Nebius Group NV (NBIS) 2026 Q2 法說會逐字稿

Welcome to Nebius Group's Q2 2026 earnings conference call. (Operator Instructions)

歡迎參加 Nebius Group 2026 年第二季財報電話會議。(接線員指示)

I will now hand over to Gili Naftalovich, Head of Investor Relations, to start the call.

現在我將把電話交給投資人關係主管 Gili Naftalovich 來開始本次會議。

Hi, everyone, and welcome to Nebius' second-quarter 2026 earnings conference call. Joining us on the call today, we have our CEO, Arkady; our CFO, Dado, and the broader Nebius management team.

各位好，歡迎參加 Nebius 2026 年第二季財報電話會議。今天與會的有我們的執行長 Arkady、財務長 Dado，以及 Nebius 更廣泛的管理團隊。

Before we get started, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 20-F for a list of our risk factors.

在開始之前，我先快速說明「安全港」聲明。我們今天就業務營運與財務表現所做的部分陳述，可能被視為前瞻性陳述。此類陳述係基於目前的預期與假設，並可能受到多項風險與不確定性影響。實際結果可能出現重大差異。請參閱我們的 Form 20-F，以了解風險因素清單。

We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release. All earnings-related documents are distributed and available to the public through our Investor Relations website, which can be found at nebius.com.

我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。非 GAAP 與 GAAP 指標之調節表已包含於今日的財報新聞稿中。所有與財報相關的文件均已發布，並可透過我們的投資人關係網站供大眾查閱，網址為 nebius.com。

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

接下來我想把電話交給 Arkady。

Thanks, Gili, and welcome, everyone, to our call today. I would like to provide our investors with a better understanding of our business model.

謝謝你，Gili，也歡迎各位參加今天的電話會議。我想讓投資人更了解我們的商業模式。

We had an excellent quarter. The demand for what we are building continues to be enormous, and we have the right business model to capture it. We build capacity ahead of contracts and use our multi-tenant cloud and our software stack to support our customers, AI-natives, agentic AI leaders, neolabs, and some of the most sophisticated enterprises.

我們本季表現非常出色。市場對我們正在打造的產品與服務需求依然極為龐大，而我們也具備能夠掌握這股需求的正確商業模式。我們在簽約之前就先行建置產能，並運用我們的多租戶雲端與軟體堆疊來支援客戶，包括 AI 原生公司、代理式 AI 領導者、新型實驗室（neolabs），以及一些最成熟的企業客戶。

Our strategy is working. We choose when to sell, to whom we sell, and on what terms, and how we finance everything. This flexibility allows us to meet the needs of independent AI builders and to support an open, diverse and competitive market. We address customer needs with three types of deals. Each has a different duration, pricing and role in our business.

我們的策略正在奏效。我們可以選擇何時銷售、賣給誰、以什麼條件銷售，以及如何為一切提供資金。這種彈性讓我們能滿足獨立 AI 建構者的需求，並支持一個開放、多元且具競爭力的市場。我們透過三種類型的交易來滿足客戶需求。每一種交易在期限、定價與在我們業務中的角色都不同。

First, for our core AI cloud business. We have midterm contracts of one to three years with the world's most ambitious AI companies. This quarter alone, we closed four landmark deals, with Reflection, Cohere as well as with a scaled US new lab, and a large US-based quant trading firm.

首先是我們核心的 AI 雲端業務。我們與全球最具企圖心的 AI 公司簽訂為期一到三年的中期合約。僅在本季，我們就完成了四筆具里程碑意義的交易，對象包括 Reflection、Cohere，以及一家已具規模的美國新型實驗室，還有一家大型美國量化交易公司。

These deals were for an average of more than $1 billion each. They represent a yield of $20 million to $25 million per megawatt, with upfront payments that cover 50%, 60% of the associated CapEx. But most importantly, we could sell today our entire 2027 capacity on these terms if we wanted to. But we're not doing this.

這些交易平均每筆金額超過 10 億美元。其對應的收益率為每兆瓦 2,000 萬至 2,500 萬美元，且預付款可覆蓋相關資本支出（CapEx）的 50% 至 60%。但最重要的是，如果我們願意，我們今天就可以用這些條件把 2027 年的全部產能賣掉。但我們不會這麼做。

We see that we can achieve higher value by retaining some capacity to serve shorter-term and immediate client needs. And here we come to the second type of deal, this is shorter-duration capacity, typically for up to six months for customers with an immediate time-bounded needs with high-value requirements. For this, they are ready to pay a significant premium. We're negotiating deals for $40 million to $50 million per megawatt range, and sometimes above, under this model. One of such deals has been signed just recently by the way.

我們看到，保留部分產能以服務較短期與即時的客戶需求，能創造更高價值。這就帶到第二種類型的交易：較短期限的產能，通常最長六個月，提供給有立即且具時間限制需求、並且要求高價值規格的客戶。為此，他們願意支付顯著溢價。在此模式下，我們正在洽談每兆瓦 4,000 萬至 5,000 萬美元、甚至更高的交易。順帶一提，其中一筆交易最近剛簽署完成。

Both deal terms I just described are all coming online later this year. So they will not have a material effect on our 2026 revenue guidance. However, there will be -- they will definitely affect our 2027 revenue and beyond.

我剛才描述的兩種交易條款，都將在今年稍晚開始上線。因此，它們不會對我們 2026 年的營收指引造成重大影響。不過，它們肯定會影響我們 2027 年及之後的營收。

The third deal type, as we noted many times in the past, is our long-term contracts with investment-grade customers. They serve an important purpose. They help us to finance our build-out faster and more efficiently. The secured debt facility we raised in July was on the back of one of these deals. And with $40 billion in contracted backlog, we will do more of this.

第三種類型的交易，如同我們過去多次提到的，是與投資等級客戶簽訂的長期合約。它們具有重要目的。它們幫助我們更快、更有效率地為擴建計畫提供融資。我們在 7 月籌得的擔保債務融資額度，就是以其中一筆交易為基礎。而在擁有 400 億美元的已簽約積壓訂單（contracted backlog）之下，我們還會做更多這類安排。

We are constantly building, innovating and developing our software stack, technological offerings and services. But today, I would like to focus on different types of innovations from this quarter. We launched our first capacity auction.

我們持續建置、創新並開發我們的軟體堆疊、技術產品與服務。但今天我想聚焦於本季不同類型的創新。我們推出了首次的產能拍賣。

It was very successful and cleared at the highest price we have seen for the Blackwell generation of chips, 15% above the highest price we ever charged before. This gives us a strong signal on the value of this capacity in the market in real time. This was an innovation of sorts on the go-to-market side.

拍賣非常成功，並以我們在 Blackwell 世代晶片上所見過的最高價格成交，比我們過去收取的最高價格高出 15%。這讓我們能即時獲得市場對該產能價值的強烈訊號。這可說是在市場進入策略（go-to-market）面的一項創新。

On the capacity side, we're also innovating in how we build. For example, our asset-light partnership model, which we introduced this quarter, provides an additional way for us to scale. This model addresses the two constraints of our industry, which is capital and capacity.

在產能面，我們也在建置方式上持續創新。例如，我們本季推出的輕資產合作夥伴模式，為我們提供了另一種擴張方式。此模式針對本產業的兩大限制：資本與產能。

Partners finance, build, and operate the facilities, whereas Nebius brings the full-stack platform and the demand. We provide value-added services that sit on top of our partners' infrastructure, which delivers us with high-margin revenue and requires minimum balance sheet capital. This model has the potential to unlock new capacity for us in 2027 and beyond.

合作夥伴負責為設施提供資金、建置並營運，而 Nebius 則提供全堆疊平台與需求。我們在合作夥伴的基礎設施之上提供加值服務，為我們帶來高毛利營收，且僅需極少的資產負債表資本投入。此模式有潛力在 2027 年及之後為我們解鎖新增產能。

We continue to build our future capacity pipeline through our own and colocated sites, and today raise our year-end contracted power target to 5 gigawatts. Our future capacity pipeline effectively makes Nebius one of just a few companies in the world able to build more than 1 gigawatt of new capacity a year. And we plan to do so in 2027.

我們持續透過自建與共置（colocated）機房據點來打造未來產能管線，並在今天將年底已簽約電力目標上調至 5 吉瓦。我們的未來產能管線，實質上使 Nebius 成為全球少數每年能建置超過 1 吉瓦新增產能的公司之一。我們計畫在 2027 年做到這一點。

So to close, everything we set out to do this quarter, we have done. And in most cases, we have done more. Landmark deals in our core market, on better terms than we expected. Capacity rising to meet demand and the platform meeting the needs of the industry.

