Thank you, and welcome to Nebius Group's Third Quarter 2025 Earnings Conference Call. I'm Neil Doshi, Vice President of Investor Relations. Joining me today are Arkady Volozh, Founder and CEO, and our broader management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings press release and in our report on Form 20F filed with the SEC. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, shareholder letter, and accompanying investor presentation are available on our website at nebius.com/investorhub. I would now like to turn the call over to Arkady. Thanks, Neil, and thank you, everyone, for joining the call today. I'd like to share my thoughts about the demand environment, about our capacity plans, and what we're doing in our product. First, about the demand. Q3 demand was very strong. We sold out all of our available capacity. We continue to see a consistent trend. Every time we bring capacity online, we sell all of it. With the new generation of NVIDIA Blackwell coming online, more customers are interested in purchasing capacity in advance and securing it for a longer period of time. Today, we're very pleased to announce that we signed another major deal, this time with Meta, for approximately $3 billion over the next five years. In fact, demand for this capacity was overwhelming, and the size of the contract was limited to the amount of capacity that we had available, which means that if we had more, we could have sold more. This deal comes on top of the Microsoft deal we announced early September, with a contract value between $17.4 billion and $19.4 billion. As we said before, we expect to sign more of these large long-term deals, and we're delivering that promise. As busy as we are with these mega deals, our main focus is still to build our own core AI cloud business. We made great progress here with AI-native startups like Cursor, Black Forest Labs, and others. The economics and the cash flow of mega deals are attractive in their own right, but they also enable us to build our core AI cloud business faster. This is our real future opportunity. Now, on the capacity. In order to meet the growing demand, we have accelerated our plans to secure more capacity, and this is actually our main focus for now. Capacity today is the main bottleneck to revenue growth, and we are now working to remove this bottleneck. As we look to 2026, we expect our contracted power to grow to 2.5 gigawatt contracted. This is up from the 1 gigawatt, which we discussed in our previous earnings call in August. Furthermore, we plan to have power connected to our data centers, which means fully built, of approximately 800 megawatt to 1 gigawatt by the end of 2026, by the end of next year. While we made significant investments in our capacity footprint, we're also investing in our main product, our AI cloud. To expand our addressable market opportunity to large enterprise customers, we released our new enterprise-ready cloud platform version 3.0, called Aether, and our new inference platform called Nebius Token Factory. We believe Aether gives organizations the trust, control, and simplicity they need to run their most critical AI workloads. Nebius Token Factory is a production-scale inference platform that enables organizations to run open-source models with reliability, visibility, and control. We have a large pipeline of new software and services that we are continuing to build, which will differentiate us from other cloud companies. Based on the strength in demand that we see and our accelerated capacity growth plan, we believe we can achieve annualized run rate revenue, ARR, of $7 billion-$9 billion by the end of 2026. In summary, Nebius is positioned to win in this large and rapidly expanding AI cloud market. We're just beginning to realize the powerful potential of the AI revolution that is underway, and we are quickly becoming one of the primary cloud and infrastructure providers to support it. With this, I would like to hand the call over to our CFO, Dana Alonso. Dana, please. Thank you, Arkady. While the details of our Q3 financial performance can be found in our shareholder letter, I'd like to provide some additional color to the quarter, discuss our financing options, and conclude with 2025 guidance. Q3 group revenue was $146 million, up nearly 355% year- over- year and 39% quarter over quarter. Annualized run rate revenue for the core business at the end of September was $551 million. The core infrastructure business, which accounted for nearly 90% of total revenue, grew 400% year- over- year and 40% sequentially. Once again, we sold out our capacity, and our revenue growth was limited only by the capacity that we were able to bring online. I'm also pleased to say that adjusted EBITDA margin for the core infrastructure business expanded quarter over quarter to nearly 19%. On financing, in order to support our aggressive growth plans in 2026 and to maintain this pace of growth in 2027, we will be utilizing at least three sources: