---
title: "Nebius reports November 12. Its $3.5 billion Citi loan comes due October 2027."
description: "The Amsterdam AI cloud, up 103% in 2026, dropped 6 to 7 percent this week after Microsoft said third-party GPU capacity is arriving late. Its November 12 report now has to show customer prepayments outrunning a $3.5 billion loan due October 2027."
publisher: "The Inference"
section: "Data Center"
published: 2026-10-30T15:16:28.787Z
modified: 2026-10-30T15:16:28.787Z
canonical: https://theinference.org/article/nebius-reports-november-12-its-3-5-billion-citi-loan-comes-due-october-2027
language: en
keywords: "Nebius, Microsoft, Data Centers, Debt Financing, AI Infrastructure"
---

# Nebius reports November 12. Its $3.5 billion Citi loan comes due October 2027.

> The Amsterdam AI cloud, up 103% in 2026, dropped 6 to 7 percent this week after Microsoft said third-party GPU capacity is arriving late. Its November 12 report now has to show customer prepayments outrunning a $3.5 billion loan due October 2027.

Early today [Nebius](https://theinference.org/markets/companies/nebius) Group, the Amsterdam-headquartered AI cloud listed on Nasdaq, [fixed its third-quarter report for Thursday, November 12, before market open](https://www.businesswire.com/news/home/20261030312119/en) [1]. The date matters more than the ritual. The stock is [up 103% in 2026 through Wednesday's close](https://finance.yahoo.com/markets/stocks/articles/nebius-103-2026-despite-musk-115449406.html) [2], but it fell about 6% in Thursday's pre-market [3] and 7.4% in a single session this week [6], and the print is the first hard read on whether customers are still paying up front for a buildout the company is partly funding on a one-year loan [2].

## The buyer just said later

[Microsoft](https://theinference.org/markets/companies/microsoft), [Nebius's](https://theinference.org/markets/companies/nebius) largest customer under a contract worth $17.4 billion to $19.4 billion [2], spent $45.2 billion on capital expenditures and finance leases last quarter, about 30% more than a year earlier but short of the $50.7 billion analysts expected [4].

Finance chief [Amy Hood](https://theinference.org/markets/people/amy-hood) [told analysts that "some third-party capacity deliveries we expected in Q1 were delayed,"](https://www.cnbc.com/2026/10/28/microsoft-msft-q1-earnings-report-2027.html) and said the delays "have to do with GPU-as-a-service providers" [4], the category Nebius sells into. The money is not going away: Microsoft guided to more than $50 billion of capex in its current quarter and about $170 billion for calendar 2027 [4]. But the largest tenant of rented GPU capacity has told the market its third-party machines are arriving late.

## The lender's clock is shorter

On October 22 Nebius agreed [a $3.5 billion senior secured facility](https://finance.yahoo.com/markets/stocks/articles/nebius-signs-3-5-billion-145609222.html) with [Citi](https://theinference.org/markets/companies/citigroup): 364 days, maturing October 16, 2027, priced at SOFR plus 2.75% with the margin stepping up every 90 days to as much as 3.5%, secured by substantially all assets of the parent and two subsidiaries [5][6]. Chief operating officer [Ophir Nave](https://theinference.org/markets/people/ophir-nave) called it near-term construction capital, with longer-dated financing to follow [5].

Then the mood turned. [Elon Musk](https://theinference.org/markets/people/elon-musk) said debt markets had "almost entirely shut off access to money" for neoclouds without revenue outside data centers, predicting "guppy-level death" among more than 200 providers [2][3]. And on Monday chief executive Arkady Volozh [said certain asset-backed funding sources and access to debt markets had been temporarily shut](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/nebius-stock-volozh-s-financing-caveat-a-364-day-citi-line-and-the-2027-capacity-deadline/70432472) [6]. Piper Sandler cut its price target to $185 from $237 while keeping a Neutral rating on October 21 [6].