最後總結，本季我們設定要完成的所有事項都已完成。而且在多數情況下，我們做得更多。在核心市場完成具里程碑意義的交易，條件優於我們原先預期。產能提升以滿足需求，而平台也滿足了產業的需要。

We are not just reporting a strong quarter behind us. It's much more than that. We see the demand, we see the supply. We see deal terms for 2027 and beyond. Given our future capacity plans, including for '27, we cannot be more excited about the future.

我們不只是回顧一個表現強勁的季度。這遠不止於此。我們看到了需求，也看到了供給。我們看到了 2027 年及之後的交易條款。考量我們未來的產能規劃（包括 2027 年），我們對未來感到無比振奮。

And on this optimistic note, let me hand it over to Dado.

在這個樂觀的基調下，讓我把時間交給 Dado。

Thank you, Arkady. We entered the second half of the year with strong momentum as we successfully executed our strategy in the first half. We again delivered triple-digit revenue and ARR growth in Q2, even before most of our 2026 capacity comes online in the second half of the year. This was coupled with a significant expansion in adjusted EBITDA margin while strengthening our funding position, which was supported by substantial customer prepayment terms and expanded sources of our capital.

謝謝你，Arkady。我們以強勁動能進入下半年，因為我們在上半年成功執行了策略。即使我們 2026 年的大部分產能要到下半年才會上線，我們仍在第二季再次實現營收與 ARR 的三位數成長。同時，在強化資金狀況的情況下，我們的調整後 EBITDA 利潤率也顯著擴張；這得益於客戶可觀的預付款條款以及我們資本來源的擴大。

This start is strong and keeps us on track to achieve both our strategic and financial objectives for the year. I will touch on the progress we achieved in Q2, share details on our financial results, and conclude with our annual guidance, which we are reaffirming today. Please note that all comparisons are year over year unless noted otherwise.

這個開局很強勁，使我們按計畫達成今年的策略與財務目標。我將談談我們在第二季取得的進展，分享財務結果的細節，並以我們今天重申的全年指引作結。請注意，除非另有說明，所有比較皆為年對年。

Let's start with revenue and ARR. In Q2, we grew Group revenue by 454% to $582 million, up 46% from last quarter. Our Nebius AI business grew even faster, increasing 514% from last year to $575 million and generating 98% of group revenue. Annualized run rate revenue reached $3 billion at the end of June, up 598% and increased 56% (sic - see press release, "58%") from $1.9 billion at the end of March.

先從營收與 ARR 談起。第二季，我們的集團營收成長 454% 至 5.82 億美元，較上季成長 46%。我們的 Nebius AI 業務成長更快，較去年增加 514% 至 5.75 億美元，貢獻集團營收的 98%。截至 6 月底，年化運行率營收達到 30 億美元，年增 598%，並較 3 月底的 19 億美元增加 56%（原文如此——見新聞稿，「58%」）。

Revenue was driven by capacity added in Q1, higher utilization and high-margin revenue from our new asset-light business model, Token Factory, and our recent acquisitions. Higher utilization was driven by improvements in our underlying infrastructure efficiency. And once again, we sold out of capacity because, as fast as we bring capacity online, we can sell it.

營收主要由第一季新增產能、更高的使用率、來自我們新資產輕量化商業模式 Token Factory 的高毛利營收，以及近期收購所帶動。更高的使用率來自我們底層基礎設施效率的改善。而且再一次，我們的產能全數售罄，因為我們上線產能的速度有多快，就能以同樣速度把它賣出去。

Turning to profitability, group adjusted EBITDA was $236 million, compared to a loss of $21 million a year ago and $129.5 million last quarter. Group adjusted EBITDA margin was 41%, up from 32% in Q1. Our Nebius AI business generated adjusted EBITDA of $286 million (sic - see press release, "$236 million") at a margin of 50%. The delta between Group and the Nebius AI business margin reflects our investments in Avride and TripleTen, both are still early stage companies. And we expect the Nebius AI business to continue to represent the significant majority of group adjusted EBITDA.

再看獲利能力，集團調整後 EBITDA 為 2.36 億美元，相較一年前虧損 2,100 萬美元，以及上季的 1.295 億美元。集團調整後 EBITDA 利潤率為 41%，高於第一季的 32%。我們的 Nebius AI 業務產生調整後 EBITDA 2.86 億美元（原文如此——見新聞稿，「2.36 億美元」），利潤率為 50%。集團與 Nebius AI 業務利潤率之間的差異，反映了我們對 Avride 與 TripleTen 的投資，兩者仍屬早期階段公司。我們預期 Nebius AI 業務將持續貢獻集團調整後 EBITDA 的絕大部分。

The increase in profitability is a result of higher revenue and the early contribution of our asset-light model as well as Token Factory and our recent acquisitions. Even as we continue to invest in growth, we see a clear path to capturing more margin, not just this year, but in 2027 and well beyond. We have visibility into pricing and expect capacity coming online from our own data center to begin improving margins in the second half of next year.

獲利能力的提升，源自更高的營收，以及我們資產輕量化模式、Token Factory 與近期收購的早期貢獻。即使我們持續投資成長，我們也清楚看到提升利潤率的路徑，不僅是今年，還包括 2027 年及更長遠的未來。我們對定價具備可見度，並預期自有資料中心上線的產能將在明年下半年開始改善利潤率。

Now turning to our balance sheet, prepayments from our customers reached an all-time high in the quarter. Roughly 70% of the deals we closed in Q2 included an upfront prepayment. In total, customers' prepayments will bring in more than $9 billion of upfront funding this year, directly reducing the capital we need from debt and equity.

接著看資產負債表，本季客戶預付款達到歷史新高。我們在第二季完成的交易中，約 70% 包含預先支付的預付款。合計而言，客戶預付款今年將帶來超過 90 億美元的前置資金，直接降低我們對債務與股權資金的需求。

Operating cash was $2.3 billion in the quarter, and we ended the period with $8 billion in cash and cash equivalents. In Q2, we also tapped our at-the-market equity program. We issued 12.7 million Class A shares at a weighted average price of $224 per share, generating gross proceeds of approximately $2.8 billion. As of June 30, 12.3 million shares remain available under the program.

本季營運現金為 23 億美元，期末我們持有 80 億美元的現金及約當現金。第二季，我們也動用了按市價發行（ATM）股權計畫。我們以每股 224 美元的加權平均價格發行 1,270 萬股 A 類普通股，產生約 28 億美元的總募集資金。截至 6 月 30 日，該計畫下仍有 1,230 萬股可供發行。

We view the ATM as a flexible funding tool, and it remains an option in our arsenal rather than a commitment. In July, we announced our first asset-backed debt facility for $775 million. This facility is secured against contracted cash flows and priced at a modest spread over benchmark rates. Its rate today is equivalent to a mid-single-digit percentage. And we have more than $40 billion of additional customer commitments at similar terms based on the strategic deals we have entered into with investment-grade companies.

我們將 ATM 視為一項具彈性的融資工具，它是我們工具箱中的選項，而非承諾。7 月，我們宣布首筆資產擔保債務融資額度，規模為 7.75 億美元。該融資以已簽約的現金流作為擔保，定價為基準利率之上小幅加點。以目前利率水準，其利率約相當於中個位數百分比。此外，基於我們與投資級公司簽訂的策略性交易，我們還有超過 400 億美元、條款相近的額外客戶承諾。

We will continue to diversify our funding sources while maintaining a balanced mix of debt and equity. We are progressing on additional asset-backed financing and continue to evaluate corporate-level debt and additional financing instruments.

我們將在維持債務與股權均衡組合的同時，持續多元化資金來源。我們正推進更多資產擔保融資，並持續評估公司層級債務及其他融資工具。

Turning next to CapEx, in Q2, capital expenditures were approximately $5.7 billion, driven primarily by purchases of GPUs, GPU-related hardware, and our data center expansion. Our capital investments to date position us to achieve our capacity plans for the year.

接著談資本支出（CapEx），第二季資本支出約為 57 億美元，主要由 GPU、GPU 相關硬體採購以及資料中心擴建所驅動。截至目前的資本投資，使我們具備達成今年產能計畫的條件。

Let me turn to outlook, the solid progress we have achieved in the first half of the year bolsters our confidence in our outlook for 2026. As such, we are reaffirming our full-year 2026 guidance across all metrics. We continue to expect annualized run rate revenue of $7 billion to $9 billion, group revenue of between $3 billion and $3.4 billion, group adjusted EBITDA margin of approximately 40%, and capital expenditures of $20 billion to $25 billion. And we remain confident in our ability to accelerate capacity deployment in the second half of the year and expect capacity deployed late in Q2 to begin contributing to revenue in Q3.

