Nebius says customer prepayments now cover its AI build-out costs

Nebius said customer prepayments now fully cover the cost of its AI infrastructure build-out, reducing the financing risk tied to its data-center expansion. The company’s model leans on upfront payments from large customers, including a major Microsoft agreement, to fund capacity before it is delivered. That structure lowers Nebius’s own capital burden but concentrates exposure in a small number of large contracts. Investors will watch whether the prepayment-backed approach holds as the company scales and whether customer concentration persists.