According to CoinMeta, Citibank maintains a buy/high-risk rating for Nebius, with a target price of $278. It points out that the growth of Nebius lies in the pace of capacity delivery and the demand for AI cloud services. Nebius's second-quarter revenue was driven by SLA income, Token Factory, Tavily, and high utilization rates, with the increase in order backlogs coming from its core AI cloud business. NVIDIA's $50 million AI infrastructure financing plan, CoreWeave financial report, and Lumentum guidance have drawn market attention to Neoclouds. Approximately 50%-60% of Nebius's capital expenditures are supported by customer prepayments, with a payback period for the projects of about 10 months. Nebius expects that most of the contracted capacity will be launched in the second half of 2026, and the $70 million to $90 million ARR framework is driven by utilization rates, pricing, and capacity growth. Citibank reminds that there are risks associated with customer concentration, high capital expenditure intensity, and GPU supply uncertainties.