接下來談展望，我們在上半年取得的扎實進展，增強了我們對 2026 年展望的信心。因此，我們今天重申 2026 全年在所有指標上的指引。我們仍預期年化運行率營收為 70 億至 90 億美元，集團營收介於 30 億至 34 億美元之間，集團調整後 EBITDA 利潤率約 40%，資本支出為 200 億至 250 億美元。我們仍對在下半年加速產能部署充滿信心，並預期第二季末部署的產能將在第三季開始貢獻營收。

As Arkady said, we are now building capacity for 2027 demand, supported by customer commitments already in place and providing near-term visibility into the revenue associated with this investment. And finally, we are actively pursuing opportunities to generate incremental high-margin revenue from our new models, our auction, our short-term capacity deals as well as our asset-light business.

如 Arkady 所說，我們現在正在為 2027 年的需求建置產能，並已有客戶承諾作為支撐，讓我們對與此投資相關的營收在短期內具備可見度。最後，我們正積極尋求機會，透過新模式、拍賣、短期產能交易以及資產輕量化業務，創造額外的高毛利營收。

In summary, our strong Q2 performance reflects our rigorous execution to scale the business profitably. We delivered solid revenue growth. We increased profitability. We opened a new capital-efficient path to capacity, and we expanded our funding alternatives. As we look ahead, we will continue to scale rapidly to capture the opportunity in front of us while remaining balanced, disciplined and focused on delivering long-term value for our shareholders.

總結來說，我們第二季的強勁表現反映了我們以嚴謹執行來實現獲利性擴張。我們交出穩健的營收成長。我們提升了獲利能力。我們開闢了一條更具資本效率的產能路徑，並擴大了融資替代方案。展望未來，我們將在保持平衡、紀律與專注於為股東創造長期價值的同時，持續快速擴張以把握眼前的機會。

And with that, I will turn the call over to Gili for Q&A.

接下來，我把電話會議交給 Gili 進行問答。

(Operator Instructions) I'll now hand back to the Nebius management team for the Q&A session.

(接線員指示) 我現在把會議交回 Nebius 管理團隊進行問答環節。

Thank you, operator, and thank you, Dado. Our first question comes in from [Ryan Lantz] from Morgan Stanley. With the Vineland, New Jersey data center site hearing adjourning without a vote, can we just get an update on the site? How is capacity tracking and with no vote taking place yet, how could this impact plans to ramp this site?

謝謝你，接線員，也謝謝你，Dado。我們的第一個問題來自摩根士丹利的 [Ryan Lantz]。由於新澤西州 Vineland 資料中心場址的聽證會在未表決的情況下休會，我們能否請你更新一下該場址的狀況？產能進度追蹤如何？在尚未進行表決的情況下，這可能會如何影響該場址的擴建爬坡計畫？

Tom, can you help us answer that?

Tom，你能幫我們回答那個問題嗎？

Yeah. Sure. Happy to. I'll start by touching on the public hearing side of things. And I guess maybe just one quick sort of general comment.

可以。當然。很樂意。我先從公聽會這一塊談起。我想先快速做一個比較概括性的評論。

Obviously, there's a broader set of issues and debate around data centers in the US These are things that we track very closely. And we've generally found that we have an effective approach to moving into new regions, which is based on coming in early, being very open, transparent about what we're doing, engaging the community, and actually answering the questions that come up; and we find that this is an effective approach, and the same approach that we've been applying in New Jersey around Vineland.

很明顯，美國對資料中心有一系列更廣泛的議題與辯論；這些都是我們密切追蹤的事項。而我們一般發現，我們進入新區域的方式是有效的：提早進場、對我們在做什麼保持非常開放與透明、與社區互動，並且實際回答出現的問題；我們發現這是一種有效的方法，而這也正是我們在新澤西州 Vineland 周邊一直採用的同一套做法。

So specifically around Vineland. So overall, we're on track with our delivery, and I'll let Andrey speak a little bit more -- in a bit more detail about that from kind of the construction and build-out side. But with respect to the public hearing, so what's happening right now?

所以具體到 Vineland。整體而言，我們的交付進度在軌道上；我會讓 Andrey 稍後從施工與建置的角度再更詳細說明。但就公聽會而言，目前正在發生什麼？

DataOne is seeking final approval for the amendment to their originally approved site layout plan. And the amendment to the site layout plan was a result of the decision to switch from the project's power source to Bloom. I'd say generally that the switch to Bloom, we think, significantly enhances the project, including from a community perspective. It's an on-site power solution delivering reliable power, quietly and ultra-low emissions.

DataOne 正在尋求對其原先已核准的基地配置平面圖修正案的最終核准。而這項基地配置平面圖的修正，是因為決定將該專案的電力來源切換為 Bloom。整體來說，我們認為改用 Bloom 會顯著提升專案品質，包括從社區觀點也是如此。這是一種現場供電解決方案，可提供可靠電力，且運轉安靜、排放極低。

I'd also say these types of hearings, these are all part of the normal process, and we very much build them into our schedule with these steps in mind. And so with respect to this hearing, on the layout plan. So we're confident that the layout complies with all the applicable local, state, and federal laws and regulations. And we're optimistic that once the public has been heard, this will move quickly to approval. And we'll definitely keep you updated as we have more news.

我也想說，這類聽證會都是正常流程的一部分，我們在排程時也會把這些步驟充分納入考量。因此就這次針對配置平面圖的聽證會而言，我們有信心該配置符合所有適用的地方、州與聯邦法律及法規。而且我們樂觀認為，在公眾意見被充分聽取後，將會很快進入核准程序。一旦有更多消息，我們一定會持續向各位更新。

But with that, maybe I can ask Andrey to add a couple of points just from the build-out side.

那麼，接下來我想請 Andrey 從建置進度的角度再補充幾點。

Yeah. Sure, Tom. Hello, everyone. Well, we delivered all the tranches that we were required to deliver under the contract up to date. And we have all the reasons to believe that we will continue to deliver the remaining tranches as required by the contract.

好的。當然，Tom。各位好。截至目前，我們已交付合約要求我們交付的所有批次（tranches）。而且我們有充分理由相信，我們將會持續依合約要求交付剩餘的批次。

And probably to add color, construction of the building itself finished earlier this summer, and engineering fit-out is progressing fairly well. And Bloom fuel cells deployment should be fast. And overall, the switch to Bloom has been a valuable and a good pivot for the project, we believe, and with no significant impact expected on the project time line.

再補充一些細節：建築本體的施工在今年夏初就已完成，而機電工程裝配（engineering fit-out）進展相當順利。Bloom 燃料電池的部署應該會很快。整體而言，我們認為改用 Bloom 對專案而言是有價值且良好的轉向，且預期不會對專案時程造成重大影響。

Okay. Thank you. Our next question is -- we're getting a lot of questions actually on this from the portal. Marc, maybe you can help us talk through our landmark deal announcements. Can you characterize how those processes ran and why these customers chose Nebius?

好的。謝謝。下一個問題是——其實我們從入口網站收到了很多關於這點的提問。Marc，也許你可以幫我們說明一下我們那些具里程碑意義的交易公告。你能描述一下這些流程是如何進行的，以及為什麼這些客戶選擇 Nebius 嗎？

Certainly. Thank you for the question. And we are very excited about these wins. Closing billion-dollar deals in our core AI cloud business is an important milestone in our go-to-market journey. It confirms our fundamental belief that we can build a diversified customer base at scale.

當然可以。謝謝你的提問。我們對這些勝利感到非常振奮。在我們核心的 AI 雲端業務中完成十億美元級別的交易，是我們市場拓展（go-to-market）旅程中的重要里程碑。這也印證了我們的核心信念：我們能以規模建立多元化的客戶基礎。

All four were competitive wins following a similar pattern. Our scale, performance and reliability were the differentiators. Also, each customer sees us as a long-term partner that they can grow with. In all cases, the customer already had an existing supplier, in some cases, hyperscaler, and they were looking to partner and expand with next-generation capacity and a platform.

