NEW YORK, July 19, 2026, 14:14 EDT — Nebius shares dropped 19% as the company finalized a $775 million loan secured by GPUs.
Nebius Group NASDAQ:NBIS shares dropped 19.1% last week, even after obtaining its first senior secured loan. The $775 million loan is collateralized by deployed GPUs and customer cash flow commitments.
Nebius forecasts capital expenditures of $20 billion-$25 billion for 2026. The direct loan represents 3.1%-3.9% of that total. Nebius states that the facility and contract cash flows cover the entire funding required for this specific deployment.
This is the division. Banks are providing loans secured by ring-fenced assets, leaving common shareholders to evaluate the remaining buildout.
Nebius set the loan rate at one-month SOFR with a 250 basis point premium. CoreWeave NASDAQ:CRWV set another GPU-backed floating-rate tranche at SOFR plus 225 basis points.
| Borrower | Facility | Floating margin | Maturity | Support and rating |
|---|---|---|---|---|
| Nebius | $775 million | SOFR + 250 bps | Oct. 31, 2030 | GPUs in use; customer cash flow |
| CoreWeave | $8.5 billion | SOFR + 225 bps | March 2032 | Computing assets; client contract; A3 / A (low) |
The loans vary by size, rating and maturity. CoreWeave’s facility is larger, carries a rating, and has a later maturity. Nebius’s filing did not disclose a rating. Its borrowers are required to maintain a debt-service coverage ratio of 1.15 times.
The 25-basis-point difference does not provide a straightforward credit comparison. However, lenders still took Nebius’s contracted assets at a spread close to CoreWeave’s rated tranche.
Nebius finished Friday at $177.71, climbing 3.46% on the session. The previous Friday closed at $219.65. Trading volume totaled 24.91 million shares, 1.4 times the stock’s average turnover.
Neocloud stocks declined, with CoreWeave falling 17.6% and IREN NASDAQ:IREN losing 18.3%. The Nasdaq Composite slipped 2.9%.
Wall Street’s AI-driven selloff spread further on Friday, having begun with chipmakers. “It’s like the market has chip fatigue,” said Carson Group strategist Ryan Detrick. Reuters
Nebius reported substantial oversubscription for the facility. “This financing is an important step in that strategy,” said Chief Operating Officer Ophir Nave. Nebius
The loan, which matures on October 31, 2030, is backed by nearly all of the borrower’s assets and equity. The arrangement converts a customer asset already in use into new capital for growth.
Investors are seeking confirmation that the model can be replicated throughout Nebius’s extensive contract portfolio. Nebius reported more than $40 billion in additional contracted revenue. Its customers include Microsoft NASDAQ:MSFT and Meta Platforms NASDAQ:META. The company said that the latest capacity tranche for Microsoft has been delivered.
A new $1.7 billion initiative revealed on Thursday targets energy requirements. Industrial Development Funding and Oaktree will back Bloom Energy NYSE:BE fuel cell deployments for Nebius infrastructure. The statement referred to project investment, not direct payment to Nebius.
Total funding associated with Nebius infrastructure reached $2.475 billion over the two disclosures, representing 9.9%-12.4% of yearly capital-spending guidance. Of this, just $775 million constitutes direct debt taken on by Nebius.
As of March 31, Nebius reported cash holdings of $9.30 billion prior to the new loan. The company’s non-current debt amounted to $8.43 billion. Expenditures on equipment and intangibles during the first quarter totaled $2.47 billion. Revenue was $399 million.
U.S. financial markets did not open on Sunday. Normal Nasdaq trading hours will restart Monday at 9:30 a.m. EDT. Nebius currently has no scheduled investor events.
Alphabet NASDAQ:GOOGL is scheduled to report results on Wednesday, with its AI investment forecast likely to influence neocloud stock performance.
Risks: The loan features a floating interest rate and a 1.15-times coverage covenant. Nebius highlights risks related to financing, power, supply chains, demand and technology.
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