Nebius executives are projecting bullish pricing trends for AI computing infrastructure, with the company reporting that prices per megawatt are rising more than expected [1]. Marc Boroditsky, Nebius's chief revenue officer, stated that if the company brought its 2027 capacity online, it would sell out, with potential for similar dynamics in 2028, supporting a positive longer-term demand outlook [1]. The company conducted an auction for computing capacity on Tuesday that demonstrated continued price increases, with Boroditsky telling CNBC: "We're seeing continued upward mobility in terms of the kind of price per megawatt" [1].
These optimistic projections come as the neocloud sector faces increased investor scrutiny regarding business model sustainability and debt levels [1]. Investors have grown concerned following CoreWeave's spike in borrowing costs, which has negatively impacted stock performance of other neocloud companies including Iren and Nebius [1]. However, Boroditsky distinguished Nebius from CoreWeave, stating "we're not carrying the kind of debt that they are" [1].
Crusoe Energy, an Nvidia-backed AI infrastructure company, reinforced the bullish pricing narrative. CEO Chase Lochmiller reported that the company is seeing rising prices for GPUs across generations, including older Nvidia chips [1]. Specifically, Lochmiller noted: "We're seeing higher pricing today for A100s than we saw in 2020 or 2021. We're seeing higher pricing for H100s than what we saw when they were first deployed in 2023" [1]. Lochmiller attributed this strength to advanced model capabilities driving increased value creation from compute infrastructure [1].
The ability to maintain attractive rental prices for older GPU generations is economically crucial for AI infrastructure companies, as it enables them to recover investments and generate profits while spending billions on new GPU acquisitions [1]. The pricing strength reported by both Nebius and Crusoe suggests that older chips are retaining economic value longer than historically expected, potentially addressing investor concerns about rapid GPU depreciation in the AI infrastructure sector [1].
CONCLUSION
Despite sector-wide concerns about neocloud debt levels and business model viability, Nebius and Crusoe are reporting stronger-than-expected pricing dynamics for AI computing capacity and older GPU generations [1]. These reports suggest sustained demand and pricing power in the AI infrastructure market, though investor caution remains given CoreWeave's borrowing challenges and their impact on peer valuations [1].