這四筆都是在競爭中勝出的案子，且遵循相似的模式。我們的規模、效能與可靠性是主要差異化因素。此外，每位客戶都把我們視為可以共同成長的長期合作夥伴。在所有案例中，客戶原本就有既有供應商（有些甚至是超大規模雲端供應商 hyperscaler），而他們希望與我們合作，透過下一代的容量與平台來擴張。

As a matter of fact, let me tell you about one of these wins. They were introduced to us by a key strategic partner late in Q1. The customer was looking for a large-scale, contiguous GB 300 cluster, also flexibility for future expansion as well as strong technical support and a long-term strategic partnership. When we closed with them in May, they cited our responsiveness, our transparency, the white glove support they received, and our ability to provide their current US deployment needs, as well as future sovereign expansion as key differentiators.

事實上，讓我分享其中一個勝案。他們在第一季末由一位關鍵策略夥伴引薦給我們。該客戶在尋找大規模、連續的 GB 300 叢集，同時也需要未來擴充的彈性，以及強而有力的技術支援與長期策略合作關係。我們在 5 月完成簽約時，他們指出：我們的回應速度、透明度、他們所獲得的白手套式支援（white glove support），以及我們能同時滿足其目前在美國的部署需求與未來主權（sovereign）擴張需求，是關鍵差異化因素。

We are now in discussions with them for more capacity and they're exploring our inference solution, Token Factory. All of these wins were earned wins, not inbound walk-ins. We had multiple engagement cycles before closing. The customers validated our technology through hands-on POCs. One of them told us it was quite literally the best POC they have ever had.

我們目前正與他們討論更多容量，他們也在評估我們的推論解決方案 Token Factory。這些勝利都是我們主動爭取而來的，不是客戶主動上門。在成交前，我們經歷了多輪互動與接洽。客戶透過實作型的 POC 親自驗證了我們的技術。其中一位客戶告訴我們，這幾乎是他們做過最好的 POC。

We are already in discussions with several of them on post-training and inference to support their revenue plans and growth, and with all of them on significant additional capacity and next-generation chips, including Vera Rubins. And yes, we have more deals just like them. Our pipeline generation stepped up again in Q2 and includes multiple opportunities over $1 billion, spanning AI-natives, neolabs, and enterprises.

我們已經與其中幾家就訓練後（post-training）與推論進行討論，以支援他們的營收計畫與成長；並且與所有客戶就大量新增容量與下一代晶片（包括 Vera Rubins）進行洽談。是的，我們還有更多類似的交易。我們在第二季的商機管線（pipeline）生成再次提升，包含多個超過 10 億美元的機會，涵蓋 AI 原生公司（AI-natives）、新型實驗室（neolabs）以及企業客戶。

Thank you, Marc. The next question we have comes from Alex Duval, Goldman Sachs. Andrey, a large share of our deals we signed are tied to capacity arriving in late 2026 and through 2027. Given the sentiment around gigawatt-scale data center build-out, what gives you the confidence in our capacity ramp? And can you provide an update on our development time line?

謝謝你，Marc。下一個問題來自高盛的 Alex Duval。Andrey，我們簽下的交易中有很大一部分，與 2026 年底到 2027 年期間到位的容量綁定。考量到市場對於 GW（吉瓦）級資料中心建置的情緒，你對我們的容量爬坡有何信心來源？另外，你能提供我們開發時程的最新進度嗎？

Thank you, Gili. Well, we made a very good progress this year with our contracted power, and we're exceeding our end of the year projections much earlier for 2026, and we will be raising -- or we are raising actually the contracted power to 5 gigawatts now by the end of 2026. Almost all of that power will come online over the next 3, maybe to 3.5 years out of the contracted power that number that we mentioned.

謝謝你，Gili。我們今年在已簽約電力（contracted power）方面取得了非常好的進展；而且我們遠早於原先對 2026 年的年終預測就已超前達成，我們將——或者說我們實際上正在把已簽約電力在 2026 年底提高到 5 吉瓦。在我們提到的這個已簽約電力數字中，幾乎全部的電力將在未來大約 3 年、可能到 3.5 年內陸續上線。

And we are not stopping actually. This has been achieved by different region expansion and the mix of grid power and behind-the-meter power. We're also working on secured to have the access to the hundreds of megawatts of the generation behind the meter power already as of today.

而且我們其實不會停下來。這是透過不同區域的擴張，以及電網供電（grid power）與表後電力（behind-the-meter power）的組合所達成。我們也正在推進並確保能取得數百兆瓦等級的表後自發電電力之使用權，而且截至今天已經在進行中。

We're also excited about our partnership with Bloom, which allows us to unlock and expedite a lot of our sites. And also, I wanted to mention that the vast majority of our contracts is the cloud contracts, where we have the flexibility where within the region, we can deliver it, reducing the dependency on any one location. So over-provisioning the sites, over-provisioning the capacity is our highest priority for today, and I believe that will be the case for tomorrow as well. And general approach is we deploy as much capacity as we can and we try to build in advance as much as we can as well.

我們也對與 Bloom 的合作感到興奮，這讓我們能解鎖並加速許多站點的推進。另外我想提到，我們的合約絕大多數是雲端合約，在同一個區域內我們具備交付彈性，從而降低對單一地點的依賴。因此，站點超額配置、容量超額配置是我們當前的最高優先事項，我相信未來也會如此。我們的一般做法是：盡可能部署更多容量，同時也盡可能提前建置。

Thank you, Andrey. Arkady, we've had a number of questions come in on our strategy. The market is moving quickly. You mentioned prices are increasing and you plan to expand capacity by more than 1 gigawatt per year. You also announced a lot of new initiatives this quarter. Help us make sense of how these fit into our broader long-term strategy.

謝謝你，Andrey。Arkady，我們收到了不少關於我們策略的提問。市場變化很快。你提到價格正在上升，且你們計畫每年擴充超過 1 吉瓦的產能。你們本季也宣布了許多新舉措。請協助我們理解這些如何融入我們更廣泛的長期策略。

Yes, you're right. The market is evolving rapidly, actually even more rapidly than ever been expected. And the good thing about our business model and our platform as well is that they both allow us to evolve rapidly with the market. I will give you a couple of examples from just this quarter.

是的，你說得對。市場確實正在快速演進，甚至比以往任何預期都更快。而我們商業模式與平台的優點在於，它們都讓我們能夠隨市場快速演進。我用本季的幾個例子說明。

First, as we all see, prices are changing, changing fast, they're growing. And our model was built to build capacity in advance, but not to presell it in advance. And that is why we have this available capacity now that can allow us to allocate it to shorter-term and much high-margin contracts.

第一，如大家所見，價格正在變動、變得很快，而且在上升。我們的模式是為了提前建置產能，但不會提前預售產能。因此我們現在有可用產能，能讓我們把它配置到更短期、且毛利更高的合約上。

The second example would be, as I mentioned, we also launched our first auction this quarter. This is the auction for the midterm contracts. Why were we able to do so? And because again, we had free unallocated capacity, and we had our multi-tenant platform. And we're just realizing the benefits from it.

第二個例子是，如我提到的，我們本季也推出了第一次拍賣。這是針對中期合約的拍賣。我們為什麼能做到？因為同樣地，我們有未分配的閒置產能，且我們有多租戶平台。我們正在把這些優勢轉化為實際效益。

And we have similar flexibility on the capacity front. And again, it's a strategic advantage of the platform we have. The fact that our platform is universal and able to work on any third-party capacity gives us an opportunity to grow even faster. And this is what is the -- our asset-light model is all about.

在產能面向，我們也具備類似的彈性。這同樣是我們平台的策略優勢。我們的平台具備通用性，能在任何第三方產能上運作，讓我們有機會更快成長。這正是我們輕資產模式的核心。

So we see there are multiple ways to monetize the universality of our full-stack platform, on both software and hardware part of it. And the way we think about all of this is simple. This market is going to continue to move quickly and to grow quickly. And we will be sure that our business model and platform will stay flexible to allow us to capitalize, to use all this growth.

因此，我們看到有多種方式可以將我們全棧平台的通用性變現，涵蓋其軟體與硬體兩部分。我們對此的思考方式很簡單。這個市場將持續快速變動並快速成長。我們會確保商業模式與平台保持彈性，以便把握並利用這些成長。

Thanks, Arkady. Our next question comes from Arsenije Matovic from Wolfe Research, and was emphasized by many others from our portal. It relates to our new [$775 million] asset-backed financing. Debt markets have been volatile and all-in costs have generally moved higher. Are you still comfortable leaning on debt from here? Or should we expect greater use of equity through the ATM or perhaps a convertible? Dado?

