Nebius reported revenue of $582.3 million, up 454% from $105.1 million a year earlier and ahead of the $572.75 million analysts expected. AI cloud, which now accounts for about 98% of total revenue, generated $574.9 million, up 514% year over year. The Backlog That Silenced the Capex DoubtThe capex question was the crux going in, and the contract news is what settled it. The preview to this Nebius report framed backlog conversion as the thing to watch; the report delivered it. That is the tension the Nebius report does not resolve so much as reframe.