Nebius’ $775M Loan Cracks Open a Financing Door, but the Sector’s Selloff Hasn't Closed Yet
Published on 07/19/2026 at 21:32 | Redaktion boerse-global.de
Nebius secured its first secured credit facility last week — a $775 million package backed by GPU hardware and the future cash flows of an investment-grade customer — yet the relief rally that followed (+3.62% on Friday to €155.52) did little to reverse a brutal 30-day slide of 36.35%. The contrast captures the tension running through the entire AI infrastructure space: one company’s clever capital solution is being drowned out by a sector-wide reassessment of who ultimately pays for all that compute.
The Amsterdam-based cloud provider structured the loan without diluting existing shareholders. Instead, already installed GPU infrastructure serves as collateral, alongside contractual payment streams from a client with an investment-grade rating. Nebius declined to name the counterparty, but the loan — which was oversubscribed — matures on 31 October 2030 and carries an interest rate of SOFR plus 2.50 percentage points. The facility covers more than the entire capital expenditure required to build out the GPU infrastructure tied to that client contract. That means the company can put the cash to work immediately, funding additional capacity for other customers.
Management sees the deal as a template. With an order backlog of more than $40 billion in additional contracted revenue — including pledges from Microsoft and Meta — the company believes it can repeat the structure, refinancing future long-term contracts on an asset-by-asset basis. Nebius recently delivered a planned capacity tranche to Microsoft and says it remains on schedule for further deliveries. At the end of the first quarter of 2026, it had more than 3.5 gigawatts of contracted power capacity across seven sites each exceeding 100 megawatts, and plans to add at least another 4 GW during the year.
Should investors sell immediately? Or is it worth buying Nebius?
But the broader market is not in a forgiving mood. The same week the loan was announced, Nebius saw its stock tumble further in early US trade — a 12.6% drop on 16 July — as part of a wave of selling that has wiped out more than a third of the stock in a month. The decline is not isolated: CoreWeave lost 28% over the same period, IREN dropped 37% despite securing a $3.4 billion five-year contract with Nvidia, and peers such as Core Scientific, TeraWulf and Applied Digital all suffered double-digit losses. Applied Digital even posted better-than-expected revenue and still got hammered. The pattern is unmistakable: the so-called “Neocloud” group is being repriced as a whole, irrespective of individual operating performance.
At the heart of the unease is a shift in how Nebius plans to finance its growth. Earlier this month, the company unveiled a new partnership model under which external infrastructure partners would own, build and operate data centers while Nebius supplies architecture, hardware design, software and the global sales channel — effectively making the company lighter on capital. The market reaction was swift: the stock fell 7.8% on that news. For many investors, the pivot looked less like strategic evolution and more like a signal that scaling at the pace Wall Street had priced in requires increasingly elaborate, and less transparent, financing structures.
Technically, the stock is now in oversold territory. The 14-day relative strength index sits at 37.4, indicating selling pressure is easing but not yet exhausted. Shares trade 21.49% below their 50-day moving average of €198.10, yet remain 30.39% above the 200-day average of €119.28 — a gap that underscores how steep the preceding rally was before the correction. Annualized 30-day volatility has surged past 104%, confirming that sentiment, not fundamentals, is driving the tape.
With a market capitalisation of roughly €38.12 billion, Nebius remains a heavyweight in AI data centre infrastructure. But the past month has shown how quickly enthusiasm can evaporate when the financing question eclipses the growth story. The company’s $775 million debt deal gives it immediate ammunition to expand without shareholder dilution, and its more than $40 billion contract pipeline suggests there is further firepower for similar deals. Yet until the broader sector convinces investors that the capex burden won’t crush returns, every piece of good news may continue to arrive through a storm of selling.
Ad
Nebius Stock: New Analysis - 19 July
Fresh Nebius information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
