Overview
- Goldman Sachs filed that it held a 7.2% passive position in Nebius Group as of June 30 and the bank has served as Nebius's exclusive financial adviser while helping to structure a $775 million secured debt facility closed in mid‑July.
- Nebius has scaled rapidly from its Yandex roots, reporting $399 million in Q1 2026 revenue, a 684% year‑over‑year jump, and company disclosures say contracted power capacity exceeds 3.5 gigawatts with a Pennsylvania site tied to up to 1.2 GW.
- The company says it has a $40 billion to $50 billion committed backlog including a Meta agreement partly firm for $12 billion, but investors worry that contracts may not convert into durable revenue and cash flow at the pace management projects.
- Nebius raised roughly $6.3 billion in Q1 including a $2 billion NVIDIA equity stake and $4.3 billion of convertibles and then closed the $775 million secured facility in July, leaving the balance sheet dependent on large upfront GPU purchases and long‑term power and lease commitments.
- Markets have been volatile after a roughly 31% July share drop and public short interest including a Michael Burry disclosure and investors are focused on the Aug. 12 Q2 report as the near‑term proof point for margins, revenue conversion, and liquidity.