1.0 Introduction: A Pivotal Quarter of Growth and Strategic Expansion The third quarter of 2025 was a defining period for Nebius Group , characterized by explosive revenue growth, the signing of significant new hyperscale contracts , and an aggressive strategic pivot to massively scale its infrastructure capacity. Overwhelming market demand has pushed Nebius to its operational limits, pivoting the entire corporate focus from demand generation to an aggressive, capital-intensive race to build capacity, making execution on its infrastructure roadmap the single most critical variable for future value creation. This quarter’s results demonstrate a company securing its long-term demand pipeline while aggressively building the physical foundation required to fulfill it. This analysis will deconstruct the key financial results from Q3 2025, providing a clear picture of Nebius's current trajectory. We will evaluate the strategic importance of the landmark contracts with Meta and Microsoft...