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Nebius shares soar on $40B backlog amid debt scrutiny
The stock is down 37% from June 2026 all time highs of $299.9, while the company reported $8.4 billion in debt and took on $775 million of new debt financing in July 2026.
Nebius Group (NBIS) rallied sharply over the past 12 months, gaining 175%, with the move tied to strong revenue growth, a larger contracted backlog, and EBITDA level profitability in its most recent quarter, according to Yahoo Finance.
The article also notes that Nebius shares briefly reached all time highs of $299.9 in June 2026 before a subsequent 37% correction.
Despite the bullish momentum, the piece flags valuation and credit concerns, including a disclosed short position by Michael Burry initiated at $211.77 per share, alongside concerns about leverage tied to off balance sheet commitments.
As of March 2026, Nebius reported $8.4 billion in debt and $1.0 billion of operating lease liabilities, for an implied total debt of $9.4 billion, and it raised $775 million through debt financing in July 2026. For FY25, the company reported $529.8 million in revenue, up 479% year on year, while its adjusted EBITDA loss narrowed to $64.9 million.