一半已經預訂。

Great. Thank you, Marc. So we'll take another question from Alex at Goldman. Can you walk us through the time line of your infrastructure build-outs for Q4 '25 and '26? And what gives you confidence that you can reach your 2.5 gigawatts goal of contracted capacity? Andrey?

偉大的。謝謝你，馬克。接下來，我們將回答來自高盛的 Alex 提出的另一個問題。能否詳細介紹一下貴公司 2025 年第四季和 2026 年第四季的基礎建設時間表？你有什麼信心能夠實現已簽訂合約的 2.5 吉瓦裝置容量目標？安德烈？

Yeah, thanks, Alex. So we are ramping up our capacity as fast as we can to accelerate our growth for the next year and beyond. We are happy to launch now already Israel and UK and all the capacity in those regions were presold before the launch. And we are growing with the numbers of the regions where we are present. And we're also bringing new capacity online in the current sites. We're also coming online in New Jersey. We are launching new phases of Finland in Q4, which are also presold by the way.

謝謝你，Alex。因此，我們正在盡最大努力提高產能，以加速未來一年及以後的成長。我們很高興現在已經在以色列和英國推出服務，而且這些地區的所有產能都在推出前就已預售一空。隨著我們業務所在地區的成長，我們的業務也不斷發展壯大。我們也在現有站點上線了新的產能。我們在新澤西州也即將上線。我們將在第四季推出芬蘭的新階段項目，順便一提，這些項目也已經預售完畢。

In 2026, we will continue scaling the existing data centers, including UK, Israel, New Jersey, and we have new data centers already in development both in US and Europe, and they start to come online in the first half of 2026. We're also in the process of securing several new large sites, which we believe will have hundreds of megawatts and some of those will go online by the end of 2026.

2026 年，我們將繼續擴大現有資料中心的規模，包括英國、以色列、新澤西州的資料中心。此外，我們在美國和歐洲也正在開發新的資料中心，這些資料中心將於 2026 年上半年開始上線。我們目前也在洽談幾個新的大型站點，我們相信這些站點將擁有數百兆瓦的裝置容量，其中一些站點將於 2026 年底前投入使用。

So overall, at the moment, we are looking at more than around 2.5 gigawatts of contracted power by the end of 2026. And as we said, demand is growing massively, and we are very focused on rapidly building the capacity and the future pipeline to meet the demand in '26 and beyond.

因此，總體而言，目前我們預計到 2026 年底，合約電力將超過 2.5 吉瓦左右。正如我們所說，需求正在大幅成長，我們正全力以赴快速建立產能和未來的產品線，以滿足 2026 年及以後的需求。

Great. Thank you, Andrey. All right. We'll take a question from some of the folks who have been submitting questions.

偉大的。謝謝你，安德烈。好的。我們將回答一些已提交問題的觀眾提出的問題。

We're getting a lot of questions on Microsoft and Meta revenue. How should we be thinking about revenue contribution from Microsoft and Meta deals for this year and going forward? Dado?

我們收到了很多關於微軟和 Meta 收入的問題。我們該如何看待微軟和 Meta 的交易對今年及未來營收的貢獻？牆裙？

Well, the Microsoft contract will not have a material effect on our revenue and ARR in 2025 as the first tranche was just delivered. All of our remaining tranches will be delivered in 2026 with more than half of them during the second half.

微軟的合約不會對我們 2025 年的收入和 ARR 產生實質影響，因為第一批款項剛剛交付。剩餘的所有批次將於 2026 年交付，其中超過一半將在下半年交付。

So we actually expect revenue to ramp up over the course of the year. Starting in 2027, we will begin to recognize the full annual revenue run rate of this Microsoft deal. With regards to Meta, we will be concluding the deployments within the next three months. So we expect to mostly be at a full revenue run rate in 2026.

因此，我們預計年內收入將逐步成長。從 2027 年開始，我們將開始確認這筆微軟交易的全部年度收入運行率。關於 Meta，我們將在未來三個月內完成部署。因此，我們預計到 2026 年將基本恢復到滿載的營收水準。

Great. Thank you, Dado. Maybe another question from our online audience. What does the overall demand environment look like in Q4 and into the next year? Marc, do you want to take this?

偉大的。謝謝你，達多。或許這是我們線上觀眾的另一個問題。第四季及明年整體需求環境如何？馬克，你想接這個嗎？

Certainly, certainly. I joined the company about five months ago, and I've had an extraordinary experience in these past 5 months. It's extraordinary from the standpoint that I've never seen the kind of demand profile that we're experiencing. It is literally accelerating for Nebius and I believe as well for the broader market. As an example, in the recent quarter and quarters before, we saw pipeline generation.

當然，當然。我大約五個月前加入這家公司，在這五個月裡，我的經歷非常精彩。從某種意義上說，這非常特殊，因為我從未見過我們現在所經歷的這種需求模式。Nebius 的發展速度確實在加快，我相信整個市場的發展速度也是如此。例如，在最近一個季度和之前的幾個季度，我們看到了專案儲備的增加。

This is opportunities by customers that want to buy from us expand. As a matter of fact, in the past quarter, Q3, we saw pipe gen expand 70% quarter-on-quarter. And we generated $4 billion in pipeline in that quarter. But we were only able to convert a portion of that given to the constraints of our capacity.

這是希望從我們這裡購買商品的客戶拓展業務的機會。事實上，在上個季度（第三季），我們看到管線發電量較上季成長了 70%。該季度我們獲得了 40 億美元的潛在收入。但由於能力限制，我們只能轉化其中的一部分。

As a matter of fact, I've learned a new skill, one I don't think many go-to-market professionals have ever had to experience, and that's learning to say no to customers as we routinely sell out and have to actually let them down lightly and try to convince them to purchase in the future.

事實上，我學到了一項新技能，我認為很多市場推廣專業人士都沒有經歷過這項技能，那就是學會對顧客說“不”，因為我們經常售罄，不得不委婉地拒絕他們，並努力說服他們將來再次購買。

As I look out to '26 and I think through the demand profile, the kind of pipeline that we're generating right now is giving us high confidence to continue to expand our results and drive towards the ARR growth that Arkady mentioned earlier on the call.

