Baseten and Fireworks valuation surpass Nebius

The author argues that infrastructure landlords like Nebius are currently valued lower than their software tenants like Baseten and Fireworks, despite landlords raising GPU prices and sitting on massive backlogs. This valuation gap is driven by the platforms' rapid growth, flexibility, and private funding rounds, though the author forecasts the gap will narrow as GPU scarcity eventually eases and platform margins face pressure from falling token prices. Open article →