Nebius is executing ahead of targets, with contracted power exceeding 3.5 GW and Q1 revenue up 684% YoY to $399M. Substantial de-risking is evident via $47B in committed contracts (Microsoft, Meta), $4.8B in prepayments, and a $2B NVIDIA equity investment. I am equal weight with a $220 PT; risk/reward is negatively skewed at $250, with a more compelling entry below $190, or 6.5x FY27E revenue.