Overview
- Last week Nebius finalized a $775 million senior secured facility led by MUFG that is collateralized by deployed GPUs and contracted customer cash flows and carries pricing at one‑month SOFR plus 2.50% with an October 31, 2030 maturity.
- The company also unveiled an asset‑light partnership model that lets third‑party operators finance, own and run data centers while Nebius supplies architecture, hardware design and its software stack.
- Nebius points to more than $40 billion of contracted revenue with major customers including Microsoft and Meta as the demand foundation for its multi‑GW expansion.
- Analysts published bullish long‑range scenarios and at least one upgrade followed the financing, yet markets showed mixed short‑term reactions and the loan covers only a small fraction of the firm’s stated 2026 capex needs.
- The near term hinge for Nebius is clear: it must replicate asset‑backed financings at scale, execute partner deployments reliably, and convert contracted capacity into revenue on the timeline management has outlined.