展望 2026 年，當我思考需求狀況時，我們目前正在創造的業務儲備讓我們非常有信心繼續擴大業績，並朝著 Arkady 之前在電話會議上提到的 ARR 成長目標邁進。

Great. Thanks, Marc. We have a question now from one of our analysts, Nehal Chokshi from Northland. Incremental ARR in September quarter was around $12 million, down from $180 million in the prior quarter and $159 million in the March quarter. Why is incremental ARR down?

偉大的。謝謝你，馬克。現在我們收到來自北地分析師 Nehal Chokshi 的一個問題。9 月季度的新增 ARR 約為 1,200 萬美元，低於上一季的 1.8 億美元和 3 月季度的 1.59 億美元。為什麼增量ARR下降了？

Nehal, it's a great question. As we've stated, a lot of our revenue and our ARR is really dependent on us being able to bring on capacity. And because capacity really has been the bottleneck, that's why we've seen a little bit of that trend. However, as we're bringing on a lot of capacity in Q4, you should see that incremental ARR in Q4 will be significantly higher.

尼哈爾，這是一個很好的問題。正如我們所說，我們的許多收入和年度經常性收入都取決於我們能否增加產能。正因為產能不足一直是瓶頸，所以我們才看到了這個趨勢。但是，由於我們在第四季度增加了大量產能，您應該會看到第四季度的增量 ARR 將顯著提高。

All right. Let's go to another question from online in terms of the CapEx.

好的。讓我們來看另一個來自網路上關於資本支出的問題。

You have just announced your plan to achieve connected capacity of 800 megawatts to 1 gigawatt by the end of '26. How are you thinking about CapEx? And what is your philosophy on CapEx spending? I think Arkady, you want to take this?

您剛剛宣布了到 2026 年底實現 800 兆瓦至 1 吉瓦併網容量的計畫。您對資本支出有何看法？您在資本支出方面秉持怎樣的理念？阿爾卡季，你想接這個嗎？

Sure. I should take it. Again and again, as we see at least this year, our revenue growth was limited by our capacity and everything we built was ultimately sold. So in theory, we should try to build as much as we can. In practice, though, we're limited by certain physical world limitations. Physical world cannot grow 5x or 10x a year. We have limitations in supply chain and obtaining permits, amount of capital that we can deploy.

當然。我應該收下。正如我們今年所看到的，我們的收入成長一次又一次地受到產能的限制，我們生產的所有產品最終都被售出。所以理論上，我們應該盡可能地進行建設。但實際上，我們受到某些物理世界限制的影響。物質世界不可能每年增長 5 倍或 10 倍。我們在供應鏈、許可證辦理以及可投入的資金量方面都存在限制。

So when we plan for data center CapEx, there are actually three stages there. The first stage is securing the land and power. The second stage is building the data centers themselves, including shell, electrical and cooling equipment, batteries and so on, physical installation, which we call connected power. And the third part is finally deploying the GPUs themselves.

因此，當我們規劃資料中心資本支出時，實際上分為三個階段。第一階段是確保土地和電力供應。第二階段是建造資料中心本身，包括外殼、電氣和冷卻設備、電池等實體安裝，我們稱之為連接電源。第三部分最終是部署 GPU 本身。

And if we look at it from the CapEx point of view, roughly speaking, it breaks into three spending blocks. So first stage, securing land and power. It's pretty cheap. It's around -- again, it depends on the scale, but it's around 1% of total CapEx for securing those blocks and electricity. The second stage, building the data centers, building connected power is something around, I don't know, 18%, 20%. And the remaining 80%, the main part is for deploying the actual GPUs. This is the main part of CapEx. So if we want to build as much as our capital will allow us, what should we do?

從資本支出的角度來看，粗略地說，它可以分為三個支出板塊。所以第一階段，就是確保土地和權力。它很便宜。大約——當然，這取決於規模，但用於保障這些區塊和電力供應的總資本支出約為 1%。第二階段，建置資料中心，建置互聯電力，大概佔18%、20%左右。剩下的 80% 主要是用於部署實際的 GPU。這是資本支出的主要部分。所以，如果我們想在資金允許的範圍內盡可能地進行建設，我們該怎麼做？

First, we should secure as much capacity as we can because the cost -- actually, it's not so -- it's immaterial at this scale. Second, we should build as much as our capital allow us. And third, we will fill GPUs in line with contracted or clearly visible demand. We will need this massive 80% spend will come only when we see real demand. That's why we say that in 2026, we will be securing 2.5 gigawatt total contracted capacity. And we are planning to physically build 800 to 1 gigawatt of connected data centers. This will be done by the end of next year.

首先，我們應該盡可能確保產能，因為成本——實際上並非如此——在這個規模下是無關緊要的。其次，我們應該在資金允許的範圍內盡可能地進行建設。第三，我們將根據合約約定或明確可見的需求來供應GPU。只有當我們看到真正的需求時，這筆高達 80% 的支出才會到來。因此我們說，到 2026 年，我們將確保 2.5 吉瓦的總簽約容量。我們計劃實際建造 800 至 1 吉瓦的互聯資料中心。這項工作將在明年年底前完成。

Neil Doshi

尼爾·多西

Great. Thank you, Arkady. Let's see. Another question from Alex Duval from Goldman Sachs. You have announced your target is 2.5 gigawatts of contracted power, whereas before it was 1 gigawatt. Is it fair to assume that if you get 2.5 gigawatts, this will equate to over $20 billion of revenue? By when do you envisage you could do this and how? Maybe we'll give this to Andrey.

偉大的。謝謝你，阿爾卡季。讓我們來看看。來自高盛的 Alex Duval 又提出了一個問題。你們已宣布你們的目標是簽訂 2.5 吉瓦的電力合同，而之前的目標是 1 吉瓦。如果發電量達到 2.5 吉瓦，就能帶來超過 200 億美元的收入，這種假設合理嗎？你預計何時能夠完成這項工作？如何完成？或許我們會把這個給安德烈。

Thank you, Neil. I guess it's fair to assume, but as Arkady just mentioned, we will -- we are securing the access to the power and the ability to build, but we will invest CapEx actually in building out and deploying the GPU in those, keeping in mind the constraints that we have with the capital and according to the demand in the future periods. It's just important that we are able to accelerate when it will be needed. So we don't like being blocked by the capacity constraints all the time.

