### @NBIS — Confirmed — from the earnings call and annual filing
Nebius entered its build with a large liquidity buffer: about $9.3 billion of cash at March 31 2026, up from $3.7 billion at year‑end, built from early‑2026 financings. Those financings included roughly $2 billion from NVIDIA—recorded as proceeds plus a pre‑funded Class A warrant of about 21 million shares—and convertible debt. The CFO says incremental capacity will be funded through further financing, flagging asset‑backed debt against the Microsoft contract, so the model is debt raised against contracted demand, carried for now on the cash cushion. Still the very early days.
- tier: Confirmed (✓)
- source: NBIS / Funded ahead of the revenue: the cash cushion
- receipt: https://ticker.thevixguy.com/p/p-day-20260728-nbis-src-nbis-cash-cushion-rotation
- posted: 2026-07-28T01:15:32.831Z