Nebius Turns Client Contracts Into Collateral for First-Ever Secured Loan
Published on 07/19/2026 at 14:53 | Redaktion boerse-global.de
Nebius Group has taken a major step in its financing strategy by securing a $775 million secured credit facility, its first such arrangement since going public. The loan, led by Japanese bank MUFG and syndicated to a consortium including ABN AMRO, Bank of America, Deutsche Bank, HSBC, Citi, Crédit Agricole, ING, Morgan Stanley and Goldman Sachs, was oversubscribed—a sign that institutional lenders see value in the cloud-infrastructure specialist's locked-in revenue streams. The facility carries an interest rate of SOFR plus 2.50% and matures on October 31, 2030.
What makes the deal notable is the collateral: already-installed GPU infrastructure and the contractual payment flows from a single investment-grade customer. By pledging these assets, Nebius effectively covered the entire capital expenditure for that GPU capacity and then some, according to the company. More importantly, the structure is designed to be replicated. With over $40 billion in contracts from the likes of Microsoft and Meta sitting on its books—including a recently confirmed capacity tranche delivered to Microsoft—Nebius now has a template for converting future operational hardware into growth capital without issuing new equity.
That last point is critical for shareholders. The stock had been hammered in recent weeks, falling more than 40% from its June 22 high of €261.00, largely over fears that Nebius would need to tap equity markets to fund its ambitious buildout. The debt-financing route removes that dilution risk, at least for now. On Friday, the shares bounced 3.62% to close at €155.52, though the rally barely dented a 30-day slide of 36.35%. The relative strength index of 37.4 suggests the selloff may have been overdone from a technical perspective.
The broader selloff in Nebius was part of a sector-wide rout that also hit CoreWeave, which lost roughly 35% of its value over the same period. The trigger was a concern that Meta, one of Nebius's key clients, could eventually reduce its reliance on external cloud providers by scaling its own Meta Compute service. That narrative spooked investors across the AI infrastructure space, and Nebius was caught in the crossfire. Insider selling added to the pressure: regulatory filings show 33 transactions worth a combined $27.8 million over the past 90 days.
Should investors sell immediately? Or is it worth buying Nebius?
Jim Cramer weighed in on July 16, calling Nebius "a very good business" but warning that the entry point for investors was poor. At the time, the stock was trading roughly 42% below its yearly high. He identified a technical support zone between $122 and $137.
Operationally, Nebius continues to post explosive growth. First-quarter 2026 revenue hit $399 million, a 684% year-over-year surge. Adjusted EBITDA came in at $129.5 million. The reported net income of $621.2 million, however, was flattered by a $780.6 million valuation gain on investments; stripping that out, the company posted an adjusted net loss of $100.3 million. Capital expenditures soared 355% to $2.47 billion, underscoring the pace of infrastructure expansion.
The valuation debate remains heated. With a price-to-earnings ratio of roughly 61.9, Nebius trades well above the software industry average of 28.6. Analysts at Simply Wall St peg a fair-value P/E of 70.1, which under an optimistic scenario implies a 28% undervaluation. Critics counter that the stock could be overvalued by as much as 48%. The central question is whether Nebius can convert its massive capital spending into durable, profitable revenue.
Nebius at a turning point? This analysis reveals what investors need to know now.
The new credit line buys time and flexibility. By using long-term contracts with Microsoft and Meta as collateral, Nebius has opened a debt-funded growth path that sidesteps equity dilution. Whether that will be enough to restore investor confidence after the recent volatility—and whether the replicable financing model can keep pace with the company's capital needs—will likely become clearer when quarterly results are released later this summer.
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Nebius Stock: New Analysis - 19 July
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