謝謝你，尼爾。我想這樣假設是合理的，但正如 Arkady 剛才提到的，我們將——我們正在確保獲得電力和建設能力，但我們將投入資本支出，實際建設和部署這些 GPU，同時考慮到我們資金的限制以及未來時期的需求。重要的是，我們能夠在需要的時候加快速度。所以我們不喜歡總是受到容量限制的阻礙。

Is it -- in a situation when you are sold out, is that the same issue? Or is that really an issue with your future growth and differentiation of servicing a broader range of customers? Marc, can you take this one?

如果商品售罄，是不是也會出現同樣的問題？或者，這真的會對您未來的發展以及服務更廣泛客戶群的差異化構成問題嗎？馬克，你能接下這個嗎？

Certainly. Thank you, Neil. It's a great question. I mean, in theory, the situation of being sold out is a nice problem to have. But the person asking the question is right. For our business model, it's really important for us to be able to not only service large tech companies, but also be able to support our AI cloud and a very diverse set of customers.

當然。謝謝你，尼爾。這是一個很好的問題。我的意思是，理論上來說，售罄的情況是一個令人欣喜的煩惱。但提問者是對的。對於我們的商業模式而言，能夠服務大型科技公司，同時支援我們的人工智慧雲端以及非常多樣化的客戶群，這一點至關重要。

As a matter of fact, servicing start-ups and software vendors and enterprises is not only about delivering on their capacity needs today. We want to build partnerships with these customers and help them to meet their capacity requirements in the future, especially with enterprises because they don't want to actually have a multitude of vendors. They prefer to align with a strategic partner. That's why we are working very closely with Andrey.

事實上，為新創公司、軟體供應商和企業提供服務不僅僅是滿足他們當前的容量需求。我們希望與這些客戶建立合作關係，幫助他們滿足未來的容量需求，特別是對於企業客戶而言，因為他們實際上並不想與眾多供應商合作。他們更傾向於與戰略合作夥伴結盟。這就是為什麼我們要和安德烈密切合作的原因。

And as Andrey mentioned earlier, as we look forward and think about deploying capacity, it's going to be based on the demand that we're seeing out there. So utilizing the pipeline that we're building and the demand that we're experiencing to work with Andrey to identify the capacity that we should deploy. It's a very dynamic model that we're trying to put in place.

正如安德烈之前提到的，展望未來，當我們考慮部署產能時，這將取決於我們看到的市場需求。因此，我們將利用我們正在建造的管道和我們正在經歷的需求，與安德烈合作，確定我們應該部署的產能。這是一個我們正在努力建立的非常動態的模式。

Great. Thank you, Marc. Appreciate that. We have a question from Nehal Chokshi from Northland, who's asking, going -- so you've done equity deals. We've also done equity-linked deals as well, Dado. How are we focus on debt and asset-backed financing for large deals?

偉大的。謝謝你，馬克。謝謝。來自 Northland 的 Nehal Chokshi 向我們提出了一個問題，他問道——所以你們做過股權交易。達多，我們也做過股權掛鉤交易。我們如何專注於大型交易中的債務和資產支持融資？

Thank you, Nehal. Well, as you know, this is a capital-intensive business. And as we have said previously, funding our growth will require raising a significant amount of capital. In this context, we are actively evaluating a range of financing options today, including asset-backed financing, corporate level debt and equity financing.

謝謝你，尼哈爾。如你所知，這是一個資本密集型產業。正如我們之前所說，要實現成長，就需要籌集大量資金。在此背景下，我們目前正在積極評估一系列融資方案，包括資產支持融資、公司層面的債務融資和股權融資。

And we are working on all fronts in order to maintain a disciplined capital structure to maximize our shareholder value. With regards to asset-backed financing, we believe that we will be able to secure such a facility with attractive terms supported by the creditworthiness of our largest customers. I would like to reiterate that as we are growing our business, our focus and ultimate goal is to maximize our shareholder value.

我們正在各方面努力，以維持穩健的資本結構，從而最大限度地提高股東價值。關於資產抵押貸款，我們相信憑藉我們最大客戶的良好信譽，我們將能夠以優惠的條款獲得此類融資。我想重申，隨著我們業務的成長，我們的重點和最終目標是最大限度地提高股東價值。

Great. Thanks, Dado. And maybe just sticking on the theme of financing from the online portal. Why are you planning to pursue an ATM? You just completed a secondary, and this will result in additional dilution to shareholders. Any thoughts, Dado?

偉大的。謝謝，達多。或許可以繼續探討透過線上入口網站進行融資這個主題。為什麼打算投資ATM？您剛剛完成了一次二次發行，這將導致現有股東的股權進一步稀釋。達多，你有什麼想法嗎？

Let me share some perspective. We will be putting in place an at-the-market equity program for up to 25 million Class A shares, and we plan to file a prospectus supplement tomorrow. We want to make sure that we have more tools at our disposal to access capital markets when needed.

讓我分享一下我的看法。我們將推出一項以市價發行至多 2,500 萬股 A​​ 類股票的股權計劃，並計劃於明天提交招股說明書補充文件。我們希望確保在需要時擁有更多工具來進入資本市場。

This is a long-lasting program, which will be used along with other capital raise options, including corporate debt, asset-backed financing and others, as I mentioned in my opening remarks and just before this question. So the program enables us to access equity funding on an efficient ongoing basis. However, we will remain dilution-sensitive as we seek to finance future growth opportunities.

這是一個長期計劃，它將與其他籌資方式結合使用，包括公司債務、資產支持融資等，正如我在開場白中以及在這個問題之前所提到的那樣。因此，該計劃使我們能夠持續有效地獲得股權融資。但是，在尋求為未來的成長機會融資時，我們仍將對股權稀釋​​保持敏感。

Great. Thanks, Dado. See -- another question from online. How are the early operations of your new UK facility progressing? Tom?

