While Investors Flee Nebius, Banks Bid for Its GPU-Backed Debt
Published on 07/19/2026 at 18:21 | Redaktion boerse-global.de
The sharpest sell-off in Nebius Group’s short public life has wiped more than a third off its market value in 30 days, yet the same asset class that is at the center of investor anxiety — its fleet of graphics processors — has just attracted a stampede of bank lenders. The AI infrastructure provider closed its first-ever secured credit facility on July 10, raising $775 million, and the demand from institutions was so strong that the facility was oversubscribed.
MUFG structured the transaction and acted as sole bookrunner, while a syndicate of global banks jumped in as mandated lead arrangers. Alongside MUFG, the group included ABN AMRO, Bank of America, Deutsche Bank, HSBC, Citi, Crédit Agricole, ING, Morgan Stanley and Goldman Sachs. The loan carries an interest rate of SOFR plus 2.50 percentage points and matures on October 31, 2030. Collateral consists of Nebius’s installed GPU clusters and the contractual cash flows tied to those machines — a securitization model borrowed from the aviation and telecom sectors.
The structure marks a deliberate shift in how Nebius finances its capital-intensive business. By pledging hardware that already generates revenue, the company can raise new debt without diluting equity. The same logic extends to the $40 billion-plus in contracted revenue the company holds, including agreements with Microsoft and Meta. Chief operating officer Ophir Nave described the approach as a “disciplined, diversified strategy” for the company’s capital stack.
The announcement came just days after Nebius unveiled a broader strategic pivot. On July 15, it said it would move toward an “asset-light” operating model under which partners own and run the physical data centers and servers, while Nebius provides the architecture, software stack and global sales channel. The aim is to expand capacity without bearing the full burden of upfront investment. Still, the company plans to spend between $20 billion and $25 billion on capital expenditures in the current fiscal year to meet demand from enterprise and AI-native clients. For context, it spent $2.47 billion on capex in the first quarter alone, up 355% year over year.
Should investors sell immediately? Or is it worth buying Nebius?
That spending spree is partly why investors have been hitting the sell button. The stock closed at €155.52 on Friday, up 3.62% for the day, but the short-term damage is stark: a 19.19% decline over seven days and a 36.35% drop over the past month. The relative strength index of 37.4 points to a name that is technically oversold rather than overbought. The broader rout in AI infrastructure names was triggered by fears that Meta, through its own cloud service Meta Compute, might reduce reliance on external providers such as CoreWeave (which lost about 35% of its value in the same period) — concerns that spilled onto Nebius.
Inside the company, the selling was not limited to outsiders. U.S. regulatory filings show 33 insider transactions over the past 90 days, with a total value of roughly $27.8 million. Jim Cramer, the CNBC commentator, called Nebius a “very good business” on July 16 but cautioned that the entry point was poor, given the stock was trading about 42% below its 52-week high. He pegged a support zone between $122 and $137.
Operationally, the growth story remains intact on paper. First-quarter revenue hit $399 million, a 684% surge from a year earlier. Adjusted EBITDA came in at $129.5 million. But the reported net profit of $621.2 million was flattered by a $780.6 million unrealized valuation gain on investments; excluding that item, the company posted an adjusted net loss of $100.3 million. The valuation debate is fierce. The stock trades at a price-to-earnings multiple 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, implying a potential undervaluation of 28% in an optimistic scenario — but critics argue the stock could be overvalued by as much as 48%.
Nebius at a turning point? This analysis reveals what investors need to know now.
For Nebius, the immediate question is whether the new credit line and the asset-light pivot will be enough to restore confidence. The company insists its $775 million facility, combined with existing customer contracts, covers more than the total capital needed for its planned infrastructure buildout. Liquidity fears may be fading, but the market will now focus on execution: how fast Nebius can roll out capacity globally, convert its $40 billion backlog into recognized revenue, and prove that its AI chips can generate sustainable returns rather than just collateral for banks.
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Nebius Stock: New Analysis - 19 July
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