The market will be struggling to price Nebius.

Both Microsoft and Meta contracts combined range between $30B and $46B for the next five years-ish; between $6B and $9B yearly ARR.

That's their FY26 ARR guidance.

Not that they will receive it next year as Meta’s new $12B contract only starts in 2027 but I am not sure the market expected or priced in this kind of deal, which obviously comes with pre-payments, that soon after the release of their FY26 guidance - which is still very probably low-range now.

Very hard to price such a name.