- Nebius entered a $3.5B senior secured bridge facility with Citibank dated October 17, 2026, disclosed in a Form 6-K filed October 22.
- The facility carries Term SOFR plus 2.75%, rising by 0.25% per 90 days to a maximum of 3.50%, and matures October 16, 2027.
- Proceeds fund GPU infrastructure buildout and general corporate purposes, and the facility includes a minimum liquidity covenant.
- The obligations are secured by substantially all assets of each borrower, including shares of the US and Dutch borrowers held by the parent company.
- COO Ophir Nave said Nebius has $40 billion in long-term customer contracts that serve as potential collateral and that larger financing is still ahead.
- CoreWeave lost roughly a quarter of its market value last week, and yields on some of its bonds climbed to around 15% from about 9.675% at issuance.
- NBIS shares fell as much as 2.5% in pre-market trade and are down nearly 30% this month, with Piper Sandler cutting its price target on Nebius by 22% to $185.
Quotes
“Sequencing our financing is how we optimize our long-term cost of capital”
“Today, it's a lot harder to find bulls”