NBIS Stock Masmiyya Israel

Masmiyya, also written Masmia and associated with the Bnei Re'em area, is part of Nebius's reported Israeli expansion agreement with Mega DC. The tenant commitment reported in January was 22 MW. The host now lists several separate Masmia developments, so a single undifferentiated campus total is no longer an adequate description.

The original study used a 64 MW host envelope and assigned extensive future technical capabilities to Nebius. This refresh separates the reported tenant agreement, the developer's project codes and the evidence still needed to confirm delivery.

Use the Nebius Data Center Tracker for the location record and the Nebius infrastructure overview for the company-wide directory.

What the agreement establishes

Globes reported that Nebius confirmed an agreement for 22 MW near Bnei Re'em and 58 MW at Beit Shemesh. Mega Or's Q2 financial notes independently describe an 80 MW IT agreement across the two locations with an unnamed Nasdaq-listed cloud and AI company, retaining a third-quarter 2026 delivery window for Masmiyya. The identification and the issuer's contractual disclosure should remain separately attributed. Globes's January report. Mega Or Q2 2026 report.

An agreement and a delivery window do not establish that the tenant has accepted the full allocation. This review has not verified a dated announcement of complete customer-ready delivery at Masmiyya.

The host directory now distinguishes three projects

Mega DC lists MDCIL-2, Masmia (200), at 40 MW with a 2026 ready-for-service year. It separately lists MDCIL-6, Masmia (502), and MDCIL-7, Masmia (201), with capacity and timing still marked to be determined. Those entries should not be merged into a single confirmed Nebius allocation. Mega DC site directory.

The project code and parcel reference matter. A construction or power announcement concerning one of these properties may not apply to the others. Even within a property, the host's power envelope and the tenant's IT commitment can use different units.

Technical capability is not installed configuration

Mega DC markets high-density rack and liquid-cooling capability across its portfolio. That describes what a facility is designed to support. It does not establish that Nebius operates every rack at the maximum rating, that a specific accelerator generation is installed or that the site achieves a particular measured PUE.

The same care applies to power infrastructure. A nearby substation or generation asset can be relevant to development, but its existence does not prove unrestricted future supply for every tenant. A connection agreement and the delivered electrical configuration are stronger evidence.

Developer income and Nebius economics are different

The landlord earns income from providing data-center services under its contracts. Nebius earns revenue from computing services and bears its own equipment and operating commitments. A developer's projected income cannot be described as Nebius revenue or margin.

The original financial illustration is retained below as historical analysis. Its assumed construction cost and attribution of site-level exposure are not a newly verified Nebius capital commitment. Later developer estimates also should not be substituted into the old illustration without creating a separately dated calculation.

Masmiyya's place in the network is a reported contracted expansion, alongside Beit Shemesh and the established Modi'in deployment. The Nebius company page contains the wider business research and forecasts. Reviewed through September 17, 2026.

Historical calculations retained from the original study

The following limited examples are preserved from the original publication. Their assumptions and outputs have not been revised. They are not current operating measurements, a new Northwise forecast or a statement of current contracted prices. The factual discussion above uses the latest reviewed evidence.

The older approximately $240 million site-exposure calculation is not a disclosed Nebius capital obligation. The developer-income example concerns the landlord and two sites, not Nebius operating income.

For the developer, Masmiyya contributes to an estimated NIS 300 million ($95 million) in annual net operating income once the Masmiyya and Beit Shemesh sites reach stabilized occupancy. These long-duration contracts provide predictable cash flow that supports further expansion across the Mega DC portfolio.