Nebius Just Revealed the Biggest Problem Facing Neocloud Stocks

Nebius is shifting to an asset-light model, licensing its data centre design and software to third parties rather than building centres itself, exposing capital constraints across neocloud companies as hyperscalers and SpaceX enter the market with lower cost of capital.

This Wire brief sits within Fusion42's coverage of Cloud Infrastructure. Wire is Fusion42's founder-focused intelligence feed: each story is connected to the funds and startups it names — every one with a live profile on Raise or Scout — so founders can follow the capital and the momentum behind the headline rather than just the headline itself. Wire analysis is one of the live surfaces Arthur reasons over.