Nebius reveals AI capacity pricing for mid-term and short-duration deals

Nebius (NASDAQ: NBIS) has disclosed pricing for its AI compute capacity, with rates ranging from $20 million to $50 million per megawatt. The spread reflects deal duration, with shorter-term agreements commanding a significant premium over multi-year contracts. Short-term compute capacity is trading at a premium because supply constraints remain real. Companies that need GPU clusters now, rather than in 18 months when new data centers come online, are willing to pay for that immediacy. Nebius appears to be capturing that urgency in its pricing structure. For context on what these numbers mean at scale: if Nebius connects its targeted one gigawatt of power capacity by the end of 2026, even at the lower end of its pricing range, the revenue potential becomes substantial very quickly. One gigawatt is one thousand megawatts. Analyst estimates suggest the company could generate annual recurring revenue of between $4 million and $11 million per megawatt, depending on utilization. That ARR figure sits well below the headline capacity price because it accounts for the ongoing subscription nature of cloud contracts rather than the upfront capital value of the infrastructure itself. The cont...