corporate debt, asset-backed financing, and equity. We are in the process of raising asset-backed debt, which we'll be able to secure with attractive terms supported by creditworthiness of our largest customers. Tomorrow, November 12, we will be putting in place an at-the-market equity program for up to 25 million Class A shares and plan to file a prospectus supplement. We will evaluate the program regularly based on our capital needs. The program enables us to access equity funding on an efficient ongoing basis. However, we will remain dilution-sensitive as we prepare to finance future growth opportunities. Now, I would like to turn to 2025 guidance. As we approach the end of the year, we are tightening our full-year group revenue guidance to a range of $500-$550 million, and we are currently pacing to the midpoint of that range. This is compared to the $450-$630 million in our previous guide. The reason we are in the middle and not at the top of that range simply relates to the exact timing of when capacity comes online. Our current momentum and long-term trajectory remain extremely strong. Our annual run rate revenue, which is a good reflection of our future growth opportunity, continues to expand, demonstrating the resilience and scalability of our business model. As such, we remain well on track to hit our ARR guidance of $900 million-$1.1 billion by the end of 2025, while also paving the way for substantial annualized run rate revenue growth in 2026 and beyond. In terms of the mega deals, we will begin serving Microsoft and Meta late in the quarter, and almost all of the revenue from these deals will start to be realized and ramp up during the course of 2026. We plan to give full-year revenue guidance for 2026 next quarter. Turning to adjusted EBITDA, as we have previously indicated, we expect to be slightly positive at the group level by year-end, while remaining negative for the full year. Regarding CapEx, we are raising our 2025 guidance from approximately $2 billion to circa $5 billion. This acceleration reflects our strong conviction in the demand outlook and our decision to secure critical infrastructure, including hardware, power, land, and key sites. These investments are strategic enablers of future growth and will position us exceptionally well to capture the opportunities ahead. In summary, we have a large and rapidly growing opportunity in front of us, and we are executing with focus and discipline to capture it, while delivering sustainable growth and setting the stage for strong long-term profitability. Now, let me turn the call over to Neil for Q&A. Great. Thank you, Dada. We'll give it a moment to collect questions from the online platform, and then we'll begin the Q&A. All right, let's start with the first question coming from Alex Platt of DA Davidson. Can you tell us more about the new Meta deal? Why did you choose? Why would they choose you, and how should we model the deal? Arkady? As we're happy to announce today, this new deal with Meta is approximately $3 billion. As I said, the size of the deal was limited only by the capacity that we had available. If we had more capacity, we could have signed a bigger deal, probably. After we announced Microsoft in September, we said that we will have more deals of this kind, more large deals. We are delivering on that promise, and we actually were optimistic as these deals will arise more and more. However, these deals are important, these mega deals. It is important to stress that we will remain focused on developing our own AI cloud, which currently serves not only these big deals, but AI startups and enterprises. Ultimately, we believe that these large contracts provide us with great sourcing of financing for us to continue building our core AI cloud business. Great. Thank you, Arkady. We'll take the next question from Alex Duvall, our analyst from Goldman Sachs. We provided the updated 2026 ARR outlook of $79 billion. What exactly is in the $79 billion ARR target? Is this based on pre-existing core business plus Microsoft and Meta? Is there anything else in terms of signing up for large deals? Mark, maybe you can take this one. Thank you, Alex, for your question. Let me walk you through the building blocks of how we get to this $7 billion-$9 billion in ARR. First of all, as we already shared, we had a bottleneck in capacity, and we worked extremely hard over the last several months to unblock this bottleneck. As we shared, we plan to have 800 MW-1 GW of connected power by the end of 2026 and 2.5 GW of contracted power. Second, we see the demand out there from AI startups to enterprises to the large strategics. We see that client demand that we were unable to sell this past year due to a lack of capacity. We strongly believe that the capacity we are putting in place in 2026 will help us to meet more of this demand. At the end of the day, we will allocate between the categories of customers based on the individual economics of the deals they