## The gap the loan has to bridge

The filings show it plainly. From March 2025 to June 2026, Nebius's quarterly debt rose from $0.19 billion to $10.06 billion and quarterly capex from $0.54 billion to $5.65 billion, against quarterly revenue that reached $582 million [7]. Analysts expect about $906 million of revenue for Q3, and the number that matters most is deferred revenue, the prepayments customers hand over before capacity runs: $6.0 billion at June 30, up from $1.6 billion at the end of 2025 [2].

## Prepayments are the bull case

*Chart: **Nebius's debt and capex have outrun its revenue, six quarters running** Line chart of Nebius quarterly revenue, total debt and capital expenditures in US dollars from the quarter ended March 2025 to the quarter ended June 2026, showing debt and capex rising far faster than revenue.*

*Quarterly figures from Nebius's SEC filings, in US dollar billions: total debt, capital expenditures and revenue, from the quarter ended March 2025 to the quarter ended June 2026. [7]*

If that keeps growing, prepayments and the $40 billion of investment-grade contracts can plausibly carry the buildout to refinancing; if it flattens, the company enters the year the Citi loan comes due needing more stock or more debt [2][5]. The counterargument is real: Hood still says demand exceeds supply [4], analysts have trimmed 2027-2030 estimates by less than 2% since September 30 [2], and Nebius's net debt of about $0.5 billion at June 30 was a rounding error next to [CoreWeave](https://theinference.org/markets/companies/coreweave)'s $29.5 billion on the same basis [2]. [The borrowing against Microsoft and Meta was already on the record](https://theinference.org/article/nebius-borrowed-against-microsoft-and-meta-to-build-the-machine-they-prepaid) [8]; what is new since October 22 is the loan's short clock and, since October 28, the buyer's own delay notice. A buyer taking delivery later and a lender wanting its money back sooner are two clocks running on the same machine.

## What November 12 has to show

Watch deferred revenue first, connected power second: management targets 800 MW to 1 GW connected by year-end and $7 billion to $9 billion of annualized revenue by December [5][2]. If the print shows both, the facility is construction capital. If not, it is a deadline.

## Takeaway

Nebius's November 12 report must show deferred revenue and connected power still climbing; if they do, the 364-day Citi loan is construction capital, and if they do not, it is a deadline.

## Sources

1. [Business Wire, Nebius Group announces date of third quarter 2026 results and conference call, 30 October 2026](https://www.businesswire.com/news/home/20261030312119/en)
2. [Yahoo Finance, Gian Estrada, Nebius Is Up 103% in 2026 Despite Musk's "Guppy-Level Death" Warning: Take Profits, or Buy More?, 29 October 2026](https://finance.yahoo.com/markets/stocks/articles/nebius-103-2026-despite-musk-115449406.html)
3. [Benzinga, Why CRWV, NBIS, IREN, APLD Stocks Are Falling Today, 29 October 2026](https://www.benzinga.com/markets/equities/26/10/62691867/googl-msft-q3-results-capex-crwv-nbis-iren-apld-stocks-fall)
4. [CNBC, Jordan Novet, Microsoft stock jumps 4% as cloud growth drives earnings and revenue beat, 28 October 2026](https://www.cnbc.com/2026/10/28/microsoft-msft-q1-earnings-report-2027.html)
5. [Yahoo Finance, William Foxley, Nebius signs $3.5 billion senior secured bridge loan with Citi, 22 October 2026](https://finance.yahoo.com/markets/stocks/articles/nebius-signs-3-5-billion-145609222.html)
6. [Ad Hoc News, Nebius Stock: Volozh's Financing Caveat, a 364-Day Citi Line, and the 2027 Capacity Deadline, 29 October 2026](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/nebius-stock-volozh-s-financing-caveat-a-364-day-citi-line-and-the-2027-capacity-deadline/70432472)
7. [Nebius, quarterly figures from its SEC filings, retrieved 30 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001513845)
8. [The Inference, Nebius Borrowed Against Microsoft and Meta to Build the Machine They Prepaid, 7 October 2026](/article/nebius-borrowed-against-microsoft-and-meta-to-build-the-machine-they-prepaid)


---

Nebius reports November 12. Its $3.5 billion Citi loan comes due October 2027. — The Inference. Canonical: https://theinference.org/article/nebius-reports-november-12-its-3-5-billion-citi-loan-comes-due-october-2027