Same AI compute build-out, but the points that actually constrain shareholder returns can look very different. For the NBIS position, the more relevant questions right now are how much additional capital is still needed to deliver this capacity, and how many shares will end up sharing the returns.The core AI cloud contracts signed in Q2 imply roughly $20–25 million in annualized revenue per MW, and AI Cloud adjusted EBITDA margin hit 50% in the same quarter. That margin, however, does not yet deduct depreciation, interest, or the ongoing expansion spend. At the end of Q2 the company had about $8 billion in cash; in July it closed $775 million of asset-backed financing at SOFR + 2.5%; customer prepayments are also helping fund the build-out.The “$4.5 billion convertible” that keeps getting mentioned is also worth clarifying. That was the initial size announced on August 19; the deal was subsequently upsized and closed in August at roughly $5.75 billion. Old news can still be re-evaluated for risk by the market, but it shouldn’t be framed as a fresh financing that just happened in October.Honestly, what worries me more is how the remaining funding gap gets filled later. If they raise another $1 billion of equity, a $250 share price means issuing 4 million shares, while $165 means roughly 6.06 million shares — about 52% more dilution for the same amount of money. It’s just a scenario, but it explains why a lower stock price makes the market keep asking about the financing plan.Somy bull case is pretty straightforward: how many MW can they actually deliver, at what revenue per MW, and at what capital cost. Those three variables matter most. Strong demand and solid contract pricing are still the main reasons I’m holding. A few weeks of engineering delay and a customer actually walking away are two completely different things.Inmy view, this is currently one of the higher-certainty, higher-quality AI compute names you can buy. The pullback also makes the trading setup more interesting. Curious how others are looking at #NBIS around these $170 levels👀🤐