Nebius Group (NASDAQ: NBIS) ended last week under heavy pressure, with its stock falling about 19% despite securing a $775 million GPU-backed financing facility. Rather than reassuring the market, the new funding appeared to sharpen investor focus on the enormous capital required to build the company’s artificial intelligence infrastructure over the coming years.
The decline also came amid a wider selloff across AI infrastructure and cloud computing stocks, suggesting that investors are becoming increasingly selective after months of enthusiasm surrounding the sector. While Nebius continues to expand its AI computing capacity, the latest financing represents only a small portion of the company’s planned investment program.
Nebius’ newly announced financing is backed by deployed graphics processing units (GPUs) and cash flows generated from customer contracts. Structured as the company’s first senior secured loan, the facility carries a floating interest rate tied to one-month SOFR plus a 250-basis-point margin and matures in October 2030.
Although the financing provides additional flexibility, it accounts for only a fraction of Nebius’ projected 2026 capital expenditure program. The company has outlined plans to invest between $20 billion and $25 billion in AI infrastructure this year, meaning the new debt finances only a limited portion of its broader expansion strategy.
Management indicated that the facility, together with contracted customer cash flows, fully supports the infrastructure deployment tied to this financing. However, investors continue evaluating how Nebius intends to finance the remainder of its multibillion-dollar buildout without placing excessive pressure on shareholders or its balance sheet.
Unlike conventional corporate borrowing, Nebius structured the transaction around operating assets that are already generating revenue. The GPUs serving customers effectively become collateral, allowing the company to unlock capital while continuing operations.
The financing approach has similarities to funding structures adopted by other AI infrastructure providers, including CoreWeave. While CoreWeave recently secured a much larger GPU-backed facility with a slightly lower borrowing spread, the two transactions differ significantly in size, maturity and credit profile.
For Nebius, the key question is not simply obtaining one successful financing package, but whether similar facilities can be replicated as additional AI clusters come online.
Executives remain confident in that approach. Chief Operating Officer Ophir Nave described the financing as an important milestone in the company’s long-term strategy, noting that demand from lenders exceeded the amount ultimately raised.
Nebius has emphasized that customer demand remains strong. The company disclosed more than $40 billion in additional contracted revenue and counts major technology companies, including Microsoft and Meta Platforms, among its customers.
Beyond computing infrastructure, Nebius recently announced a separate $1.7 billion energy initiative supported by Industrial Development Funding and Oaktree. The project will fund Bloom Energy fuel cell deployments designed to provide power for future AI infrastructure. While the investment supports Nebius’ broader ecosystem, it is structured as project financing rather than direct corporate funding.
Combined with the GPU-backed facility, recent announcements bring funding associated with Nebius infrastructure to roughly $2.5 billion, although only $775 million represents direct borrowing by the company.
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