Nebius (NBIS) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Company history and platform vision

• Founded by experienced engineers who previously led a major European IT company, launching the new venture in 2022 after relocating due to geopolitical events.

• Rapidly scaled from a single 25 MW data center to nearly 250 MW, with plans to reach 800 MW–1 GW this year and a pipeline targeting up to 3 GW.

• Built a vertically integrated, full-stack cloud platform from scratch, offering multi-tenant cloud services and specialized AI tools.

• Provides hundreds of thousands of GPUs, aiming to reach millions as capacity grows.

• Focuses on both functionality and scale, positioning itself alongside major hyperscalers.

Customer segments and demand

• Serves thousands of developers and hundreds of customers, from AI startups to large enterprises, including major software vendors.

• Prioritizes AI builders, software vendors embedding AI, and is expanding into enterprise verticals such as healthcare, retail, and financial services.

• Demand significantly exceeds supply, prompting a shift to value-based, solution selling and prioritization of customers aligned with long-term business goals.

• Securing upfront payments from a broad customer base, with some paying 100% in advance.

• Customers often start small and expand rapidly, with some doubling usage quarter-on-quarter.

Expansion strategy and capacity build-out

• Initial growth relied on leasing data centers across Europe, the US, and Israel; now shifting to self-built, larger sites, especially in the US.

• Recently approved an 800 MW site in Missouri, expandable to 1.2 GW, with additional large sites planned in Europe, the Middle East, and Asia.

• Operates a flexible platform that can integrate both large and small data centers, enabling rapid scaling and network expansion.

• Pipeline includes dozens of sites across multiple markets, aiming for at least 3 GW announced this year.