偉大的。謝謝，達多。請看——這是來自網路上的另一個問題。貴公司位於英國的新工廠早期營運進度如何？湯姆？

Yeah, No, absolutely. So short answer is progressing very well. You may have seen just actually last week, Arkady and a few of us were that -- we had our official launch as we brought the -- presented the data center to the UK market. This is actually a capacity that will be coming online really actually in the next week or so, so pretty -- in the coming days. You might remember actually that in June was when we first announced our intention to launch in the UK and actually, even in the time since June and now, we've already come close to doubling the capacity that we're bringing on stream. And that's just really a function of extremely strong demand that we're seeing in the UK.

是的，沒錯，絕對的。所以簡而言之，進展非常順利。您可能已經看到，就在上週，Arkady 和我們幾個人正式啟動了我們的資料中心，並將其推向了英國市場。實際上，這項功能將在接下來的一周左右上線，也就是未來幾天內。您可能還記得，我們​​最初是在六月宣布計劃在英國推出服務的，而實際上，從六月到現在，我們已經接近將產能翻倍。這實際上源於我們在英國看到的極其強勁的需求。

And actually, as is often the case with the new capacity that we bring on even before going live, we're pretty much sold out, so if not already fully sold out with that capacity. So that's a trend that just continues.

事實上，就像我們新增的產能經常出現的情況一樣，甚至在正式投入使用之前，就已經幾乎售罄，甚至可能已經完全售罄。所以這種趨勢還在持續。

I would just say overall, a few words about the UK actually, I mean, we're very bullish actually about the opportunity in the UK. It's a vibrant AI market. It's probably one of the most dynamic that we see outside of US. and China. The government is making a big push to support the growth of the industry and having a reasonable degree of success in this field.

我只想簡單說幾句關於英國的事，事實上，我們對英國的機會非常看好。這是一個充滿活力的AI市場。它可能是除美國和中國以外，我們所看到的最具活力的經濟體之一。政府正大力支持該行業的發展，並且在這一領域取得了相當程度的成功。

So there's a -- we see a lot of AI startups. We see environment is strong. You also see some of the kind of the large tech companies establishing regional R&D and presence there. So really, there's a lot happening in the UK and we think a lot still to come for Nebius in UK.

所以我們看到了很多人工智慧新創公司。我們看到環境狀況良好。你也會看到一些大型科技公司在那裡建立區域研發中心和分公司。所以說，英國現在有很多事情正在發生，我們認為 Nebius 在英國還有很多發展空間。

And we're very happy to be there. And actually, although this specific facility that we have, I think, with the capacity once by January, we'll have reached the peak capacity there, we see a lot of other opportunities to expand capacity in the UK overall.

我們很高興能來到這裡。事實上，雖然我們擁有的這個特定設施，我認為，到一月份，其產能將達到峰值，但我們看到在英國整體上還有很多其他擴大產能的機會。

Great. Let's see. In terms of -- we'll take another question on capacity. So you mentioned this quarter that you're fully sold out of available capacity. What are your constraints to growing in the near term and medium term to capture more of that demand? And could you also address some of the recent comments in the market around power equipment constraints?

偉大的。讓我們來看看。關於容量方面－我們再回答一個相關問題。您提到本季所有可用產能都已售罄。在短期和中期內，您在發展以滿足更多需求方面面臨哪些限制因素？您能否也談談近期市場上關於電力設備限制的一些評論？

Yeah, I'll take it. Yes. Thanks, Neil. As we discussed in most of the previous question, capacity remains our main bottleneck, everything we deploy we sell. And we see the demand that continues to significantly outstrip our supply each time we add new customers. So in near term, the key challenges to increasing capacity are securing power and supply chain, and we're addressing this. We have managed these situations in the past, have quite a bit of expertise, both building on the data centers and operating those. So overall, we are managing.

好的，我收下。是的。謝謝你，尼爾。正如我們在之前的大部分問題中討論的那樣，產能仍然是我們的主要瓶頸，我們部署的所有產能都會被售出。每次新增客戶，我們都會看到需求遠超過供應。因此，短期內提高產能的關鍵挑戰是保障電力和供應鏈，而我們正在努力解決這個問題。我們過去曾處理過這些情況，在資料中心的建置和營運方面都累積了相當多的專業知識。總的來說，我們還能應付。

Generally speaking, we are doing quite well actually with the pipeline. And when we spoke last quarter, I believe that we announced that we have secured the road map of the 1 gigawatt of the power. Now we are talking about the number, 2.5 gigawatts. And we are still putting a lot of focus on growing this number and making this number reliable and effective and actually bigger.

總的來說，我們的管道建設進展相當順利。上個季度我們談話時，我相信我們宣布已經制定了1吉瓦電力項目的路線圖。現在我們來談談這個數字，2.5吉瓦。我們仍然非常重視擴大這個數字，使這個數字可靠、有效，而且實際上更大。

Great. Thank you, Andrey. Online, we're getting just a few questions about any updates on the New Jersey facility. Andrey, do you want to take that?

偉大的。謝謝你，安德烈。在網路上，我們只收到一些關於新澤西州工廠最新進展的問題。安德烈，你想拿嗎？

Yeah, New Jersey facility goes as planned. And the first tranche already was handed over to Microsoft, and we are continuing on the further expansion.

是的，新澤西州的工廠運作一切順利。第一批產品已經交付給微軟，我們正在繼續進一步的擴展。

Great. All right. It looks like a question from online, maybe more of a market question.

偉大的。好的。這看起來像是來自網路的問題，或許更像是市場問題。

Are you concerned that we are in an AI bubble, Arkady?

阿卡迪，你是否擔心我們正處於人工智慧泡沫之中？

I asked this question these days. Well, what we see today, the demand is here, right? And we understand that we are in the center of a once-in-generation AI evolution. Much -- no doubt that much more compute will be needed and much more will be built. The situation of unbalanced demand supply is temporary, of course, eventually demand supply will level up.

我最近問了這個問題。嗯，我們現在看到的是，需求就在這裡，對吧？我們明白，我們正處於百年一遇的人工智慧變革的中心。毫無疑問，未來需要更多的運算資源，也會建造更多的運算設施。供需失衡的情況當然是暫時的，最終供需會趨於平衡。

And what we are doing in addition just to growing this raw capacity we are building our AI cloud, which will support real businesses, real industries, real enterprise market where AI will be creating value. And we are big believers that the AI industry in general in our sector specifically, it's going to be okay.

