Nebius made ClusterMAX Platinum, and in testing it is getting hard to tell apart from CoreWeave. It also helps that CoreWeave is full.

"CoreWeave has set the standard. These guys deploy 10,000 GPUs a week at the peak when they're building data centers, and that's incredible. But their balance sheet is full."

"There's only so many people and resources that you can marshal to build out another gigawatt when they're going to 1.5 and beyond. So Nebius has really capitalized on this middle tier of the market, which is not small."

"This is customers who are coming to us and saying, Hey, I saw you write such good things about CoreWeave. I have $100 million I'm trying to give to them. They're telling me they can't accept it until May of next year because they're backed up."