Nebius Group (NBIS)

Analysis and information

What it does

Nebius is an AI cloud company based in Amsterdam. It rents GPU clusters, storage and software for training and running AI models, with a large presence in Europe and the U.S. The group also includes Avride, which builds self-driving technology, and TripleTen, an online tech-education business.

Role in the theme

Nebius is a GPU cloud in the AI compute hosts (neoclouds) theme. Its funding mixes customer prepayments, operating cash flow and secured loans.

Latest

• 10-28: NBIS fell 6.3% in overnight trading after Microsoft's CFO said some third-party GPU-as-a-Service contracts were "delayed to H2" of its fiscal year, which runs January to June 2027.
• 10-26: Nebius's CEO was reported as saying that some sources of funding, such as "asset-backed financing or debt markets," had temporarily dried up. He said customer advances and other tools should fund "this gigawatt at least."
• 10-22: Nebius disclosed a $3.5B senior secured bridge loan from Citibank, signed on 10-17. Interest starts at Term SOFR plus 2.75% and rises 0.25% every 90 days, up to 3.50%. The loan matures on 10-16-2027, is secured by substantially all of the borrowers' assets, and has a minimum-liquidity covenant.
• 10-22: The company said it can still raise asset-backed financing based on more than $40B of long-term contracts with investment-grade customers.

What to watch

• Q3 results: about 11-11, per a broker calendar (not confirmed by the company).
• How the bridge loan due 10-16-2027 is refinanced, and whether the asset-backed financing the company described is signed.
• Customer prepayments as a share of funding.