除了不斷提升現有能力之外，我們還在建立人工智慧雲，這將為真正的企業、真正的產業、真正的企業市場提供支持，讓人工智慧在其中創造價值。我們堅信，人工智慧產業，特別是我們所在的領域，將會發展得很好。

Ultimately, we just need to be sure that, a, we are diversified in terms of customers and workloads, and this is actually what our software is basically doing. B, that we invest conservatively and that we finance our growth responsibly, and we are very much focused on this.

歸根結底，我們只需要確保，a，我們在客戶和工作負載方面是多元化的，而這實際上正是我們的軟體基本上所做的事情。B，我們採取保守的投資方式，並以負責任的方式為我們的成長提供資金，我們非常注重這一點。

And also, while we're growing rapidly, 5x more a year, we still remain laser focused on maintaining healthy margins and a sustainable business model as a whole, in old days, I would say, healthy unit economics. So we are focused on that. And whatever comes will come, I would hope that we will be okay.

而且，雖然我們發展迅速，每年增長 5 倍，但我們仍然始終專注於保持健康的利潤率和可持續的整體商業模式，在過去，我會說，保持健康的單位經濟效益。所以我們現在專注於此。無論發生什麼，都會發生，我希望我們都能平安無事。

Next question is from Alex Platt from D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Alex Platt。

How should we think about the lead time between when power is connected to and when it is hooked up to GPUs and generating revenue? Andrey?

我們應該如何看待從接通電源到 GPU 連接並產生收益之間的延遲時間？安德烈？

Yeah, thanks, Neil. So on the technical side, it also depends if it's a new side or if it's expansion of a current side. But generally speaking, from the connected power and start of the GPU deployment until it can go in the platform and generate revenues anywhere from 6 to 12 weeks. If it's already existing site that can be even quicker. But generally, we also have a flexibility. That's why we are building infrastructure. We have a flexibility when we deploy and we -- when we deploy and how much we deploy.

是啊，謝謝你，尼爾。所以從技術角度來看，這還要取決於它是一個新的方面還是現有方面的擴展。但總的來說，從連接電源和開始部署 GPU 到將其安裝到平台中並產生收入，大約需要 6 到 12 週。如果是現有網站，速度會更快。但總的來說，我們也有一定的彈性。這就是我們建設基礎設施的原因。我們在部署方面具有靈活性，我們可以靈活地決定何時部署以及部署多少。

Great. Thanks, Andrey. All right. Question from online. Can you update us on your progress with your primary customer segments? Marc, can you help us with this?

偉大的。謝謝你，安德烈。好的。來自網路的問題。能否向我們報告您在主要客戶群方面的進展？馬克，你能幫我們解決這個問題嗎？

Certainly, certainly. We continue to see extremely strong demand from our customers in our core AI business. And we're continuing to expand business overall with our existing customers. As a matter of fact, we added a number of new customers in Q3, most notably some very disruptive start-ups like Cursor AI, Black Forest Labs and World Labs. I'm sure everybody has heard of Cursor.

當然，當然。我們看到客戶對我們核心人工智慧業務的需求持續強勁。我們將繼續與現有客戶共同拓展業務。事實上，我們在第三季新增了許多客戶，其中最值得注意的是一些極具顛覆性的新創公司，例如 Cursor AI、Black Forest Labs 和 World Labs。我相信大家都聽過 Cursor 這個軟體。

We're very proud to be their partner. For those that haven't, they're an extraordinarily popular AI-powered code editor that is helping millions of developers to write and debug and optimize their code faster, and they're making great strides into the enterprise.

我們非常榮幸能成為他們的合作夥伴。對於那些還不了解它的人來說，它是一款非常受歡迎的人工智慧程式碼編輯器，可以幫助數百萬開發者更快地編寫、調試和優化程式碼，並且正在向企業市場邁出重要一步。

Black Forest Labs is an interesting customer that is developing cutting-edge generative AI models, specifically for image and video generation. Their popular FLUX.1 model helps turn text and images into high-quality media-ready visuals.

Black Forest Labs 是一家有趣的客戶，該公司正在開發尖端的生成式人工智慧模型，特別是用於圖像和視訊生成。他們廣受歡迎的 FLUX.1 模型有助於將文字和圖像轉換為高品質的媒體可用視覺效果。

And World Labs is building something they call a large world model which is able to simulate 3D worlds, and it gives developers and AI engineers the necessary spatial awareness to build applications for things like media and gaming and architectural design and as well for physical AI and robotics.

World Labs 正在建立一個他們稱之為大型世界模型的東西，它能夠模擬 3D 世界，並為開發人員和人工智慧工程師提供必要的空間感知能力，以便為媒體、遊戲、建築設計以及物理人工智慧和機器人等領域建立應用程式。

We've also, as I mentioned, seen expansion with existing customers. As a matter of fact, as an example, we've seen expansion with our software vendor customers like Shopify. And then also, we've made great strides with our efforts around driving vertical market success, adding significant customers in our health care, life sciences part of the business. And we're also making significant advancements in physical AI and media and entertainment customer segments.

正如我之前提到的，我們也看到了現有客戶的業務成長。事實上，例如，我們已經看到像 Shopify 這樣的軟體供應商客戶實現了業務擴張。此外，我們在推動垂直市場成功方面也取得了長足進步，在醫療保健和生命科學業務領域增加了重要的客戶。我們在實體人工智慧以及媒體和娛樂客戶領域也取得了重大進展。

Great. Thank you, Marc. Maybe a question to -- it looks like this is a question for Dado.

偉大的。謝謝你，馬克。或許應該問——看來這個問題應該要問Dado。

A few people are asking, any puts and takes that you can provide on your revised 2025 year-end revenue guidance?

有人問，您能否就修訂後的 2025 年末營收預期提供一些看法？

Well, our business is actually scaling rapidly. There can always be fluctuations in the exact time of deployments in such a fast-growing company like ours. And our focus remains on building a very large company, obviously much larger than today and significantly bigger than our plans for 2026. This was and continues to be our main focus. In any event, our annualized run rate revenue, which is a better reflection of our future growth opportunity continues to expand, demonstrating the resilience and scalability of our business model. As such, we remain well on track to hit our ARR guidance range of $900 million to $1.1 billion at the end of 2025, while also paving the way from substantial revenue growth in 2026 and beyond.