謝謝你，Arkady。下一題來自 Wolfe Research 的 Arsenije Matovic，且在我們入口網站上也被許多人特別關注。問題與我們新的 [7.75 億美元] 資產擔保融資有關。債務市場一直波動，整體資金成本普遍上升。你們仍然願意在此基礎上繼續倚重舉債嗎？或者我們是否應預期透過 ATM 或可能的可轉債，更大幅度使用股權融資？Dado？

Thank you, Arsenije. Well, our approach is not about making a call on the markets. Really, our approach is to match the right financing instrument with the right assets, while remaining disciplined about three things: our cost of capital, minimizing shareholder dilution, and maintaining a strong and healthy balance sheet.

謝謝你，Arsenije。我們的方法不是去判斷市場走勢。我們真正的做法，是在保持紀律的前提下，將合適的融資工具與合適的資產相匹配，並聚焦三件事：資本成本、將股東稀釋降到最低，以及維持強健且健康的資產負債表。

Our first sources of capital remain customer prepayments and operating cash flow. We expect more than $9 billion of upfront customer prepayments in 2026. Clearly, this directly reduces the amount of external financing we need as we continue to scale.

我們的第一順位資金來源仍是客戶預付款與營運現金流。我們預期 2026 年將有超過 90 億美元的客戶預付款（前期款）。顯然，這會在我們持續擴張規模的同時，直接降低我們對外部融資的需求。

Beyond that, asset-backed financing is an important part of our strategy. The $775 million facility we completed in July, priced at SOFR plus 250 basis points was backed by deployed GPU's infrastructure and contracted cash flows from an investment-grade customer. It demonstrates that even in a more volatile market, there is a strong demand to finance these contracted cash flows on attractive terms.

此外，資產擔保融資是我們策略的重要一環。我們在 7 月完成的 7.75 億美元融資額度，定價為 SOFR 加 250 個基點，以已部署的 GPU 基礎設施資產以及來自投資級客戶的已簽約現金流作為擔保。這顯示即使在更波動的市場中，市場對以具吸引力條件融資這些已簽約現金流仍有強勁需求。

And look, with more than $40 billion of committed backlog, we believe this is a highly scalable and repeatable financing model. Obviously, we expect to continue accessing this market as we deploy additional capacity.

而且你看，我們有超過 400 億美元的已承諾積壓訂單（backlog），我們相信這是一個高度可擴展且可重複的融資模式。很明顯，隨著我們部署更多產能，我們預期會持續進入這個市場。

And also beyond asset-backed financing, we have significant flexibility. We currently have almost no corporate-level debt, so that represents an additional source of capital that we can evaluate as the business scales. Equity and equity-linked financing, such as the ATM or potentially convertibles, offer additional sources of funding, and we evaluate those alongside all of our other funding options as we source of capital.

另外，除了資產擔保融資之外，我們也有相當大的彈性。我們目前幾乎沒有公司層級的債務，因此隨著業務擴張，這也代表我們還有另一個可評估的資金來源。股權與股權連結融資（例如 ATM 或可能的可轉債）也提供額外資金來源，我們會把它們與其他所有資金選項一併評估，作為我們的資金來源。

We are actively considering further equity-linked and asset-backed financing options and continue to evaluate corporate-level debt and other financing alternatives. So overall, we remain very comfortable with our funding position. So we do have multiple sources of capital available to us, and we will continue to optimize across them with a focus on cost of capital, limiting dilution and maintaining a disciplined balance sheet.

我們正積極考慮進一步的股權連結與資產擔保融資選項，並持續評估公司層級債務與其他融資替代方案。整體而言，我們對自身的資金狀況仍然非常有信心。我們確實有多種資金來源可用，並將持續在其中進行最佳化，聚焦於資本成本、限制稀釋，以及維持有紀律的資產負債表。

Thank you, Dado. Our next question comes from Tyler Radke with Citi. And Marc, this one is for you. How do you think about the mix of allocating 2027 capacity between short-dated capacity versus multiyear deals? Is there a threshold of ACV per megawatt you are waiting for on the longer-dated deals to sign into those?

謝謝你，Dado。下一題來自 Citi 的 Tyler Radke。Marc，這題是問你的。你如何看待在 2027 年產能配置上，短期產能與多年期合約之間的組合？在較長期合約方面，你是否在等待每兆瓦 ACV 達到某個門檻才會簽約？

Thank you, Tyler. Before I dive in, let me just make sure and clarify the deals with a little bit more nuance, the type of deals that we're doing, with a little bit more nuance. Our long -- our medium-term or midterm contract durations are for the most part, are AI cloud customer agreements, and that's our core of our business. And that's where we're lock-in in strong unit economics with some of the world's most ambitious AI companies.

謝謝你，Tyler。在我深入回答之前，我先更細緻地澄清一下我們正在做的交易類型。我們的長—我們的中期或中程合約期限，多數是 AI 雲端客戶協議，這是我們業務的核心。我們也正是在這裡，與全球最具企圖心的一些 AI 公司鎖定強勁的單位經濟效益。

And then separately, as you called out, we have the shorter-term opportunities and durations. And these are premium deals. And that includes, as an example, the auction that we described today, as well as the ability to capture sort of the shorter-term scale contracts that we mentioned.

另外，如你所指出的，我們也有較短期的機會與期限。這些是溢價交易。例如就包括我們今天描述的拍賣，以及我們提到的、可掌握較短期的規模型合約的能力。

In practice, what we strive to do is to optimize across customer type, price, payment structure, duration and deal size, rather than strictly looking at a single variable or a compiled metric. Our current emphasis is taking care of existing customers, followed by new logos and then terms, terms in order of priority, including price, then upfront prepayment, then duration. So a bit wider than purely ACV per megawatt.

在實務上，我們努力在客戶類型、價格、付款結構、期限與交易規模之間做最佳化，而不是只看單一變數或某個彙總指標。我們目前的重點是先照顧既有客戶，其次是新增客戶（新 logo），再來才是條款；條款的優先順序包括：先價格、再前期預付款、再期限。因此視角會比單純看每兆瓦 ACV 更廣。

We have also, at the same time, tactically shortened how far in advance we sell capacity. So in effect, selling closer to deployment, which, at the end of the day, has improved the pricing that we can derive while preserving our agility. We're deliberately allocating a portion of capacity for short-term and immediate needs because that is where we currently see the highest potential for combined realized value.

同時，我們也在戰術上縮短了提前出售產能的時間。也就是更接近部署時點才出售；歸根結底，這在保有我們敏捷性的同時，也提升了我們能取得的定價。我們刻意保留一部分產能用於短期與即時需求，因為我們目前認為那裡具有最高的綜合已實現價值潛力。

To summarize, as we deploy capacity looking towards the latter half of this year and into next year, we will allocate across both medium- and short-term deals using this with our customer and terms lens that I mentioned earlier.

總結來說，隨著我們在今年下半年以及明年部署產能，我們將依據我先前提到的客戶與條款視角，在中期與短期合約之間進行配置。

Thank you, Marc. This next question comes from James Kisner of Water Tower. xAI has begun selling compute at premium prices. What does that say about market pricing for AI capacity? And are you seeing similar strength on new contracts and renewals? What does this mean for Nebius?

謝謝你，Marc。下一個問題來自 Water Tower 的 James Kisner。xAI 已開始以溢價價格出售算力。這對 AI 產能的市場定價意味著什麼？你們在新合約與續約上也看到類似的強勁態勢嗎？這對 Nebius 意味著什麼？

Probably I will take it. It's Arkady. Definitely, we don't see any change here from Nebius or our plans to change. We are playing on the -- basically on the same market as the three big hyperscaler clouds. The whole AI cloud market is growing massively from hundreds of billions of dollars per year to probably a trillion, some people say more.

我可能來回答。我是 Arkady。明確地說，我們沒有看到這裡有任何變化，Nebius 或我們的計畫也不會因此改變。我們基本上是在與三大超大規模雲端（hyperscaler）相同的市場上競爭。整個 AI 雲端市場正以極大幅度成長，從每年數千億美元，可能到一兆美元，有些人說甚至更多。

And there's no doubt that the main existing players will continue to grow with the market, right? But there's also, definitely -- there is an opening for the new entrants for the independent players like us.

毫無疑問，主要既有玩家會隨著市場一起持續成長，對吧？但同時也確實——對像我們這樣的獨立新進者而言，存在切入的空間。

And yes, we want to build a gigawatt capacity per year. Yes, there is not so many companies doing that. The numbers look great, big, but the market as a whole is growing by tens of gigawatts per year. It's like multiple of order larger. And the hyperscalers are those who build a lot of this.