represent. Thirdly, this new capacity that we are putting in place together with our current capacity that has already been sold and the long-term contracts that we signed with Microsoft and Meta gives us the confidence that we can achieve the $7 billion-$9 billion of ARR, of which more than half is already booked. Great. Thank you, Mark. See, we'll take another question from Alex at Goldman. Can you walk us through the timeline of your infrastructure build-out for Q4 2025 and 2026? What gives you confidence that you can reach your 2.5 gigawatts goal of contracted capacity? Andrey? Hello. Yeah. Thanks, Alex. We are ramping up our capacity as fast as we can to accelerate our growth for the next year and beyond. We are happy to launch now already Israel and the U.K., and all the capacity in those regions were pre-sold before the launch. We are growing with the numbers of the regions where we are present, and we're also bringing new capacity online in the current sites. We're also coming online in New Jersey. We are launching new phases of Finland in Q4, which are also pre-sold, by the way. In 2026, we will continue scaling the existing data centers, including the U.K., Israel, New Jersey, and we have new data centers already in development, both in the U.S. and Europe, and they start to come online in the first half of 2026. We're also in the process of securing several new large sites, which we believe will add hundreds of megawatts, and some of those will go online by the end of 2026. Overall, at the moment, we are looking at more than around 2.5 gigawatts of contracted power by the end of 2026. As we said, demand is growing massively, and we are very focused on rapidly building the capacity and the future pipeline to meet the demand in 2026 and beyond. Great. Thank you, Andrey. All right, we'll take a question from some of the folks who've been submitting questions. We're getting a lot of questions on Microsoft and Meta revenue. How should we be thinking about revenue contribution from Microsoft and Meta deals for this year and going forward? Dada? The Microsoft contract will not have a material effect on our revenue and ARR in 2025, as the first tranche was just delivered. All of our remaining tranches will be delivered in 2026, with more than half of them during the second half. We actually expect revenue to ramp up over the course of the year. Starting in 2027, we will begin to recognize the full annual revenue run rate of this Microsoft deal. With regards to Meta, we will be concluding the deployments within the next three months. We expect to mostly be at a full revenue run rate in 2026. Great. Thank you, Dada. Maybe another question from our online audience. What does the overall demand environment look like in Q4 and into the next year? Mark, do you want to take this? Certainly, certainly. I joined the company about five months ago, and I've had an extraordinary experience in these past five months. It's extraordinary from the standpoint that I've never seen the kind of demand profile that we're experiencing. It is literally accelerating for Nebius, and I believe as well for the broader market. As an example, in the recent quarters before, we saw pipeline generation. This is opportunities by customers that want to buy from us expand. As a matter of fact, in the past quarter, Q3, we saw PipeGen expand 70% quarter on quarter. We generated $4 billion in pipeline in that quarter. We were only able to convert a portion of that given to the constraints of our capacity. As a matter of fact, I've learned a new skill, one I don't think many go-to-market professionals have ever had to experience, and that's learning to say no to customers as we routinely sell out and have to actually let them down lightly and try to convince them to purchase in the future. As I look out to 2026 and I think through the demand profile, the kind of pipeline that we're generating right now is giving us high confidence to continue to expand our results and drive towards the ARR growth that Arkady mentioned earlier on the call. Great. Thanks, Mark. We have a question now from one of our analysts, Neil Chulgki from Northland. Incremental ARR in September quarter was around $12 million, down from $180 million in the prior quarter and $159 million in the March quarter. Why is incremental ARR down? Neil, it's a great question. As we've stated, a lot of our revenue and our ARR is really dependent on us being able to bring on capacity. Because capacity really has been the bottleneck, that's why we've seen a little bit of that trend. However, as we're bringing on a lot of capacity in Q4, you should see that incremental ARR in Q4 will be significantly higher. All right, let's go to another question from online in terms of the CapEx. You have just announced your plan to achieve connected capacity of 800 MW-1 GW by the end of 2026. How are you thinking about CapEx and what is your philosophy on CapEx spending? I think Arkady, you want to take this? Sure, I