Nebius’s $40B–$45B Capex Plan Tests the Neocloud Playbook

Nebius plans $40B–$45B in 2027 capex, reportedly expecting to fund up to 85% through customer prepayments and loans backed by investment-grade contracts. Latest coverage says prepayments exceed contracted-capacity build costs, but operating cash flow was negative and receivables rose; delayed capacity, revenue quality, collections, margins, and service commitments remain central tests.