Nebius Secures $775M From Bank Syndicate as Stock Tumbles 36% on Financing Concerns
Published on 07/19/2026 at 13:21 | Redaktion boerse-global.de
Nebius Group has quietly assembled a formidable order book: a five-year deal with Meta worth $27 billion, a $20 billion contract with Microsoft, and a $2 billion investment from Nvidia. Yet the market is not impressed. Shares in the AI infrastructure provider have shed 36.35 percent over the past 30 days, closing Friday at €155.52 — a 3.62 percent gain that felt more like a reprieve than a recovery. The stock remains 40.41 percent below its June 22 record of €261.00, and the Relative Strength Index at 37.4 suggests it is flirting with oversold territory without yet crossing the line.
What rattles investors is not the size of those contracts, but the question of who ultimately foots the bill for the hardware needed to fulfill them. Nebius recently unveiled an asset-light partnership model under which infrastructure partners will finance, own, and operate the data centers, while Nebius contributes the architecture, hardware designs, software, and global sales reach. The logic is straightforward: less capital tied up, faster expansion. But the market read the announcement as a signal that Nebius itself may be struggling to bankroll its own growth — and sold off hard.
The company moved to address those doubts head-on by closing a $775 million secured credit facility on July 10, 2026. Led by Japan’s MUFG, the syndicate includes ABN AMRO, Bank of America, Deutsche Bank, HSBC, Citi, Crédit Agricole, ING, Morgan Stanley, and Goldman Sachs. The loan was oversubscribed, matures on October 31, 2030, and carries a rate of SOFR plus 2.50 percent. Collateral consists of already-installed GPU infrastructure and the contractual cash flows from an investment-grade client. Nebius intends to extend this financing model to cover a portion of the more than $40 billion in contracted revenues from Microsoft and Meta. COO Ophir Nave called it a “disciplined, diversified approach” to the company’s capital structure.
The pivot to debt comes as Nebius confronts a bottleneck far removed from chip shortages: electricity. The firm reported at least 100 megawatts of capacity across seven global sites for the first quarter of 2026, up from a single megawatt at the end of 2025. Secured power capacity has swelled to over 3.5 gigawatts from roughly 2 gigawatts last year, with a target of adding at least four additional gigawatts in the coming year. That explains why Nebius has recently signed power deals with unconventional partners, shifting the narrative away from GPU headlines toward the grid itself.
Should investors sell immediately? Or is it worth buying Nebius?
Technical indicators underline the stock’s fragility. With annualized volatility above 104 percent, double-digit daily swings are the norm rather than the exception. Jim Cramer weighed in on July 16, calling Nebius “a very good business” but warning that the entry point was unfavorable with the stock roughly 42 percent off its high. He identified a support zone between $122 and $137 per share. Adding to the caution, insider filings revealed 33 transactions totaling $27.8 million in sales over the past 90 days.
Operationally, the growth story remains intact. First-quarter 2026 revenue hit $399 million, a 684 percent year-over-year surge. Adjusted EBITDA came in at $129.5 million. Reported net income of $621.2 million, however, included a $780.6 million investment gain; on an adjusted basis, the company posted a net loss of $100.3 million. Capital expenditures climbed 355 percent to $2.47 billion, underscoring the sheer pace of infrastructure buildout.
That spending spree feeds the valuation debate. Nebius trades at a price-to-earnings ratio of roughly 61.9, more than double the software industry average of 28.6. Analysts at Simply Wall St peg a fair-value P/E of 70.1, which in an optimistic scenario would imply 28 percent upside — but in a bearish reading, critics argue the stock could be overvalued by as much as 48 percent. The central risk is whether Nebius can convert its massive capital outlays into durable, recurring earnings before the market’s patience runs out.
Nebius at a turning point? This analysis reveals what investors need to know now.
The sector-wide selloff has not spared peers. CoreWeave lost around 35 percent over the same period, partly due to fears that Meta’s in-house cloud service, Meta Compute, may reduce demand for external providers. That same anxiety has spilled onto Nebius. The $775 million credit line gives the company short-term breathing room without diluting existing shareholders, but it does not resolve the deeper question: can an asset-light model, powered by debt and partner balance sheets, sustain the kind of growth that once made Nebius a darling of the AI trade? The answer will likely emerge in the next set of quarterly results.
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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.
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