should take it. Again and again, as we see, at least this year, our revenue growth was limited by our capacity, and everything we built was ultimately sold. In theory, we should try to build as much as we can. In practice, though, we're limited by certain physical wall limitations. Physical wall cannot grow five or ten times a year. We have limitations in supply chain and obtaining permits, amount of capital that we can deploy. When we plan for data center CapEx, there are actually three stages there. The first stage is securing the land and power. The second stage is building the data centers themselves, including shell, electrical and cooling equipment, batteries, and so on, physical installation, which we call connected power. The third part is finally deploying the GPUs themselves. If we look at it from the CapEx point of view, roughly speaking, it breaks into three spending blocks. First stage, securing land and power. It is pretty cheap. It is around, again, it depends on the scale, but it is around 1% of total CapEx for securing those blocks and electricity. The second stage, building the data centers, building connected power, is something around, I do not know, 18-20%. The remaining 80%, the main part, is for deploying the actual GPUs. This is the main part of CapEx. If we want to build as much as our capital will allow us, what should we do? First, we should secure as much capacity as we can because the cost, actually, it is not, so it is immaterial at this scale. Second, we should build as much as our capital allows. Third, we will fill GPUs in line with contracted or clearly visible demand. We will need this massive 80% spend will come only when we see real demand. That is why we say that in 2026, we will be securing 2.5 gigawatt total contracted capacity. We are planning to physically build 800-1,000 megawatt of connected data centers. This will be done by the end of 2026. Great. Thank you, Arkady. Let's see. Another question from Alex Duvall from Goldman Sachs. You have announced your target is 2.5 gigawatts of contracted power, whereas before it was 1 gigawatt. Is it fair to assume that if you get 2.5 gigawatts, this will equate to over $20 billion of revenue? By when do you envisage you could do this and how? Maybe we'll give this to Andrey. Thank you, Neil. I guess it's fair to assume, but as Arkady just mentioned, we are securing the access to the power and the ability to build. We will invest CapEx, actually, in building out and deploying the GPU in those, keeping in mind the constraints that we have with the capital and according to the demand in the future periods. It's just important that we are able to accelerate when it will be needed. We do not like being blocked by the capacity constraints all the time. Great. All right. Take another question from online. Is it in a situation when you are sold out, is that the same issue, or is that really an issue with your future growth and differentiation of servicing a broader range of customers? Mark, can you take this one? Certainly. Thank you, Neil. It's a great question. I mean, in theory, the situation of being sold out is a nice problem to have. The person asking the question is right. For our business model, it's really important for us to be able to not only service large tech companies, but also be able to support our AI cloud and a very diverse set of customers. As a matter of fact, servicing startups and software vendors and enterprises is not only about delivering on their capacity needs today. We want to build partnerships with these customers and help them to meet their capacity requirements in the future, especially with enterprises, because they do not want to actually have a multitude of vendors. They prefer to align with a strategic partner. That's why we are working very closely with Andrey. As Andrey mentioned earlier, as we look forward and think about deploying capacity, it's going to be based on the demand that we're seeing out there. Utilizing the pipeline that we're building and the demand that we're experiencing to work with Andrey to identify the capacity that we should deploy. It's a very dynamic model that we're trying to put in place. Great. Thank you, Mark. Appreciate that. We have a question from Neil Doshi from Northland, who's asking, so you've done equity deals. We've also done equity-linked deals as well, Dana. How are we focused on debt and asset-backed financing for large deals? Thank you, Neil. As you know, this is a capital-intensive business. As we've said previously, funding our growth will require raising a significant amount of capital. In this context, we are actively evaluating a range of financing options today, including asset-backed financing, corporate-level debt, and equity financing. We are working on all fronts in order to maintain a disciplined capital structure to maximize our shareholder value. With regards to asset-backed financing, we believe that we will be able to secure such a facility with