X discussionNebius Group quietly brought US-NORTH1 online in Woodbury, Minnesota, a 10MW private cloud region traced to IronGate's MSP 01. Community power trackers now show 318MW of active capacity across the footprint, and traders treat the live site as fresh proof the AI-cloud buildout is executing into Q3.
BullNebius is converting announced sites into live AI cloud regions on schedule. Changelog geotags, CBRE listings, and 130kW liquid-cooled rack specs for MSP 01 all line up on a Minneapolis site built for B300-class density.
BearIndependent megawatt trackers overstate what Nebius can actually bill. CapEx still runs tens of billions this year while free cash flow stays deeply negative, so debt and dilution keep claiming equity value even when new sites light up.
Posts
Bull evidence
@SMASIMHONebius US-NORTH1 Minneapolis region is live at 10MW on IronGate MSP 01, quietly added in mid-August changelogs
@EndicottInvestsNebius active power footprint now prints 318MW on the community capacity tracker
@SMASIMHOWeekly buildout update: Pennsylvania Phase III rezoned, 18MW Madrid PR, UK Romford and Harlow capacity ramping, second India DC job listing
@Yusty121Nebius changelog and IronGate listing geotag the same Woodbury address with 130kW liquid-cooled rack specs
Bear evidence
@family_remyNo accurate way exists to record Nebius active MW from public trackers; stick to earnings disclosures
@jeremymjacquinNebius spends $20–25B this year chasing ARR still a fraction of CapEx, leaving thin owner FCF after refresh and dilution