Nebius is spending enormous sums to build AI data centers, and it has just raised its 2026 capital-expenditure target to a range of $20 billion to $25 billion. Revenue is expected to more than quadruple year over year, but the company is still guided to a loss. The financing question is what separates a Nebius bull from a bear. If Wednesday’s report confirms the backlog is converting into revenue on schedule, the capex looks like disciplined investment. What Would Break the Nebius (NBIS) Bull CaseThe preview question is what to watch for that would puncture the story.