젠슨 황은 1기가와트 규모 AI 데이터센터 시설의 가치가 500억~600억 달러에 달한다고 명시하며, 이는 Nebius를 비롯한 네오클라우드 주식에 직접적인 영향을 미친다고 밝혔다.

The AI infrastructure buildout has proven exceptionally costly, and Nvidia (NASDAQ: NVDA) CEO Jensen Huang recently quantified that expense. Speaking at the G20 Summit, Huang estimated that constructing a 1-gigawatt data center facility costs between $50 billion and $60 billion. These massive installations will become critical to the broader AI expansion, enabling the scaling of agentic AI, advanced chatbots, and emerging physical AI applications such as humanoid robots and autonomous vehicles.

This valuation framework presents significant opportunities for neocloud providers like Nebius (NASDAQ: NBIS), which specialize in building these facilities. However, investors may be overlooking several key catalysts tied to how these assets are valued and financed. When Nebius reported second-quarter earnings, it announced that revenue surged 454% year-over-year to $582 million. Annual recurring revenue (ARR) reached $3 billion, with management targeting $7 billion to $9 billion in ARR by year-end. While ARR provides a solid baseline for equity valuation, analysts should also factor in the company’s multigigawatt development pipeline. Given Huang’s $50 billion to $60 billion per gigawatt benchmark, Nebius’ projected five gigawatts of contracted power by the end of 2026 could ultimately be valued at up to $300 billion once all facilities are operational. This does not imply Nebius should immediately command a $300 billion market capitalization, but it underscores that the intrinsic value of these data centers extends well beyond their current recurring revenue streams.

High capital requirements have historically been the primary constraint for neocloud operators, but rising facility valuations directly address this challenge. Companies like Nebius have increasingly relied on customer prepayments to fund construction. As the perceived value of a 1-gigawatt asset climbs, providers can negotiate larger upfront payments, which are then directed toward site development. In its Q2 shareholder letter, Nebius disclosed that the annual contract value for a single megawatt stood at $12 million earlier in the year. By Q2, those figures exceeded $20 million annually, and short-term Q3 negotiations have surpassed $40 million per megawatt. Consequently, 50% to 60% of Nebius’ capital expenditures have now been self-financed through prepayments. This strategy contributed to the company closing the quarter with an $8 billion cash position. As megawatt valuations and data center appraisals continue to rise, expanded prepayment volumes will further reduce reliance on shareholder dilution.

While prepayments represent a highly efficient funding mechanism, they have not fully satisfied the capital demands of Nebius and its peers. Fortunately, the data centers themselves can bridge remaining gaps if lenders are willing to accept them as collateral. Iren (NASDAQ: IREN) CEO Dan Roberts previously noted that prepayments can cover the majority of a neocloud’s capital expenditures, while emphasizing that the company’s entire data center portfolio remains unencumbered. Theoretically, Iren—and similarly, Nebius—could raise billions by securing loans against these facilities. To date, both companies have favored GPU-backed financing as their primary debt instrument. There is no immediate necessity to pursue traditional data center financing if prepayments, GPU-backed debt, and realized revenue adequately cover operating expenses. Nevertheless, access to facility-backed lending provides a valuable contingency that will streamline funding for future expansion projects. Addressing one of the primary bearish concerns regarding neoclouds—how they will finance massive buildouts—the industry’s heavy reliance on prepayments and GPU-backed financing has largely resolved the issue, with data center financing serving as a strategic reserve.

Before investing in Nebius Group, prospective buyers should consider broader market perspectives. The Motley Fool Stock Advisor analyst team recently identified what they consider the ten best stocks for investors to purchase currently, and Nebius Group was not among them. According to the firm, those selected recommendations could generate substantial returns over the coming years. For historical context, when Netflix appeared on the list on December 17, 2004, a hypothetical $1,000 investment at the time of recommendation would have grown to $421,997.* Similarly, an identical investment in Nvidia following its April 15, 2005 recommendation would have appreciated to $1,413,876.* Stock Advisor’s average total return stands at 978%, significantly outperforming the S&P 500’s 213% over the same period. Investors interested in the latest top-ten list can access it through Stock Advisor, a platform built by individual investors for individual investors. See the 10 stocks »

*Stock Advisor returns as of September 7, 2026.

Marc Guberti holds positions in Iren. The Motley Fool holds positions in and recommends Nvidia. The Motley Fool maintains a disclosure policy.