而且是的，我們希望每年建置 1 吉瓦的產能。是的，真正這麼做的公司並不多。這些數字看起來很漂亮、很大，但整體市場每年是以數十吉瓦的速度在成長。規模大上好幾個量級。而超大規模業者正是建置其中大量產能的那群人。

But even then, they definitely cannot build all of it. And somebody needs to help them to build. And that's not us. Somebody -- because somebody needs to build the rest of the market, and that will be us. This is our part.

但即便如此，他們也絕對不可能把全部都建完。而且需要有人協助他們去建置。那不是我們。有人——因為需要有人把市場其餘的部分建起來，而那將會是我們。這就是我們的份額。

And this is where we see the biggest opportunity for us.

而這正是我們看到最大機會的地方。

So to -- coming back to the question, new players coming to the market don't change the market for us. They actually just, I think, validate the market.

所以——回到問題，新玩家進入市場並不會改變我們的市場。我認為他們反而是在驗證這個市場。

Thank you, Arkady. Our next question is from Rob Oliver from Baird. Is your strong positioning in open-weight driving increased inference among clients?

謝謝你，Arkady。下一個問題來自 Baird 的 Rob Oliver。你們在開放權重（open-weight）方面的強勢定位，是否正在推動客戶增加推論（inference）使用？

Roman, this one's for you.

Roman，這題給你。

Yes. Thank you, Gili for it, and thank you for the question. First of all, we believe that customers, businesses and even society benefit from competition and diversity. We were committed to an open AI ecosystem from the beginning of the company and providing open infrastructure without lock-in. So customers get flexibility, control over their data and models, freedom in how they deploy.

是的。謝謝你，Gili，也謝謝這個問題。首先，我們相信客戶、企業，甚至整個社會，都能從競爭與多元化中受益。我們從公司成立之初就致力於開放的 AI 生態系，並提供不被綁定（lock-in）的開放式基礎設施。因此客戶能獲得彈性、對其資料與模型的掌控，以及在部署方式上的自由。

And at scale, the economics matter. Companies at the frontier of adoption of -- AI adoption are seeing the cost of token consumption and asking, can AI not only solve the task, but do so with economics that allow it to scale?

而在規模化時，經濟性很重要。處於 AI 採用前沿的公司正在看到 token 消耗的成本，並在問：AI 不僅能否解決任務，還能否以允許其規模化的經濟性來做到？

And another important question is how to extract value from specialized knowledge and data held within enterprises and by their people and convert it into better-performing AI systems. Everybody is saying that data is the moat, and maybe the only moat.

另一個重要問題是，如何從企業內部及其員工所掌握的專業知識與資料中萃取價值，並將其轉化為表現更佳的 AI 系統。大家都在說資料是護城河，甚至可能是唯一的護城河。

All of this is driving companies towards more specialized models. Open-source models are valuable, not simply because they are available, but because they can be tuned, trained and eventually optimized for a particular use case of a particular customer, a particular business.

這一切正推動企業走向更專門化的模型。開源模型之所以有價值，不只是因為它們可取得，而是因為它們可以針對特定客戶、特定企業的特定使用情境進行微調、訓練，並最終最佳化。

What has changed is that the quality of open models is improving rapidly. At the same time, the industry is moving towards the flexibility and control that we built from the start. So Token Factory provides day 0 support for frontier open models. And the velocity is just crazy. If you look just in the last 4 weeks, we got Nemotron Ultra, GLM 5.2, Kimi K3, New DeepSeek Flash, Minimax 3.

改變之處在於，開放模型的品質正在快速提升。同時，產業正朝向我們從一開始就建立的彈性與控制力前進。因此 Token Factory 對前沿開放模型提供 day 0 支援。而這個速度簡直瘋狂。如果只看過去 4 週，我們上線了 Nemotron Ultra、GLM 5.2、Kimi K3、新的 DeepSeek Flash、Minimax 3。

Today, new Nemotron Lightning was released. But availability alone is not enough. We are building the capabilities to serve these models without compromising quality, cost and performance.

今天，新的 Nemotron Lightning 也已發布。但僅有可用性還不夠。我們正在打造能力，以在不犧牲品質、成本與效能的前提下提供這些模型服務。

Let's take GLM 5.2 as an example. Some people called the moment when this model was released the DeepSeek moment 2. Our implementation achieved 100% quality score and leading performance validated by independent benchmarking and Artificial Analysis. That positions us in a great spot to grow and drive the demand to open source models that we see at the market now.

以 GLM 5.2 為例。有人把這個模型發布的時刻稱為「DeepSeek 時刻 2」。我們的實作達成 100% 品質分數，並在獨立基準測試與 Artificial Analysis 的驗證下取得領先效能。這讓我們處於極佳位置，得以成長並帶動我們目前在市場上看到的開源模型需求。

Thank you, Roman. A follow-up from Rob. Can you provide any early color on the asset-light offering, early customer engagement and how the economics look for you versus your core?

謝謝你，Roman。Rob 的追問：你能否提供一些關於輕資產（asset-light）方案的初步資訊，包括早期客戶互動情況，以及相較於你們核心業務，你們的經濟性看起來如何？

Arkady, do you want to take this one?

Arkady，你要回答這題嗎？

Yes. First of all, we're growing globally, but we're still a startup, and we should be very -- to be very mindful about where we invest our own capital. We can't go into all markets instantly and simultaneously. That's why we are very open to working with partners, and our platform allows us to do so.

是的。首先，我們正在全球擴張，但我們仍是一家新創公司，因此必須非常——非常謹慎地思考我們把自有資本投到哪裡。我們不可能立刻、同時進入所有市場。因此我們非常願意與合作夥伴合作，而我們的平台也讓我們能做到這點。

After we announced our asset-light model, we have had dozens of inquiries from potential partners who have significant capacity and enough capital but don't know how to build and how to sell it, with GPU increasingly becoming an investable asset, look at the recent news. We expect more and more companies who will want to come to the market, but will need our help to deliver this capacity to customers. By having the right tech platform and access to the market, we can help them.

在我們宣布輕資產模式之後，我們已收到數十個潛在合作夥伴的詢問；他們擁有可觀的產能與足夠的資本，但不知道如何建置、如何銷售。在 GPU 日益成為可投資資產的情況下——看看最近的新聞。我們預期會有越來越多公司想進入市場，但需要我們協助把這些產能交付給客戶。透過正確的技術平台與市場觸達能力，我們可以幫助他們。

So this is actually exactly what we can easily offer to them. And that's why this asset-light model. The model is still in very early stage. But we are very much encouraged by early signs and think that it has a great potential.

所以這其實正是我們可以很容易提供給他們的。這也就是為什麼會有這個輕資產模式。這個模式仍處於非常早期階段。但我們對早期跡象感到非常鼓舞，並認為它具有很大的潛力。

Our next question is from [Ryan Lantz] from Morgan Stanley. Dado, you said you could sell your entire 2027 capacity today. How should investors frame 2027 across capacity, pricing and revenue? And will you -- when will you formalize an outlook?

下一個問題來自 Morgan Stanley 的 [Ryan Lantz]。Dado，你說你今天就能把 2027 年的全部產能賣掉。投資人應該如何從產能、定價與營收的角度來理解 2027 年？以及你們——何時會正式提出展望？

Thank you, Ryan. This is probably one of the more interesting questions for investors on this call. You should expect the deals we closed in this quarter with more than $20 million per megawatt deals and less than 2-year payback period to start coming online from late Q4 and onwards. This can serve as the baseline for pricing early next year as we could have sold out our planned capacity already today. However, we are choosing not to do so, reflecting our confidence with respect to future pricing dynamics.

謝謝你，Ryan。這可能是本次電話會議中投資人最感興趣的問題之一。你應該預期，我們本季簽下的交易——每兆瓦超過 2,000 萬美元、回收期少於 2 年——將自第四季末起陸續上線。由於我們其實今天就能把既定規劃的產能賣光，這些交易可作為明年初定價的基準。然而，我們選擇不這麼做，反映出我們對未來定價動態的信心。

But also capacity, obviously, is a major part of this equation. We are going to deploy significantly more capacity in 2027 than what we have already done in '26 and what we are going to do still in '26. The dynamics we expect across both capacity and pricing make us extremely excited about 2027, although we will provide a formal guidance later this year.

但顯然，產能也是這個方程式中的重要一環。我們在 2027 年將部署的產能，將顯著高於我們在 '26 年已部署的，以及我們在 '26 年仍將部署的產能。我們預期在產能與定價兩方面的動態，讓我們對 2027 年感到非常振奮，不過我們會在今年稍晚提供正式指引。

And don't forget that in addition, we expect our asset-light model, along with high-value services such as agentic and inference solutions, to contribute an increasing share of revenue while supporting even higher margins.

