Home Earnings Analysis Tech  Summary The new guidance of at least 4 GW for year-end 2026 contracted power is the main development that raised my eyebrows in the Q1 2026 earnings release. The new site in Pennsylvania adds up to 1.2 GW, giving Nebius a second gigawatt-scale U.S. site alongside Independence, Missouri. In my view, there may be potential upside from unannounced customer contracts, since my Meta’s modeled capacity needs appear far below Missouri’s full 1.2 GW capacity. Funding remains a risk to monitor. I estimate that NBIS needs roughly $5.6B-$7B of additional raising, and dilution through the unused ATM could pressure the stock. There are more risks, like data center delays, which could push revenue recognition out. That said, I remain constructive on the growth story of the company. Tom Werner/DigitalVision via Getty Images My first strong buy rating on Nebius Group N.V. ( NBIS ) goes back to February 2025, when the stock was flying below the Street's radar.…