attractive terms supported by the creditworthiness of our largest customers. I would like to reiterate that as we are growing our business, our focus and ultimate goal is to maximize our shareholder value. Great. Thanks, Dada. Maybe just sticking on the theme of financing from the online portal, why are you planning to pursue an ATM? You just completed a secondary, and this will result in additional dilution to shareholders. Any thoughts, Dada? Let me share some perspective. We will be putting in place an at-the-market equity program for up to 25 million class A shares, and we plan to file the prospectus supplement tomorrow. We want to make sure that we have more tools at our disposal to access capital markets when needed. This is a long-lasting program, which will be used along with other capital-raise options, including corporate debt, asset-backed financing, and others, as I mentioned in my opening remarks and just before this question. The program enables us to access equity funding on an efficient ongoing basis. However, we will remain dilution-sensitive as we seek to finance future growth opportunities. Great. Thanks, Dada. Let's see. Another question from online. How are the early operations of your new U.K. facility progressing? Tom? Yeah, no, absolutely. Short answer, it's progressing very well. You may have seen just actually last week, Arkady and a few of us, we had our official launch as we presented the data center to the U.K. market. This is actually capacity that will be coming online really actually in the next week or so, so pretty in the coming days. You might remember actually that in June was when we first announced our intention to launch in the U.K., and actually even in the time since June and now, we've already come close to doubling the capacity that we're bringing on stream. That's just really a function of extremely strong demand that we're seeing in the U.K. Actually, as is often the case with the new capacity that we bring on, even before going live, we're pretty much sold out. I think they're not already fully sold out with that capacity. That's a trend that just continues. I would just say overall, a few words about the U.K., actually. I mean, we're very bullish actually about the opportunity in the U.K. It's a vibrant AI market. It's probably one of the most dynamic that we see outside of the U.S. and China. The government's making a big push to support the growth of the industry and having a reasonable degree of success in this field. We see a lot of AI startups. VC environment is strong. You also see some of the kind of large tech companies establishing regional R&D and presence there. Really, there's a lot happening in the U.K., and we think a lot still to come for Nebius in the U.K. We're very happy to be there. Actually, although this specific facility that we have, I think with the capacity, once by January, we'll have reached the peak capacity there, we see a lot of other opportunities to expand capacity in the U.K. overall. Great. Let's see. In terms of we'll take another question on capacity. You mentioned this quarter that you're fully sold out of available capacity. What are your constraints to growing in the near term and medium term to capture more of that demand? Could you also address some of the recent comments in the market around power equipment constraints? Yeah, I'll take it. Yeah. Thanks, Neil. As we discussed in most of the previous question, capacity remains our main bottleneck. Everything we deploy, we sell. We see the demand that continues to significantly outstrip our supply each time we add new clusters. In the near term, the key challenges to increasing capacity are securing power and the supply chain, and we're addressing this. We have managed these situations in the past, have quite a bit of expertise of building on the data centers and operating those. Overall, we are managing. Generally speaking, we are doing quite well actually with the pipeline. When we spoke last quarter, I believe that we announced that we have secured the roadmap of the 1 gigawatt of the power. Now we are talking about the number of 2.5 gigawatts. We are still putting a lot of focus on growing this number and making this number reliable and effective and actually bigger. Great. Thank you, Andrey. Online, we're getting just a few questions about any updates on the New Jersey facility. Andrey, do you want to take that? Yeah, New Jersey facility goes as planned. The first tranche already was handed over to Microsoft, and we are continuing the further expansion. Great. All right. Looks like a question from online, maybe more of a market question. Are you concerned that we are in an AI bubble? Arkady? I do not have any ask this question these days. What we see today, the demand is here, right? We understand that we are in the center of a once-in-a-generation AI revolution. No doubt that much more compute will be needed and much more will be built. This situation of unbalanced demand-supply