另外別忘了，除了上述之外，我們預期資產輕量模式，加上代理式（agentic）與推論（inference）解決方案等高價值服務，將在支撐更高毛利的同時，貢獻愈來愈高的營收占比。

Thank you, Dado. Our next question is from Brett Knoblauch at Cantor. Do we still expect to end the year with 800 megawatts to 1 gigawatt?

謝謝你，Dado。下一題來自 Cantor 的 Brett Knoblauch。我們是否仍預期在年底達到 800 兆瓦到 1 吉瓦？

I see -- Andrey, do you want to take that for us?

我明白——Andrey，你要替我們回答嗎？

Yes, absolutely. Yes, we still -- well, we still expect to meet this guidance from 800 megawatts to 1 gigawatt of connected power this year. And -- but -- and also, there was a part about the Vineland, concluding in 2027. No, the Vineland is the part of 2026 capacity and connected power.

是的，當然。是的，我們仍然——嗯，我們仍預期今年能達成 800 兆瓦到 1 吉瓦的已接入電力（connected power）指引。而且——不過——另外，剛才也提到 Vineland 在 2027 年結束的部分。不，Vineland 是 2026 年產能與已接入電力的一部分。

What I wanted to say is that connected power represents the data centers, and there are a few steps coming from the data centers to the revenues. You have to commission the data center, build the network, build the clusters, deploy the platform, then onboarding the customers, and then the revenue generation starts. So that takes a few months. And depending also on the generation change of the GPUs probably. And so there is a gap between the connected power and the revenues coming.

我想說的是，已接入電力代表的是資料中心，而從資料中心到營收之間還有幾個步驟。你必須讓資料中心完成驗收啟用（commissioning）、建置網路、建置叢集、部署平台，接著讓客戶上線，然後才開始產生營收。因此這需要幾個月的時間。也可能取決於 GPU 的世代更迭。所以已接入電力與後續營收進來之間會有一段落差。

And in terms of our guidance from 800 megawatts to 1 gigawatt, yes, that's more -- that's true about the connected, but I would think that about being active in -- throughout the first half of 2027.

至於我們 800 兆瓦到 1 吉瓦的指引，是的，那更多——那確實是指已接入（電力），但我認為大概會在 2027 年上半年期間逐步轉為啟用運作。

Thank you, Andrey. We also have a question from BNP Paribas from Stefan Slowinski, specifically around our $40 million per megawatt monetization in Q3. Is this reflective of initial pricing from selling Vera Rubin capacity?

謝謝你，Andrey。我們也收到 BNP Paribas 的 Stefan Slowinski 的提問，特別是關於我們第三季每兆瓦 4,000 萬美元的變現（monetization）。這是否反映了出售 Vera Rubin 產能的初始定價？

Andrey, do you want to talk about the ramp of Vera Rubin capacity?

Andrey，你要談談 Vera Rubin 產能的爬坡（ramp）嗎？

Yes, absolutely. So we have Vera Rubins in our labs for quite a while already. And we already are getting the results -- the expected results with the Vera Rubins. So we -- first of all, I wanted to mention that step between the Grace Blackwells and Vera Rubins is somewhat easier from the technical perspective than a step from the previous generation to the Grace Blackwells. And we expect to start deploying the Vera Rubins late this year or early next year and continue throughout the full next year.

是的，當然。我們的實驗室裡已經有 Vera Rubin 一段時間了。而且我們已經取得結果——也就是預期的結果——來自 Vera Rubin。所以——首先我想提到，從 Grace Blackwell 到 Vera Rubin 的跨代，從技術角度來看，比從前一代跨到 Grace Blackwell 要容易一些。我們預期會在今年稍晚或明年初開始部署 Vera Rubin，並在明年全年持續推進。

Yes. And to the first part of that question, and we're getting a lot of questions from the portal on our new go-to-market motions. So Marc, I think that, that will be a good topic for you. You've highlighted both capacity auction and short-term scale training deals since quarter-end. Walk us through the strategy behind these motions, what they told you about pricing.

是的。至於問題的第一部分，我們也從提問入口（portal）收到很多關於我們新市場進入（go-to-market）動作的問題。所以 Marc，我想這會是個很適合你回答的主題。你在季末後強調了產能拍賣以及短期規模訓練（scale training）交易。請帶我們了解這些動作背後的策略，以及它們對定價帶來了哪些訊息。

And are they still take or pay?

而且它們仍然是 take-or-pay（要用就付／不論用量仍需支付）的合約嗎？

Thank you, Gili. By now, I think we can all agree that the market is incredibly dynamic and moving rapidly. And we are constantly looking for ways to discern signal and understanding in order to deliver a better and more complete understanding of our take-or-pay business.

謝謝你，Gili。到目前為止，我想我們都同意市場非常動態且變化迅速。我們也持續尋找方法來辨識訊號並加深理解，以便更好、更完整地說明我們的 take-or-pay 業務。

Now we launched these initiatives to, first and foremost, learn and validate while building our customer relationships in a disciplined way. What we described earlier as short-term scale training capacity deals are specifically customers that are looking for dedicated scale, in this case, GB300 clusters, for 3- to 6-month engagements at a premium. These customers have specific requirements, like time-boxed large-scale training runs ahead of a model release or reinforcement learning post-training sprints.

我們推出這些計畫，首要目的是在以紀律方式建立客戶關係的同時，進行學習與驗證。我們先前所描述的短期規模訓練產能交易，指的是特定客戶尋求專用的規模化資源——在此案例中是 GB300 叢集——以溢價進行 3 到 6 個月的合作。這些客戶有特定需求，例如在模型發布前進行有時間框架的大規模訓練，或在強化學習的後訓練階段進行衝刺。

In the model world, we hear over and over again, weeks matter, and so does access to reliable performant AI compute. These customers are willing to pay for speed and certainty for a controlled span of time. Now on the other hand, the auction is all about clear price discovery. In today's environment, the price in the market can change literally as we move through a sales cycle. The challenge is to get a solid gauge on the fair value of our offering at any moment in time.

在模型的世界裡，我們一再聽到「幾週的差距都很關鍵」，而取得可靠且高效能的 AI 算力同樣重要。這些客戶願意為速度與確定性，在一段可控的期間內付費。另一方面，拍賣的核心在於清楚的價格發現（price discovery）。在當前環境下，市場價格甚至可能在我們走完整個銷售週期的過程中就發生變化。挑戰在於，如何在任何時間點都能對我們產品的公允價值有扎實的衡量。

The standard reference points, competitive pricing, analyst opinions and even prediction markets are all over the place. In a market where we have several buyers for every GPU, we let the market tell us directly.

標準的參考點——競品定價、分析師觀點，甚至預測市場——都非常分歧。在一個每顆 GPU 都有多位買家的市場裡，我們讓市場直接告訴我們答案。

The auction result was a price 15% higher than we've ever seen before and 20% higher than our pipeline for Blackwells. Also, the winning bidder is thrilled with the experience. They called out specifically the combination of validated pricing and the certainty of access to the compute they need. Also, they told us they plan to participate in future rounds.

拍賣結果的價格比我們過去見過的任何價格高出 15%，也比我們針對 Blackwell 的管線（pipeline）價格高出 20%。此外，得標者對這次體驗非常滿意。他們特別提到，經驗證的定價與取得所需算力的確定性這兩者的組合。他們也告訴我們，計畫參與未來的拍賣輪次。

So what you should take away is that these are both customer value-confirming and independently lucrative. We are using a small portion of our overall capacity to drive price discovery and value-validating initiatives. And will help -- these will help us to evaluate our capacity and the market as we move into '27. They will both have a broad impact across our pricing, packaging strategy, deal negotiations, and they inherently have faster close to deployment cycles.

因此你們應該帶走的重點是：這兩者都能確認客戶價值，而且各自都具備可觀獲利能力。我們正使用整體產能中的一小部分，來推動價格發現與價值驗證的計畫。而且將有助於——這些將幫助我們在邁向 '27 年時評估我們的產能與市場狀況。它們也會對我們的定價、方案包裝策略、交易談判產生廣泛影響，並且本質上具備更快的從簽約到部署週期。

Thank you, Marc. We're getting a lot of questions around the deployment of more than 1 gigawatt of new capacity starting in 2027. Dado, can you talk us through how we're planning on funding this CapEx at scale? And how do we prioritize our funding sources?

