Core Insights - Nebius Group NV is experiencing a unique challenge of excessive demand, leading to a situation where the company is "learning to say no to customers" due to sold-out capacity [1][4] - Revenue for Nebius surged 355% year-over-year to $146.1 million, despite missing topline estimates, primarily due to a capacity bottleneck rather than weak demand [2][3] - The company plans to scale to 2.5 gigawatts of contracted power by 2026, with significant demand from both large tech clients and smaller startups [2][4] Demand and Capacity - Nebius is facing a "capacity bottleneck," which is limiting its growth potential, as all deployed resources are sold out [3] - The demand imbalance is not only from major clients like Meta and Microsoft but also from smaller startups, indicating a broad market interest [4] Financial Outlook - The company has raised its 2026 Annual Recurring Revenue (ARR) outlook to between $7 billion and $9 billion, with more than half already booked [5] - Expansion efforts are heavily reliant on capital, permits, and the pace of the power grid, highlighting the challenges of scaling operations [5]