$NBIS Highlights Tight AI Compute Supply as Blackwell Pricing Surges

$NBIS is highlighting the continued tightness in AI compute, with its first Blackwell capacity auction clearing 15% above the company’s previous record price. Management says it could already sell out its planned 2027 capacity today.
That scarcity is translating into pricing power, with long-term deals yielding roughly $25 million per MW, while six-month capacity is clearing at around $50 million per MW.
The pricing strength is also feeding into the company’s financial model, with Q2 revenue up 454% YoY, ARR reaching $3 billion, backlog topping $40 billion and AI cloud margins near 50%. Management has also raised contracted power to more than 5 GW and is targeting over 1 GW of new capacity annually from 2027.