謝謝你，Marc。我們收到很多關於自 2027 年起部署超過 1 吉瓦新增產能的問題。Dado，你能談談我們打算如何在規模化的情況下為這些資本支出（CapEx）提供資金嗎？以及我們如何排定資金來源的優先順序？

Absolutely. So what is important to understand is actually that we have multiple pools of capital available to fund our growth, and we are very comfortable with our ability to finance the capacity we plan to deploy in 2027 and actually beyond. Clearly, the first source is operating cash flow. We are already generating positive operating cash flow and expect this to increase meaningfully as the business scales.

當然可以。重要的是要理解，我們其實有多個資金池可用來支持成長，因此我們對於為 2027 年、甚至更往後計畫部署的產能進行融資的能力非常有信心。很明顯，第一個來源是營運現金流。我們已經在產生正向的營運現金流，並預期隨著業務規模擴大，這將顯著增加。

Then we have our customer prepayments. The terms we secured in Q2 cover approximately 50% to 60% of associated CapEx. But going forward, one of our objective is to increase this coverage even further.

接著是我們的客戶預付款。我們在第二季取得的條款可涵蓋約 50% 至 60% 的相關資本支出（CapEx）。但展望未來，我們的目標之一是進一步提高這個涵蓋比例。

Third, our long-term contracts with investment-grade customers give us a very strong base to raise asset-backed financing on attractive terms. We currently have approximately $40 billion of committed backlog that we can borrow against, and we began utilizing this source of financing already in Q2.

第三，我們與投資等級客戶簽訂的長期合約，為我們以具吸引力的條件籌措資產擔保融資提供了非常堅實的基礎。目前我們約有 400 億美元的已承諾積壓訂單（backlog）可作為借款抵押，我們也已在第二季開始運用這個融資來源。

But beyond that, we have additional flexibility through corporate-level debt and equity-linked financing, which we have not yet meaningfully tapped. We will continue to balance these sources in a disciplined way to maintain a strong balance sheet as we scale.

除此之外，我們還可透過公司層級的債務以及與股權連結的融資取得額外彈性，而我們目前尚未實質性地動用這些工具。隨著規模擴張，我們將以審慎的方式持續平衡這些資金來源，以維持強健的資產負債表。

But we also see financing opportunities that are additional to those emerging around GPUs as an asset class. We have seen increasing activity and interest in financing GPUs as stand-alone assets, and we are strong believers in the potential of this market. Over time, this could provide us with another attractive source of funding.

同時，我們也看到除了將 GPU 作為一種資產類別所帶動的機會之外，還有其他融資機會。我們看到以 GPU 作為獨立資產進行融資的活動與興趣正在增加，我們也非常看好這個市場的潛力。隨著時間推移，這可能為我們提供另一個具吸引力的資金來源。

Overall, we are really very comfortable with our balance sheet today and confident in our ability to finance our growth in '27 and beyond through this diversified funding strategy while maintaining financial discipline.

總體而言，我們對目前的資產負債表感到非常安心，並且有信心透過這項多元化的資金策略，在維持財務紀律的同時，為 2027 年及之後的成長提供資金支持。

Thank you, Dado. The next question is from one of our investors on the portal. Roman, what are we seeing in the market around token maxing? And is that having an impact on usage or adoption of Token Factory in Tbilisi?

謝謝你，Dado。下一個問題來自我們投資人入口網站上的一位投資人。Roman，我們在市場上看到關於 token maxing 的情況如何？這是否對第比利斯的 Token Factory 使用量或採用率造成影響？

Yes. Thank you for the question. First of all, I wanted to start with a reminder about our first inflection event that we held in June, and probably that was the first time when we publicly described our product strategy where we built layer-by-layer, the AI cloud to meet developers where they need us from scaled bare-metal infrastructure to the agentic layers. And the obvious trend is that AI systems are moving into the production. Coding is the most visible example, but this is not limited to coding.

是的。謝謝你的提問。首先，我想先提醒大家我們在 6 月舉辦的第一次拐點活動（inflection event），那可能是我們首次公開描述我們的產品策略：以層層堆疊的方式打造 AI 雲端，從可擴展的裸機基礎設施到代理式（agentic）層，去滿足開發者在不同階段的需求。而一個明顯的趨勢是，AI 系統正在走向生產環境。寫程式是最顯著的例子，但並不僅限於寫程式。

We see long-horizon agentic workflows in financial services, such as use cases at Revolut and MasterCard, e-commerce applications, improving the customer experience and process at Shopify and many more. For example, Sword Health in health care or Higgsfield in marketing automation and other verticals.

我們在金融服務領域看到長週期的代理式工作流程，例如 Revolut 和 MasterCard 的使用案例；也看到電商應用在 Shopify 等公司提升客戶體驗與流程，以及更多案例。例如醫療保健領域的 Sword Health，或行銷自動化與其他垂直領域的 Higgsfield。

We are also, as always, customer zero for ourselves. Echo, our own infrastructure agent shipped at the last cloud release runs an open source model served by Token Factory. The challenge that we see for the customers is scaling complex systems that combine multiple models, inference engines and tools. We help solve this with our suite of services, including Token Factory for reliable high-performance inference and post-training, and Avride for grounding, particularly as companies move from closed ecosystems with built-in search towards more open ecosystems.

我們也一如既往地把自己當作「客戶零號」（customer zero）。Echo 是我們自己的基礎設施代理，在上一次雲端版本發布時推出，運行的是由 Token Factory 提供服務的開源模型。我們看到客戶面臨的挑戰，是如何擴展結合多個模型、推理引擎與工具的複雜系統。我們透過一整套服務協助解決，包括用於可靠高效能推理與後訓練（post-training）的 Token Factory，以及用於 grounding 的 Avride；特別是當企業從內建搜尋的封閉生態系轉向更開放的生態系時。

Eigen AI and Clarifai teams are fully integrated into Token Factory effort and already shipping inside our road map. We see day 0 support for the major open model launches, measurable performance optimization post launch and independent benchmark, as I said earlier, continuing to rank us among the leading inference platforms.

Eigen AI 與 Clarifai 團隊已完全整合進 Token Factory 的工作中，並且已在我們的產品路線圖內開始交付。我們看到對主要開源模型發布提供 day 0 支援、發布後可量化的效能優化與獨立基準測試；如我先前所說，這些持續讓我們在推理平台中名列前茅。

Q2 was also Tavily's first full quarter within Nebius. Its developer community grew to more than 2.5 million developers from 1 million in February. And it launched keyless paper search built for autonomous agent consumption. And it achieved the set of certification for enterprise deployments.

第二季也是 Tavily 併入 Nebius 後的第一個完整季度。其開發者社群從 2 月的 100 萬成長到超過 250 萬名開發者。並推出了為自主代理（autonomous agent）使用而打造的免金鑰（keyless）論文搜尋。同時也取得了一系列用於企業部署的認證。

We also see more customers bolstering their own models, creating additional demand for inference and grounding throughout the development cycle, not only in production. Reinforcement learning rollouts, evaluations, synthetic data generations and ground and training workflows all require significant inference capacity and reliable access to external information. These trends validate our strategy of building a vertically integrated platform that delivers attractive total cost of ownership and supports diversified workloads.

我們也看到更多客戶在強化自有模型，這在整個開發週期中（不僅在生產環境）帶來對推理與 grounding 的額外需求。強化學習的 rollout、評估、合成資料生成，以及 grounding 與訓練工作流程，都需要大量的推理容量與對外部資訊的可靠存取。這些趨勢驗證了我們打造垂直整合平台的策略：提供具吸引力的總持有成本（TCO），並支援多元化工作負載。

We want to serve customers across the full AI lifecycle, from training and post-training to inference and grounding. This is where our infrastructure and software come together as a strong offering, and we are only getting started.

我們希望在完整的 AI 生命週期中服務客戶，從訓練與後訓練到推理與 grounding。這正是我們的基礎設施與軟體結合成為強大方案之處，而我們才剛剛開始。

New workloads are bringing new requirements to the physical infrastructure as well. And again, we can address them as we build the full-stack. And not only bringing new generations of GPUs that Andrey mentioned, agentic orchestration, tool calling and data preparations are CPU-heavy. So we are adding ARM and CPU deployments alongside the GPU fleet.

新的工作負載也對實體基礎設施提出了新的需求。同樣地，隨著我們打造全端（full-stack），我們能夠加以因應。除了 Andrey 提到的新一代 GPU 之外，代理式編排（agentic orchestration）、工具呼叫（tool calling）與資料準備都相當吃 CPU。因此，我們正在在 GPU 機隊之外，同步增加 ARM 與 CPU 的部署。

Thank you. And that concludes our earnings call for today.

謝謝。以上就是我們今天的財報電話會議。

This concludes today's call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。