Milestone note Jul 17, 2026
Nebius raises $775M in its first secured debt — GPUs as collateral, no dilution
Nebius closed a $775M senior secured loan — its first secured debt financing — backed by GPUs already deployed in its data centers and cash flows from an existing customer contract. With $40B+ of contracted revenue from investment-grade customers including Microsoft and Meta, it plans to repeat the structure instead of issuing shares.