is temporary. Of course, eventually, demand-supply will level up. What we are doing, in addition just to growing this raw capacity, we are building our AI cloud, which will support real businesses, real industries, real enterprise market, where AI will be creating value. We are big believers that the AI industry in general, in our sector specifically, it is going to be okay. Ultimately, we just need to be sure that we are diversified in terms of customers and workloads. This is actually what our software is basically doing. We invest conservatively and we finance our growth responsibly. We are very much focused on this. While we are growing rapidly, five times more a year, we still remain largely focused on maintaining healthy margins and a sustainable business model as a whole. In all days, I would say, healthy unit economics. We are focused on that. Whatever comes will come. We hope that we will be okay. Great. Thank you, Arkady. Next question is from Alex Platt from DA Davidson. How should we think about the lead time between when power is connected to and when it is hooked up to GPUs and generating revenue? Andrey? Yeah, thanks, Neil. On the technical side, it also depends if it's a new site or if it's expansion of a current site. Generally speaking, from the connected power and start of the GPU deployment until it can go in the platform and generate revenues, anywhere from 6-12 weeks. If it's already existing site, that can be even quicker. Generally, we also have a flexibility. That's why we're building infrastructure. We have a flexibility when we deploy and when we deploy and how much we deploy. Great. Thanks, Andrey. All right. Question from online. Can you update us on your progress with your primary customer segments? Mark, can you help us with this? Certainly, certainly. We continue to see extremely strong demand from our customers in our core AI business. We're continuing to expand business overall with our existing customers. As a matter of fact, we added a number of new customers in Q3, most notably some very disruptive startups like Cursor, Black Forest Labs, and World Labs. I'm sure everybody's heard of Cursor. We're very proud to be their partner. For those that haven't, they're an extraordinarily popular AI-powered code editor that is helping millions of developers to write and debug and optimize their code faster. They're making great strides into the enterprise. Black Forest Labs is an interesting customer that is developing cutting-edge generative AI models specifically for image and video generation. Their popular FluxOne model helps turn text and images into high-quality media-ready visuals. World Labs is building something they call a large world model, which is able to simulate 3D worlds. It gives developers and AI engineers the necessary spatial awareness to build applications for things like media and gaming and architectural design, and as well for physical AI and robotics. We've also, as I mentioned, seen expansion with existing customers. As a matter of fact, as an example, we've seen expansion with our software vendor customers like Shopify. We've made great strides with our efforts around driving vertical market success, adding significant customers in our healthcare life sciences part of the business. We're also making significant advancements in physical AI and media and entertainment customer segments. Great. Thank you, Mark. Maybe a question to, looks like this is a question for Dado. A few people are asking, any puts and takes that you can provide on your revised 2025 year-end revenue guidance? Our business is actually scaling rapidly. There can always be fluctuations in the exact time of deployments in such a fast-growing company like ours. Our focus remains on building a very large company, obviously much larger than today and significantly bigger than our plans for 2026. This was and continues to be our main focus. In any event, our annualized run rate revenue, which is a better reflection of our future growth opportunity, continues to expand, demonstrating the resilience and scalability of our business model. As such, we remain well on track to hit our ARR guidance range of $900 million-$1.1 billion at the end of 2025, while also paving the way for substantial revenue growth in 2026 and beyond. Great. Thank you, Dado. Let's see. Question from the online community. How is your enterprise initiative ramping up? We seem to make some good improvements there over the past couple of quarters. Mark, do you want to help take this? Certainly, certainly. Yeah, we are making strides with regard to becoming enterprise-ready. As you saw with the launch of Nebius 3.0, what we call Aether, we've delivered a number of AI cloud improvements to support enterprise requirements. As an example, in the Aether release, we are delivering really important compliance and security certifications. As a matter of fact, we did this in a matter of months, when it would normally take other organizations a lot