An analysis dated October 5, 2026, flagged Nebius Group’s customer concentration. Microsoft and Meta Platforms account for a substantial portion of Nebius’s $40 billion in contracted revenue. The revenue comes from just two clients.
The contracts provide a foundation for Nebius to borrow to fund its aggressive capital-spending plans. The company estimates it will spend $20 billion to $25 billion in 2026.
The contracts require payment even if Nebius’s capacity goes unused. But the company’s heavy reliance on the two tech giants leaves it exposed if either pulls back on future spending.
Nebius’s current stock valuation appears to assume the company will soon diversify its customer base by winning many more large-scale contracts.