事實上，我們的業務正在快速擴張。在我們這樣快速發展的公司裡，部署的具體時間總是可能會有所波動。我們的重點仍然是打造一家規模龐大的公司，顯然比現在大得多，也比我們 2026 年的計畫大得多。這過去是、現在仍然是我們的主要關注點。總之，我們的年度運行率收入（更能反映我們未來的成長機會）持續成長，證明了我們商業模式的韌性和可擴展性。因此，我們仍有望在 2025 年底實現 9 億美元至 11 億美元的年度經常性收入 (ARR) 目標，同時為 2026 年及以後的大幅收入成長鋪平道路。

Great. Thank you, Dado.

偉大的。謝謝你，達多。

See a question from the online community. How is your enterprise initiative ramping up?

請參閱來自線上社群的問題。您的企業計畫進度如何？

We seem to make some good improvements there over the past couple of quarters.

過去幾個季度，我們在這方面似乎取得了一些不錯的進步。

Marc, do you want to help take this?

馬克，你想幫忙嗎？

Certainly, certainly. Yes, we are making strides with regard to becoming enterprise ready. As you saw with the launch of Nebius 3.0, what we call Aether, we've delivered a number of AI cloud improvements to support enterprise requirements. As an example, in the Aether release, we are delivering really important compliance and security certifications.

當然，當然。是的，我們在為企業做好準備方面正在取得長足進步。正如您在 Nebius 3.0（我們稱之為 Aether）的發布中看到的那樣，我們已經提供了一系列 AI 雲端改進，以支援企業需求。例如，在 Aether 版本中，我們提供了非常重要的合規性和安全性認證。

And we did this, as a matter of fact, in a matter of months when it would normally take other organizations a lot longer to deliver these types of capabilities. As a matter of fact, as well, we delivered some important functionality that enables enterprise administrators to proactively manage their implementation. So tooling and controls like identity and access management and dashboards for evaluating the performance and security of their implementation.

事實上，我們只花了幾個月的時間就完成了這項工作，而其他組織通常需要更長的時間來交付這些類型的能力。事實上，我們也提供了一些重要的功能，使企業管理員能夠主動管理其部署。因此，還需要身份和存取管理等工具和控制措施，以及用於評估其實施效能和安全性的儀表板。

I think as we all know, the sort of the critical foundation for enterprise readiness is to have these kinds of compliance and security certifications in place and the enterprise functionality that enterprises are looking for. And the third is to have an enterprise-ready sales team. On that front, we are adding a number of key leaders to our organization and we are expanding the overall sales organization for coverage in enterprise software vendors and key verticals. It will take some time for the sales team to ramp, but we are building the foundation between the functionality that I mentioned and the overall team coverage that I think will set us up for a strong 2026 with enterprises.

我認為我們都知道，企業做好準備的關鍵基礎在於具備合規性和安全認證，以及企業所需的功能。第三點是要擁有一支能夠勝任企業級銷售工作的團隊。在這方面，我們正在為組織增加一些關鍵領導者，並且我們正在擴大整體銷售組織，以涵蓋企業軟體供應商和關鍵垂直行業。銷售團隊需要一些時間來提升能力，但我們正在建立我提到的功能和整體團隊覆蓋範圍之間的基礎，我認為這將使我們在 2026 年與企業客戶取得強勁的合作。

Great. Thank you, Marc. Keeping with our online investor base, you recently launched Token Factory. What is the opportunity around this? And will this expand your market or open up new segments? Maybe we'll ask Roman to take this one.

偉大的。謝謝你，馬克。為了更好地服務我們的線上投資者群體，你們最近推出了 Token Factory。這其中蘊含著怎樣的機會？這是否會擴大您的市場或開拓新的細分市場？或許我們可以讓羅曼來做這件事。

Yeah, thank you, Neil. Happy to talk about our new launch. So I will start a little bit from demand evolution. We fairly see now the next wave of AI demand growth. And it's mostly driven by the companies, by the people who apply AI to real-world applications across all industries in B2C and B2B. It's not necessarily foundational model builders like it was, let's call it, in the first wave.

是的，謝謝你，尼爾。很高興和大家聊聊我們的新產品發布。那麼，我將從需求演變的角度來談談這個問題。我們現在基本上已經看到了下一波人工智慧需求成長的浪潮。而這主要由企業推動，由那些將人工智慧應用於 B2C 和 B2B 各行業實際應用的人所推動。它不一定像第一波浪潮中那樣，是基礎模型建構者。

And we, as Nebius realized that we needed our inference-as-a-service offering to make it serve a broader set of customers, including enterprises. So Token factory gives vertical AI product builders, ISVs and enterprises a platform to build, we call it Flywheel of applying LLMs and vertical AI use cases at scale, transforming -- we help them to transform open source models into optimized production-ready systems with guaranteed performance and transparent cost per Token.

我們 Nebius 意識到，我們需要將推理即服務產品推廣到更廣泛的客戶群，包括企業客戶。因此，Token factory 為垂直 AI 產品構建者、ISV 和企業提供了一個平台，用於構建我們稱之為飛輪的大規模應用 LLM 和垂直 AI 用例，從而實現轉型——我們幫助他們將開源模型轉換為優化的生產就緒系統，並保證性能和每個代幣的透明成本。

We obviously leverage the underlying infrastructure to bring the most efficient, scalable solution to our customers when they can be sure that they get the best total cost of ownership and can confidently grow with us. So as a result, organizations can deploy and scale models such as OpenAI OSS, Qwen, DeepSeek, Llama, Nematron and many others on dedicated endpoints with guaranteed performance tuned for the super latency and 99.9% uptime. So in total, I must say we are excited about the opportunity of inference workloads. We believe that all companies will invest in inference to productize AI. And for us, like it will require significantly more compute and will support this wave of growth as well as we do for foundational model builders.

