Judgment: HOLD Nebius has clear strategic momentum—rapid revenue scaling in 2025, positive adjusted EBITDA at the Nebius segment since Q2 2025, multi‑billion capacity agreements (Microsoft/Meta), and $4.8B in cash to fund GPU and data‑center expansion. However, valuation is rich (P/E ~105; DCF snapshot well below price), losses persist (Q3 net loss, negative interest coverage), leverage metrics are elevated (Net Debt/EBITDA 6.6x), and execution hinges on timely GPU/power availability and contract ramps. The setup is promising but execution‑ and valuation‑sensitive. WATCH ITEMS: • Hyperscaler capacity execution (milestone deliveries and utilization for Microsoft/Meta). On‑time ramps with high utilization and revenue conversion would support upgrading to BUY; delays, cancellations, or underutilization would tilt to SELL. • Unit economics and cash burn (Nebius adjusted EBITDA margin trajectory, FCF inflection, interest coverage). Sustained margin expansion and FCF breakeven would justify BUY; worsening cash burn and coverage would drive SELL. • Supply/power readiness (NVIDIA Blackwell/HBM deliveries, site power procurement and readiness at Finland/NJ/colo sites). Secured supply and on‑schedule deployments would support BUY; material shortages or power constraints would keep HOLD or move to SELL.