longer to deliver these types of capabilities. As a matter of fact, as well, we delivered some important functionality that enables enterprise administrators to proactively manage their implementation. Tooling and controls like identity and access management and dashboards for evaluating the performance and security of their implementation. I think, as we all know, the sort of critical foundation for enterprise readiness is to have these kinds of compliance and security certifications in place and the enterprise functionality that enterprises are looking for. The third is to have an enterprise-ready sales team. On that front, we are adding a number of key leaders to our organization. We are expanding the overall sales organization for coverage in enterprise software vendors and key verticals. It'll take some time for the sales team to ramp, but we are building the foundation between the functionality that I mentioned and the overall team coverage that I think will set us up for a strong 2026 with enterprises. Great. Thank you, Mark. Keeping with our online investor base, you recently launched Token Factory. What is the opportunity around this? Will this expand your market or open up new segments? Maybe we'll ask Roman to take this one. Yeah, thank you, Neil. Happy to talk about our new launch. I will start a little bit from demand evolution. We fairly see now the next wave of AI demand growth. It is mostly driven by the companies, by the people who apply AI to real-world applications across all industries in B2C and B2B. It is not necessarily foundational model builders like it was, let's call it, in the first wave. We, as Nebius, realized that we needed our inference-as-a-service offering to make it serve a broader set of customers, including enterprises. Token Factory gives vertical AI product builders, ISVs, and enterprises a platform to build, we call it Flywheel, of applying LLMs in vertical AI use cases at scale. We help them to transform open-source models into optimized production-ready systems with guaranteed performance and transparent cost per token. We obviously leverage the underlying infrastructure to bring the most efficient, scalable solution to our customers when they can be sure that they get the best total cost of ownership and can confidently grow with us. As a result, organizations can deploy and scale models such as OpenAI OSS, Qwen, DeepSeek, Llama, Nematron, and many others on dedicated endpoints with guaranteed performance tuned for the super latency and 99.9% uptime. In total, I must say, we are excited about the opportunity of inference workloads. We believe that all companies will invest in inference to productize AI. For us, it will require significantly more compute and will support this wave of growth as well as we do for foundational model builders. Great. Thank you, Roman. Jumping back to online, looks like we have some additional questions here. What demand are you seeing for new Blackwell generation? And how is this demand from the previous Hopper generation? Mark? Do you want to take this one? Thank you, Neil. you, Neil. Yes, certainly. Thank you, Neil. Demand remains very strong across all types of GPUs. As we said, we sold out our capacity in Q3, and that is across all types. We are nearly sold out with respect to Q4. Talking about the Hoppers, we continue to see extremely positive demand for these chips. An interesting set of dynamics that we are experiencing is that as customers come to their renewal for Hoppers, or if they are looking to upgrade to, say, Blackwells, in both cases, we are typically selling them immediately and often at better pricing than they were previously priced as we are actually in tandem rolling out the Blackwell. Very strong demand profile for existing Hoppers. We are also seeing very strong demand for Blackwells. We are benefiting from the fact that we are one of the first companies to deliver them in the market. In our Israel data center, we launched with B200s. In our U.K. data center, we launched with B300s. We have essentially pre-sold much of that capacity before these facilities even opened. We are very excited as well that we are launching GB300s. We are the first to do so in Europe, which will be coming online, our Finland data center, later this quarter in December. Thinking about in-production capacity, we are right now, as I mentioned, selling the remnants of Q4. We are also now pre-selling new capacity being delivered in future quarters. We are seeing a very strong demand across all types of GPUs. As I mentioned earlier, and as Andrey mentioned earlier, we are working in close partnership with Andrey's team to make sure that our sales pipeline allows us to drive our model in order to be able to support GPU requirements in subsequent quarters. Terrific. Thank you, Mark. Another question from Alex Platt from DA Davidson. He's asking about our strategy regarding larger deals. Do we have medium-term capacity targeted for these deals and