Nebius Puts Its AI Chips to Work as Collateral in a $775M Bet on Sustained Cloud Demand
Published on 07/19/2026 at 08:04 | Redaktion boerse-global.de
Nebius Group has turned its graphics-processing units into a financing tool, securing a $775 million secured credit facility from a consortium of global banks that includes MUFG, Bank of America, Goldman Sachs, and Morgan Stanley. The loan, closed on July 10, 2026, carries an interest rate of SOFR plus 2.50 percent and matures on October 31, 2030. What sets it apart is the collateral: already-deployed GPU infrastructure and contractual payment streams from an investment-grade customer. Company COO Ophir Nave described the move as part of a “disciplined, diversified approach” to capital structure.
The credit line was oversubscribed, reflecting strong institutional appetite for a model that essentially securitises Nebius’s data centres. Behind the facility sit more than $40 billion in contracted revenues, anchored by agreements with Microsoft worth $19.4 billion and Meta totalling $27 billion. Nebius plans to extend this financing structure to additional secured revenue streams in the future, giving it financial breathing room without immediately tapping equity markets.
Yet for all the novelty of the loan structure, Nebius’s stock has endured a brutal stretch. At Friday’s close of €155.52, the shares had climbed 3.62 percent on the day, but the gain did little to erase a 36.35 percent plunge over the past 30 days — including a 19.19 percent weekly loss. On a year-to-date basis, the equity still trades up 235.17 percent, evidence of a longer-term rally that has been violently interrupted.
The sell-off was triggered not by company-specific operational failures but by sector-wide anxiety. Investors grew concerned that Meta, through its in-house cloud platform Meta Compute, might reduce its reliance on external providers such as CoreWeave — a fear that spilled over to Nebius, which also rents AI computing capacity. CoreWeave itself lost roughly 35 percent of its market value over the same period. Insider selling added to the unease: regulatory filings show 33 transactions by company officers over 90 days, totalling about $27.8 million.
Should investors sell immediately? Or is it worth buying Nebius?
Financial commentator Jim Cramer, speaking on July 16, called Nebius a “very good business” but warned that the entry point for investors was unfavourable. At the time of his remarks, the stock was trading roughly 42 percent below its all-time high. He identified a technical support zone between $122 and $137.
Operationally, the company continues to post eye-popping growth numbers. First-quarter 2026 revenue reached $399 million, a 684 percent year-over-year jump. Adjusted EBITDA came in at $129.5 million, while reported net income of $621.2 million included a $780.6 million valuation gain on investments — stripped of that, the net loss widened to $100.3 million. Capital expenditures surged 355 percent to $2.47 billion, underscoring the sheer pace of infrastructure buildout.
The valuation debate remains unresolved. Nebius trades at a price-to-earnings ratio of around 61.9, more than double the software industry average of 28.6. Analysts at Simply Wall St calculate a fair P/E of 70.1, implying a potential undervaluation of 28 percent in a bullish scenario, while critics argue the stock could be overvalued by as much as 48 percent. The central question is whether Nebius can convert its heavy upfront investments into sustainable, recurring earnings.
Nebius at a turning point? This analysis reveals what investors need to know now.
Technical indicators offer a mixed picture. The 14-day relative strength index stands at 37.4, nudging toward the oversold threshold of 30. The stock remains 30.39 percent above its 200-day moving average of €119.28, signalling that the long-term uptrend is intact, but the short-term correction has been sharp. Annualised volatility of 104 percent ranks Nebius among the most jittery large-cap tech names.
The coming week will serve as the real stress test. Alphabet kicks off hyperscaler earnings for the second quarter, and investors will be scrutinising capital expenditure forecasts for signs of a pullback. Nebius’s entire business model hinges on the assumption that Meta and Microsoft will sustain their appetite for computing power. If the tech giants confirm their spending targets, the $44.30 billion market capitalisation could look unfairly discounted. If they signal even a modest cooling, the glow around the chip-backed loan may quickly fade. Either way, the 100-day moving average at €154.23 — defended on Friday — will be a crucial line to watch.
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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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