Overview
- Nebius closed a roughly $775 million senior secured facility backed by deployed GPUs and contracted customer cash flows, a deal led by MUFG that matures in October 2030 and is priced at SOFR plus 2.50%.
- The Nvidia Schedule 13G filing that went public on Monday, July 20, shows a passive 9.3% holding in Nebius made up of directly held shares and pre‑funded warrants and helped lift Nebius shares and analyst price targets.
- Last week Nebius also unveiled an asset‑light partner model that lets third‑party operators finance, own and run data centers using Nebius’ platform while Nebius commercializes the resulting compute capacity.
- Investors note the $775 million loan covers only a small slice of Nebius’ reported $20–$25 billion 2026 capex plan and flag risks tied to execution, power and supply chains that could delay meaningful revenue from new capacity until early 2027.
- The deals signal growing lender willingness to treat high‑end GPUs as collateral and reflect strategic alignment with Nvidia and large contracted commitments from Microsoft and Meta, but markets will watch upcoming Q2 results and whether Nebius can replicate asset‑backed financings at scale.