customers? Arkady? Yes. We are very opportunistic here. The demand is there, not only for our everyday deals, but for large mega deals as well. We will enter into the deals which provide us with the best margins. We are very much focused on margins and profitability, not only on growth itself. All our decisions actually are derived from there. Great. Thank you, Arkady. Next question from Andrew Beal from Aratay. Can you provide more details regarding some of the Greenfield sites? Do you have LOIs for further new US and EU DC locations, or are you further down the road with these? Andrey? Yeah, thanks, Neil. Generally, we are making great progress to bring more capacity. We have a robust pipeline both in Europe and US. We mentioned that we are on the way of securing 2.5 gigawatts of, well, roadmap for the power in the next year. We are in LOI stage and also further down the road as well. We are not in a position to say more at this stage. Great. All right. Question from online. Can you provide an update on your facility in Israel, Tom? Yeah, sure. As you can see, we're growing rapidly. Just last week, we were in the U.K. launching. Just a couple of weeks before that, we were in Israel. Actually, the data center facility that we have there is already fully live. As I think we've made various references to, Mark mentioned it previously, again, that was capacity that was effectively even pre-sold. We definitely have opportunities to expand further in terms of capacity. We think Israel is a great market. Again, we see a lot of demand. There's a lot happening in tech and in AI. Actually, one of the things that's interesting about the market, I mean, our decision to go in there was purely based on our own commercial considerations. We think there's a lot of growth for that. Actually, the government's also doing some interesting things really to stimulate further demand. They're actually effectively putting money to subsidize sort of AI startups and institutions and helping them to access the compute as a way of having the growth move faster. We think it's, anyway, we're doing great there. We think that there's a great opportunity for us. Actually, the model there might even be a model that we think even other countries might look at that are thinking about building up their domestic demand in the AI industry. Overall, going great. Great. Thanks, Tom. All right. From our online platform, let's see. How do you think about partnering with or buying potential companies that already have secured power or land or consolidating other neoclouds? Arkady? Companies which secure power and land, again and again, it's all about margins. We're pretty much focused on the margins when we enter into a new contract, when we're raising capital, when we're developing new plots for data centers, when we design those data centers, when we build our own racks, software. We vertically integrate. We're looking on efficiency on each stage. We have looked into potential acquisitions of power land market. So far, our approach proves to bring, I would say, much higher margins so far. We are still moving further and further into building our own facilities. We're actually decreasing the share of our own over-colocated, rented facilities. More and more, it will be our own facilities. Obviously, we will continue to consider different opportunities. As you can see, we were able to secure a significant level of contracted power organically. We strongly believe that sooner rather than later, the margins for the infrastructure business will play a significant role in the ability to the business to grow and develop. We basically remain very focused on that. Great. Thank you, Arkady. All right. Another question, kind of market-related question. Maybe this one will go to you, Arkady. Is there any chance that GPUs are oversupplied in the coming year as new suppliers come to the market? Two things here. First, we strongly believe that the market will still be supply constrained, at least in 2026. It means that data center capacity will be the choking point. Also, as we mentioned earlier, we plan our capital spend in those three stages: land power, building the shell and facilities, and then the GPUs. This conservative stage approach keeps us from overspending, actually, and allows us to maintain a healthy financial position. If there are any changes in the market, we'll be in good shape to weather any downturn, we hope. Great. Thank you, Arkady. Let's see. A couple of our analysts are asking in terms of any big challenges regarding the completion of the Vineland facility or any challenges to meeting any performance obligations of your Microsoft deal. Thanks, Neil. I think I already spoke about it. Yeah, as of today, it goes as planned. We already handed over the first tranche to Microsoft. Yeah, continuing working according to the plan. Great. Thank you. All right. I think we'll end the call there. Thank you, everyone, for joining. We will speak to you again next quarter.