Nebius
NBIS-🇳🇱 The Netherlands
- Price
- $129.50
- as of Nov 6, 2026
- Market cap
- $35.2B
- as of Nov 6, 2026
- Next earnings
- Thu, Nov 12
- Q3 2026
Estimated total debt principal$17.31B
Trailing 12-month dilution+13.9%Aug 7, 2025 → Aug 12, 2026
Cash & equivalents$8.04Bas of Aug 12, 2026
Estimated cost of debt2.96%incl. floating estimate
Basic shares outstanding - Evolution
Funding the build to end-2030
The Valuation tab's cash flows, year by year: capex for the fleet the guidance and the blocks give, at the pace the capex guidance sets for 2026; operating cash from that fleet at the run-rate the ARR guidance anchors, less taxes and the interest on today's debt.
Capex to fund$70bn4,316 MW to deliver · 2026 at the guided pace
Equity raised$21.49bn10% dilution a year
Debt to raise$1.33bn437.8m shares at end-2030
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026from Jul | $14bnguided | $965m | $13.04bn | $3.52bn · +27.2m | — | 299m | $8.55bn |
| 2027 | $21.54bn | $7.8bn | $8.55bn | $3.87bn · +29.9m | $1.33bn | 328.9m | $0m |
| 2028 | $15.01bn | $15.84bn | — | $4.26bn · +32.9m | — | 361.8m | $5.09bn |
| 2029 | $13.26bn | $21.43bn | — | $4.69bn · +36.2m | — | 398m | $17.94bn |
| 2030 | $6.19bn | $26.35bn | — | $5.15bn · +39.8m | — | 437.8m | $43.26bn |
Cash on hand is the balance sheet's cash plus committed undrawn facilities, capital closed since and customer prepayments. Equity at 10% of the share count a year at the latest close; the DCF charges the cost of the capital still to raise as its own line rather than growing the count. No deal records a customer prepayment yet — filling them in on the Deals tab cuts the raise dollar for dollar.
Debt stack
Convertible notes
Total: $13.04B · net: $5.68B| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$3.45Bnet $5.68B | 0.5% | $313.46 | 2030 | Closed | Aug 24, 2026 | ||||
$2.30B | 4.5% | $324.65 | 2034 | Closed | Aug 24, 2026 | ||||
$2.59B | 1.25% | $183.22 | 2031 | Closed | Mar 20, 2026 | ||||
$1.75B | 2.625% | $180.31 | 2033 | Closed | Mar 20, 2026 | ||||
$1.38B | 1% | $138.75 | 2030 | Closed | Sep 15, 2025 | ||||
$1.38B | 2.75% | $138.75 | 2032 | Closed | Sep 15, 2025 | ||||
$100.0M | 2% | $51.45 | 2029 | Closed | Jun 2, 2025 | ||||
$100.0M | 3% | $51.45 | 2031 | Closed | Jun 2, 2025 |
Term loan / DDTL
Total: $4.28B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
$3.50B | SOFR + 275 bps | Oct 16, 2027 | Closed | Oct 17, 2026 | |
$775.0M | Oct 31, 2030 | Closed | Jul 17, 2026 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
Nvidia pre-funded warrant for Class A ordinary sharesWarrants / purchase right | Nebius granted a right to purchase up to ordinary shares at $0.0001 per share. | Mar 11, 2026 | |
| Nebius authorized the ongoing sale of ordinary shares through an at-the-market program, at prevailing market prices. | Nov 12, 2025 | ||
Public offering of Class A ordinary shares at $92.50/shareEquity offering | Nebius raised approximately $1.00B. | Sep 15, 2025 | |
Private placement of Class A ordinary shares at $21.00/shareEquity offering | Nebius raised approximately $700.0M. | Dec 9, 2024 |
Other instruments
Other
| Instrument | Cost / amount | Maturity | Stage | Source |
|---|---|---|---|---|
| Closed | Aug 24, 2026 |