我們顯然會利用底層基礎設施，為客戶帶來最高效、可擴展的解決方案，確保他們獲得最佳的整體擁有成本，並能與我們共同成長。因此，組織可以在專用端點上部署和擴展 OpenAI OSS、Qwen、DeepSeek、Llama、Nematron 等眾多模型，並保證針對超低延遲進行最佳化的效能和 99.9% 的正常運行時間。總而言之，我們對推理工作負載的機會感到非常興奮。我們相信所有公司都會投資於推理技術，以實現人工智慧的產品化。對我們來說，這就像需要更多的運算能力，並且會像我們為基礎模型建構者所做的那樣，支持這波成長浪潮。

Great. Thank you, Roman. Jumping back to online, it looks like we have some additional questions here.

偉大的。謝謝你，羅曼。回到線上，看來我們還有一些其他問題。

What demand are you seeing for new Blackwell generation? And how is this demand from the previous Hopper generation? Marc?

您認為新一代 Blackwell 產品的需求為何？那麼，這種需求與上一代 Hopper 相比如何呢？馬克？

Yeah, certainly. Thank you, Neil. Demand remains very strong across all types of GPUs. And as we said, we sold out our capacity in Q3, and that's across all types. And we're nearly sold out with respect to Q4. Talking about the Hoppers, we continue to see extremely positive demand for these chips. an interesting set of dynamics that we're experiencing is that as customers come to their renewal for Hoppers or if they're looking to upgrade to, say, Blackwells, in both cases, we're typically selling them immediately and often case -- and often at better pricing than they were previously priced as we're actually in tandem rolling out the Blackwell. So very strong demand profile for existing Hoppers.

當然可以。謝謝你，尼爾。各類GPU的需求依然非常強勁。正如我們所說，我們在第三季的所有產能都已售罄，而且涵蓋所有類型。第四季的票幾乎已經售罄。說到 Hopper 晶片，我們持續看到市場對這些晶片的極高需求。我們觀察到一個有趣的現象：當客戶續訂 Hopper 晶片，或者想要升級到 Blackwell 晶片時，我們通常都能立即售出 Hopper 晶片，而且往往是整箱售出——價格通常比之前更優惠，因為我們實際上是在同步推出 Blackwell 晶片。因此，現有料斗的需求非常強勁。

We're also seeing very strong demand for Blackwells. And we're benefiting from the fact that we're one of the first companies to deliver them in the market. In our Israel data center, we launched with B200s. And in our UK data center, we launched with B300s.

我們也看到市場對 Blackwells 的需求非常強勁。我們之所以受益，是因為我們是市場上首批提供這些產品的公司之一。我們在以色列的資料中心最初使用的是 B200 型伺服器。在英國資料中心，我們率先採用了 B300 機型。

And we've essentially presold much of that capacity before these facilities even opened. We're very excited as well that we're launching GB300s. We're the first to do so in Europe, which will be coming online in our Finnish data center later this quarter in December.

而且，在這些設施正式啟用之前，我們基本上已經預售了其中大部分的產能。我們也非常興奮地宣布，GB300s即將上市。我們是歐洲首家這樣做的公司，這項服務將於本季晚些時候，也就是 12 月，在我們位於芬蘭的資料中心上線。

Thinking about in production capacity, we're right now, as I mentioned, selling the remnants of Q4, but we're also now preselling new capacity being delivered in future quarters. So we're seeing a very strong demand across all types of GPUs. And as I mentioned earlier and as Andrey mentioned earlier, we're working in close partnership with Andrey's team to make sure that our sales pipeline allows us to drive our model in order to be able to support GPU requirements in subsequent quarters.

就產能而言，正如我剛才提到的，我們現在正在銷售第四季度的剩餘產能，但我們現在也在預售未來幾季交付的新產能。因此，我們看到各種類型的GPU都有非常強勁的需求。正如我之前提到的，也正如 Andrey 之前提到的，我們正在與 Andrey 的團隊緊密合作，以確保我們的銷售管道能夠推動我們的模式，從而能夠在接下來的幾個季度滿足 GPU 需求。

Perfect. Thank you, Marc.

完美的。謝謝你，馬克。

Another question from Alex Platt from D.A. Davidson. He's asking about our strategy regarding larger deals. Do we have medium-term capacity targeted for these deals and customers? Arkady?

來自 D.A. Davidson 的 Alex Platt 又提出了一個問題。他想了解我們針對大型交易的策略。我們是否有針對這些交易和客戶的中期產能目標？阿卡迪？

We are very opportunistic here. The demand is there, not only for our everyday deals, but for large mega deals as well. And we'll enter into the deals which provide us with the best margins. We're very much focused on margins and profitability, not only on growth itself and all our decisions actually are derived from there.

我們在這裡非常善於抓住機會。市集需求旺盛，不僅日常優惠活動如此，大型特惠活動也是如此。我們會簽訂利潤率最高的交易。我們非常注重利潤率和獲利能力，而不僅僅是成長本身，我們所有的決策實際上都是由此而來。

Great. Thank you, Arkady. Next question from Andrew Beale from Arete. Can you provide more details regarding some of the greenfield sites? Do you have LOIs for further new US and EU DC locations? Or are you further down the road with these? Andrey?

偉大的。謝謝你，阿爾卡季。來自 Arete 的 Andrew Beale 的下一個問題。您能否提供一些新建項目地點的更多詳細資訊？你們是否已收到更多美國和歐盟新配送中心選址的意向書？或者您在這些方面已經取得了更大的進展？安德烈？

Yeah, hanks, Neil. Generally, we are making a great progress to bring more capacity. We have a robust pipeline, both in Europe and US. We mentioned that we are on the way of securing 2.5 gigawatts of road map for the power -- in the next year, we are in LOI stage and also further down the road as well. But we are not in a position to say more at this stage.

是啊，謝謝，尼爾。整體而言，我們在提升產能方面取得了巨大進展。我們在歐洲和美國都擁有強大的產品線。我們提到，我們正在努力確保 2.5 吉瓦的電力路線圖——明年，我們將進入意向書階段，未來也會有更多進展。但現階段我們不便透露更多資訊。

Great. All right. Question from online.

偉大的。好的。來自網路的問題。

Can you provide an update on your facility in Israel? Tom?

