NBIS Q2 earnings report is super strong Revenue: $582M vs. expected $574M, +454% YoY. AI Cloud Revenue: $575M, +514% YoY. EBITDA: $236M vs. expected $173M. The craziest part right now is their pricing power. NBIS’s newly signed projects are already hitting $40M–$50M/MW, and management straight-up said that at this price, they could sell out their entire 2027 capacity today. Clients are even willing to prepay 50%–60% of CapEx. The company expects to receive $9B+ in customer prepayments by 2026. For Q2, the payback period for newly signed contracts is just 1 year and 10 months. The first capacity auction price was 15% higher than Blackwell’s previous pricing. This shows that the biggest issue in AI Cloud right now is: who has the power supply, and who can build capacity the fastest. NBIS also raised its 2026 contracted capacity guidance from >4GW to 5GW. Switching the Vineland project to BE fuel cells hasn’t significantly impacted the timeline. To sum it up: demand is overwhelming, power is scarce, clients are willing to prepay, and prices are still climbing. From a technical perspective, the inverse head and shoulders pattern is already forming. Once the $230 neckline breaks effectively, further breakthroughs will follow. NBIS