$NEBIUS(NBIS)$ Looking at the company's position 12 months ago versus now, it's essentially a different business.
A year ago, they had 7 planned or built sites and zero gigawatt-scale AI factories.
Today, they have 21 planned or built sites, with 2 gigawatt-scale AI factories in the pipeline.
This kind of step-function expansion isn't just linear growth; it's infrastructure scaling at hyperscale pace. Markets often underestimate how quickly capacity can ramp once demand visibility is confirmed.
What's notable isn't just the increase in site count, but the strategic shift into gigawatt-level AI factory planning. That's where the AI compute cycle transitions from individual projects to a full industrial buildout.
If execution continues to match the plans, this moves from a small-cap narrative to a platform scaling story.
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