能否提供您在以色列的工廠的最新情況？湯姆？

Yeah, sure. So as you can see, we're growing rapidly. So just last week, we were in the UK launching. And just a couple of weeks before that, we were in Israel. And actually, the data center facility that we have there is already fully live. And as I think we've made various references to Marc's mentioned previously, again, that was the capacity that was effectively even presold, and we definitely have opportunities to expand further in terms of capacity.

當然可以。如您所見，我們發展迅速。就在上週，我們還在英國舉行了記者會。就在那之前的幾個星期，我們還在以色列。事實上，我們在那裡的資料中心設施已經全面投入使用。正如我們之前多次提到的 Marc 的產能一樣，這些產能實際上已經被預售一空，而且我們肯定有機會進一步擴大產能。

We think Israel is a great market. Again, we see a lot of demand. There's a lot happening in tech and in AI. And actually, one of the things that's interesting about the market, I mean, our decision to go in there was purely based on our own commercial considerations. We think there's a great -- there's a lot of growth for that.

我們認為以色列是一個巨大的市場。我們再次看到市場需求旺盛。科技和人工智慧領域正在發生很多事情。事實上，這個市場有趣的一點是，我們決定進入這個市場完全是出於我們自身的商業考量。我們認為這方面有很大的發展空間。

But actually, the government is also doing some interesting things really to stimulate further demand. And so they're actually effectively putting money to subsidize sort of AI start-ups and institutions and helping them to access the compute as a way of getting -- having the growth move faster. So we think it's -- anyway, we're doing great there. We have -- we think there's a great opportunity for us. And actually, the model there might even be a model that we think in other countries might look at that are thinking about building up their domestic demand and AI industry. So overall, going great.

但實際上，政府也正在採取一些有趣的措施來進一步刺激需求。因此，他們實際上是在有效地投入資金來補貼人工智慧新創公司和機構，幫助它們獲得運算資源，從而加快發展速度。所以我們認為——總之，我們在那裡做得很好。我們認為這是一個絕佳的機會。事實上，我們認為，其他國家在考慮發展國內需求和人工智慧產業時，或許可以藉鏡這種模式。總的來說，一切順利。

All right. From our online platform, let's see, how do you think about partnering with or buying potential companies that already have secured power or land or consolidating or consolidating other neoclouds? Arkady?

好的。從我們的線上平台來看，您如何考慮與已經擁有電力或土地的潛在公司合作或收購它們，或整合其他新雲端平台？阿卡迪？

Well, companies which secure power and land, again and again, it’s all about margins. We're pretty much focused on the margins when we enter into a new contract, when we're raising capital, when we're developing new plots for data centers, when we design those data centers, when we build our own racks, software and so we vertically integrate and we're looking on efficiency on each stage. We have looked into potential acquisitions of power and land market. But so far, our approach proves to bring, I would say, much higher margins so far.

嗯，那些掌握權力和土地的公司，歸根究底，一切都與利潤率有關。我們在簽訂新合約、籌集資金、開發新的資料中心用地、設計資料中心、建立自己的機架、軟體等方面都非常注重利潤率，因此我們進行垂直整合，並在每個階段都追求效率。我們已經考察了電力和土地市場的潛在收購機會。但就目前來看，我們的方法確實帶來了更高的利潤率。

So we are still moving further and further into building our own facilities and we're actually decreasing the share of our own over-colocated, rented facilities. More and more, it will be our own facilities. Obviously, we will continue to consider different opportunities.

因此，我們仍在不斷推進自建設施的建設，實際上我們正在減少過度集中、租賃的設施所佔的比例。我們將越來越多地使用自己的設施。顯然，我們會繼續考慮各種不同的機會。

But as you can see, we were able to secure a significant level of contracted power organically. So we strongly believe that sooner rather than later, the margins for the infrastructure business will play a significant role in the ability to the business to grow and develop. And we basically remain very focused on that.

但正如你所看到的，我們透過自身努力獲得了相當可觀的電力合約。因此我們堅信，基礎設施業務的利潤率遲早會對企業的成長和發展能力起到重要作用。我們基本上仍然非常專注於此。

That's great. Thank you, Arkady. All right.

那太棒了。謝謝你，阿爾卡季。好的。

Let's -- another question, kind of market-related question. Maybe this one will go to you, Arkady. Is there any chance that GPUs are oversupplied in the coming year as new suppliers come to the market?

讓我們再問一個問題，一個與市場相關的問題。阿爾卡季，也許這個會給你。明年隨著新供應商進入市場，GPU是否有可能出現供應過剩？

Two things here. First, we strongly believe that the market will still be supply constrained, at least in 2026, means that data center capacity will be the choking point. Also, as we mentioned earlier, we plan our capital spend in those three stages, land power, building the shell and facilities and then the GPUs. And this conservative stage approach keeps us from overspending actually and allows us to maintain a healthy financial position. If there are any changes to the market, we will be in good shape to weather any downturn, we hope.

這裡有兩點。首先，我們堅信市場至少在 2026 年仍將面臨供應受限的問題，這意味著資料中心容量將成為瓶頸。此外，正如我們之前提到的，我們的資本支出計畫分為三個階段：土地電力、建造外殼和設施，然後是GPU。這種保守的階段性方法實際上可以防止我們過度消費，並使我們能夠維持健康的財務狀況。如果市場出現任何變化，我們希望能夠順利度過任何經濟低迷期。

Let's see. A couple of our analysts are asking in terms of any big challenges regarding the completion of the Vineland facility or any challenges to meeting any performance obligations of your Microsoft deal?

讓我們來看看。我們的幾位分析師詢問，Vineland 工廠的完工是否存在任何重大挑戰，或者在履行與微軟的交易義務方面是否存在任何挑戰？

Thanks, Neil. I think I already spoke about it. So yes, as of today, it goes as planned, and we already handed over the first tranche to the Microsoft. So we continue on working according to the plan.

謝謝你，尼爾。我想我之前已經說過這​​件事了。是的，截至目前，一切按計劃進行，我們已經將第一批款項交付給了微軟。所以我們會繼續按照計畫進行工作。

Great. Thank you. All right. I think we'll end the call there. Thank you, everyone, for joining, and we will speak to you again next quarter.

偉大的。謝謝。好的。我想我們今天就結束通話吧。感謝各位的參與，我們下個季度再見。