Nebius Shares Surge 17% as Nvidia's 9.3% Passive Stake Comes With a Lock-Up Until September
Published on 07/21/2026 at 20:31 | Redaktion boerse-global.de
Nvidia’s newly disclosed 9.3% stake in Nebius comes with an important constraint: the chipmaker cannot sell a single share before September 11, 2026. That detail, buried in a Schedule 13G filing with the SEC, turned what might have been a routine ownership disclosure into a powerful endorsement of the European AI infrastructure builder.
The filing, made public on July 13, revealed that Nvidia holds 22.26 million Class A shares in the Dutch company. Most of those — roughly 21 million shares — stem from a pre-funded warrant dated March 11, 2026, which cannot be exercised until September. The remaining 1.19 million shares were already on Nvidia’s books from an earlier quarter. By using the 13G form, Nvidia signaled it intends to remain a passive investor with no plans to seek control. The lock-up period effectively removes any near-term overhang from a potential sale.
Markets reacted swiftly. Nebius shares initially jumped to 172.12 euros in after-hours and pre-market trading on the news, then extended the rally to 187.80 euros in the next session — a gain of more than 17% from the previous close. That surge brought the stock 319.2% above its 52-week low of 43.40 euros, set exactly a year ago on July 22, 2025. Yet the stock remains 34% below its June 22 high of 261.00 euros, a reminder of the steep volatility that has characterized Nebius since its transformation from a Yandex spin-off into a dedicated AI cloud provider.
Should investors sell immediately? Or is it worth buying Nebius?
The Nvidia stake is part of a broader capital structure that has eased investor concerns about dilution. Just days before the filing, on July 17, Nebius secured a secured credit facility of $775 million, backed by its own GPU infrastructure and customer cash flows from investment-grade clients. The debt financing — rather than an equity raise — was welcomed by shareholders who had worried the company might need to issue new shares to fund its ambitious build-out.
That build-out is nothing short of massive. Nebius is constructing so-called AI factories — high-performance GPU clusters positioned as a sovereign European alternative to US hyperscalers. Its order book already exceeds $40 billion in contracted revenue, with Meta and Microsoft among the anchor tenants. The company is developing a 310-megawatt facility in Lappeenranta, Finland, and a gigawatt-scale project in Missouri, USA. Nvidia’s two-billion-dollar investment commitment, first announced in the spring, cements the chip giant not just as a supplier but as a strategic partner in those projects.
Despite the growth narrative, skeptics have reason to pause. Insider sales over the past three months totaled $141.8 million, suggesting some profit-taking at the top. Valuation metrics are equally stretched: the trailing price-to-earnings ratio stands at nearly 60, while the forward multiple exceeds 200 — figures that imply investors are pricing in years of exponential growth. The relative strength index of 44.3 points to neither an overbought nor oversold condition, underlining the stock’s current middle ground between euphoria and caution.
For now, the balance of evidence tilts positive. The combination of a locked-in Nvidia stake, a non-dilutive credit line, and a contract backlog packed with hyperscaler names has shifted the conversation away from whether Nebius’s business model works to how fast it can scale. The market’s answer on Tuesday was clear: fast enough to reward the believers, but not without the occasional nerve-jangling pullback along the way.
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Nebius Stock: New Analysis - 21 July
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