Stock

# Nebius Group (NBIS)

Nebius runs an AI cloud from Amsterdam and signed a $3.5B secured bridge loan with Citi in October.

Updated Oct 29, 2026

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

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.

## Covered in

- Theme: [AI compute hosts (neoclouds)](/research/themes/ai-compute-hosts)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Nebius Group Operating and Financial Review, three and six months ended June 30, 2026 (6-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d1.htm)Primary 2026-08-12
- [Nebius Group Form 6-K: Bridge Facility Agreement with Citibank](https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_6k.htm)Primary 2026-10-22
- [Nebius secures $3.5 billion financing facility with Citi (6-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_ex99-1.htm)Primary 2026-10-22
- [Nebius CEO Admits Neocloud Financing Has Tightened, Says Company Has Enough To Build Its Gigawatt](https://stocktwits.com/news-articles/markets/equity/nebius-ceo-admits-neocloud-financing-has-tightened-says-company-has-enough-to-build-its-gigawatt/cZUd80tRByG)Secondary 2026-10-26
- [Microsoft (MSFT) Q1 2027 Earnings Call Transcript](https://www.fool.com/earnings/call-transcripts/2026/10/29/microsoft-msft-q1-2027-earnings-call-transcript/)Secondary 2026-10-29
- [CRWV, NBIS, IREN, APLD Stocks Drop After Microsoft Capex Falls Short On Delayed Third-Party Capacity](https://finance.yahoo.com/markets/stocks/articles/crwv-nbis-iren-apld-stocks-033548877.html)Secondary 2026-10-28
- [AJ Bell: Nebius Group company info and events](https://www.ajbell.co.uk/market-research/sub/NASDAQ:NBIS/company-info)Secondary 2026-10-29
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