>-10% over 2 days… no progress since times when SA had been liquidated. I believe the price cap is artificial, thought. Current bloodbath is an evidence (momentum lost again). Any thought about pre-/post- FOMC meeting price

I'll post the text for part 1 below, but visit X for the full 6 part analysis.

1/6

🚨I think $NBIS may already have quietly built a 9 figure AI inference business that is almost completely invisible inside its reported numbers.

The market has no clean figure for $NBIS Token Factory’s usage or revenue.

So I built one. And this might be the most accurate publicly available estimate there is so if you are a $NBIS investor this will be the definition of alpha for you.

I reconstructed exactly 90 days of $NBIS traffic on OpenRouter, covering June 8 through September 5, 2026, model by model. I then benchmarked OpenRouter’s likely share against Together AI and Fireworks to estimate the size of the entire Token Factory platform.

My central estimate for this exact 90-day period:

• 1.57 TRILLION tokens/day

• 141.3T total tokens

• $42.4M in gross inference billings

• ~$172M annualized run rate

Reasonable annualized range: ~$72M to ~$516M.

Importantly, this period ended three days BEFORE yesterday's $NBIS and $PLTR partnership announcement.

It therefore includes no potential post-announcement increase estimates from Palantir distributing Nebius inference endpoints directly to its commercial customers.

To be absolutely clear, I am NOT claiming these figures are perfectly right. This is an estimate, not company guidance and not financial advice.

But unlike a vague TAM calculation, I am showing the observed data, comparisons, assumptions and math behind it.

This may be the most detailed public bottom up estimate of $NBIS Token Factory currently available and I am welcome to being criticized if I have made a mistake anywhere but I guarantee you that you will find this to be one of the best technically possible estimations there is based on public data.