Meta has committed to take up to $15 billion of capacity, at our option, over a five‑year contract; a separate five‑year agreement framed at more than $27 billion is also referenced, and which anchor it belongs to is still being confirmed against the filing. An outside read puts Microsoft and Meta together at more than 90 % of backlog, but no exact split is disclosed and the precise share remains an open question until the next annual filing. Still the very early days.

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NBIS / Two anchor customers, and the concentration question

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/p/p-day-20260722-nbis-src-nbis-customer-concentration-conversation ↗

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2026-07-22T14:42:34.293Z