Nebius will be a TRILLION dollar company. Most people look at Nebius and see a GPU rental business. Roman Chernin just explained on the Q1 2026 earnings call exactly why that framing is wrong and why it misses the most important thing happening inside this company. His argument starts with a simple observation taht in 2026, every product you build requires tokens. You can get tokens from Anthropic, OpenAI, or Gemini and it just works. You call the API, you get intelligence, you ship the product and the moment you want to use open-source models, DeepSeek, Llama, Kimi, Minimax, Qwen, the hundreds of specialized models being released by what Chernin calls neo labs the experience breaks completely. Then you can download the weights from Hugging Face and find an open-source inference engine "but the reality is it will not work. Or at least it will not work at scale or it will not work at scale with the economics you expect. Or it will not work at scale with economics and reliability combined." That is the problem Token Factory was built to solve and it is a $100 billion problem hiding in plain sight. Token Factory is Nebius's production inference platform that brings fine tuning, optimization, orchestration, and deployment of open source and custom models into a single governed system, sub-second latency, autoscaling throughput, 99.9% uptime, and SOC 2 Type II security, even for workloads exceeding hundreds of millions of requests per minute. Early adopters have reported up to 26x cost reductions compared to proprietary frontier models at identical quality levels meaning the same intelligence, at a fraction of the spend. In Q1, Nebius made three acquisitions that each attack a different layer of the Token Factory stack. Tavily brings agentic web search and retrieval, Eigen AI brings advanced model optimization that Nebius paid $643 million to acquire, and Clarifai brings production-grade inference for multimodal and computer vision workloads. Together they turn Token Factory from an inference platform into a complete agentic AI deployment stack, the full pipeline from raw model weights to production AI product, owned and operated by Nebius. The Q1 numbers underneath this strategy are not gradual but rather vertical. Revenue hit $399 million, up 684% year over year. AI-specific revenue grew 841% to $390 million and now represents 98% of total revenue. ARR grew 674% year-over-year, full-year ARR guidance was raised to $7-9 billion with revenue guidance of $3.0-3.4 billion. Adjusted EBITDA margins in the AI cloud segment nearly doubled quarter on quarter to 45%, a company simultaneously growing triple digits and expanding margins, which is essentially unheard of. The power moat sits underneath all of it. Contracted capacity now exceeds 3.5 gigawatts, the company hit its full year target in Q1 and raised guidance to 4 gigawatts by year-end. A new 1.2 gigawatt Pennsylvania AI factory brings total owned sites above 100 megawatts to seven across two continents. A basic GPU rental business sells you access to hardware. Nebius is building the operating system for the open source AI economy, the full stack that turns raw model weights into production intelligence at a fraction of what frontier APIs cost, with the power secured and the infrastructure built before anyone else had the foresight to see it coming. Milk Road Pro remains massively bullish on Nebius and we called it early, we are up huge on the position, and we continue to track every development in AI infrastructure before it becomes obvious to the rest of the market. Come join us at the link in bio/below.