3Q26 Neocloud Preview: Financing in Focus

An uncertain environment creates an interesting backdrop into Q3 with share performance under pressure despite intra-quarter demand signals remaining sound. Ultimately, sustaining execution and providing further clarity around the financing environment are required to ease ongoing investor concerns. Solid Q2 results were supported by a strong demand backdrop with capacity and execution stepping up at both CoreWeave and Nebius. Intra-quarter developments suggest the demand environment has remained sound, with CoreWeave continuing to sign new agreements at higher prices — three-to-six month agreements trending in the $40M/MW range — and announcing several enterprise customers including Hudson River Trading, Ennoble Care, Parallel Works, and MasterClass. Nebius has followed suit with the company announcing a partnership with Palantir, raising on-demand prices in October, and introducing spot pricing for preemptible VMs. However, broader interest rate uncertainty and associated financing r