{
  "schema_version": 1,
  "checked_on": "2026-09-25",
  "updated_on": "2026-10-26",
  "publication_status": "free_public_research_dataset",
  "published_on": "2026-09-26",
  "scope": "Selected issuer-reported dates and statuses, not a complete transaction history, bank-cash ledger or independent confirmation of operating performance.",
  "date_policy": "Source publication dates are not asserted to be the earliest possible public disclosure. An upper-bound date is not an exact occurrence date. Contractual future dates are not realized events. issuer_expected_window records have null event_date and no_later_than; their expected window is management guidance, not a contractual deadline or realized event. checked_on preserves the original cohort review; updated_on is the latest extension, with new-source review dates stated individually.",
  "sources": [
    {"id":"N1","published_on":"2026-07-17","kind":"issuer_regulatory_filing","url":"https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1_6k.htm","locator":"ASSET BACKED FACILITY"},
    {"id":"N2","published_on":"2026-07-17","kind":"issuer_press_release","url":"https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout","locator":"facility, servicing phase and Microsoft delivery paragraphs"},
    {"id":"N3","published_on":"2026-08-12","kind":"issuer_shareholder_letter","url":"https://assets.nebius.com/assets/a6ecfd85-a6cb-4967-8ef7-9a25bd261f9c/SHLQ226.pdf?cache-buster=2026-08-12T11%3A54%3A46.695Z","locator":"printed page 5, Capacity underpinning near-term growth","visual_review":"printed page 5 rendered and inspected; publication date also checked against issuer results page","publication_page":"https://nebius.com/newsroom/nebius-reports-second-quarter-2026-financial-results"},
    {"id":"C1","published_on":"2026-08-10","kind":"issuer_regulatory_filing","url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/crwv-20260807.htm","locator":"Item 1.01, Availability and Maturity","filing_date_source":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/0001769628-26-000357-index.htm"},
    {"id":"C2","published_on":"2026-08-10","kind":"filed_executed_credit_agreement","url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm","locator":"cover and Term Maturity Date definition"},
    {"id":"N4","published_on":"2026-10-22","reviewed_on":"2026-10-26","kind":"issuer_regulatory_filing","url":"https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_6k.htm","locator":"CREDIT FACILITY"},
    {"id":"S1","published_on":"2026-10-26","reviewed_on":"2026-10-26","kind":"issuer_regulatory_filing","url":"https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm","locator":"Item 8.01 Other Events","source_review":"User-supplied filing HTML and extracted text reviewed; supplied HTML hash matches the report evidence. Direct web-tool retrieval was unavailable during this extension.","input_sha256":"7CD48510170F3E88F10492B956C976BA25896102E33AA9A2D210D8B2B98E9D02"},
    {"id":"B1","published_on":"2026-10-26","reviewed_on":"2026-10-26","kind":"joint_issuer_announcement","url":"https://investors.broadcom.com/news-releases/news-release-details/bank-america-blackstone-citi-and-morgan-stanley-announce","locator":"Transaction paragraphs: announced structure, capital-provider roles and expected delivery start","same_release_url":"https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/10/bank-of-america--blackstone--citi-and-morgan-stanley-announce-la.html"},
    {"id":"B2","published_on":null,"reviewed_on":"2026-10-26","kind":"issuer_transaction_overview","url":"https://investors.broadcom.com/static-files/f4bda79d-cc66-4748-919b-40d08c658f2d","locator":"Pages 1-2: SPV roles and residual-value support; five-year profile explicitly illustrative","publication_date_note":"Overview accompanying the October26 transaction; the PDF has no separately stated publication date. Event dates use the dated joint release B1.","source_review":"Complete retrieved page text and visual description used for the published research; no exact quarterly bar measurements or executed-contract interpretation"}
  ],
  "arrangements": [
    {"id":"NBIS-775","parent":"Nebius Group N.V.","obligors":["Nebius Compute II, LLC","Nebius Compute II Oy"],"customer_identity":null,"customer_identity_status":"unnamed investment-grade customer in reviewed facility release","facility_capacity_usd":775000000,"amount_qualifier":"approximately","funded_amount_usd":null,"funding_date":null,"missing_data_status":"not established by reviewed sources; not zero"},
    {"id":"NBIS-MICROSOFT-DELIVERY","parent":"Nebius Group N.V.","customer_identity":"Microsoft","facility_capacity_usd":null,"funded_amount_usd":null,"funding_date":null,"acceptance_dates":null,"customer_cash_received_usd":null,"missing_data_status":"delivery update does not provide those observations"},
    {"id":"CRWV-DDTL55","parent":"CoreWeave, Inc.","obligors":["CoreWeave Financing DDTL V-V, LLC"],"facility_capacity_usd":2600000000,"amount_qualifier":"stated facility size","funded_amount_usd":null,"funding_date":null,"missing_data_status":"not established by the selected signing/closing disclosure; not zero"},
    {"id":"NBIS-CITI-3500","parent":"Nebius Group N.V.","obligors":["Nebius Group N.V.","Nebius Inc.","Nebius B.V."],"facility_capacity_usd":3500000000,"amount_qualifier":"stated bridge facility capacity","funded_amount_usd":null,"funding_date":null,"replacement_financing_committed_usd":null,"missing_data_status":"selected filing does not disclose a draw or committed takeout; not zero"},
    {"id":"SPCX-APOLLO-GPU","parent":"Space Exploration Technologies Corp.","prospective_lessee":"Space Exploration Technologies Corp.","prospective_lessor":"An entity managed by Apollo Global Management, Inc.","facility_capacity_usd":null,"expected_aggregate_principal_payments_usd":40000000000,"amount_qualifier":"approximately; expected principal over contemplated lease schedules, not a bank-facility capacity or funded cash","funded_amount_usd":null,"funding_date":null,"master_lease_execution_date":null,"pricing_date":null,"fixed_rate":null,"missing_data_status":"binding commitment to enter a master lease; closing conditions remain, timing and terms are expectations"},
    {
      "id":"AVGO-ANTHROPIC-SPV-63",
      "parent":null,
      "borrower_description":"Newly formed SPV; legal name and parent are not disclosed in the selected announcement",
      "spv_roles":["borrower","technology owner","lessor"],
      "lessee":"Anthropic",
      "technology_suppliers":"Broadcom and partners",
      "source_ids":["B1","B2"],
      "facility_capacity_usd":null,
      "announced_transaction_amount_usd":63000000000,
      "amount_qualifier":"Official transaction headline; not disclosed outstanding lease amounts, total drawn cash or an identified facility cap",
      "funded_amount_usd":null,
      "funding_date":null,
      "closing_date":null,
      "first_lien_amount_usd":null,
      "second_lien_amount_usd":null,
      "first_lien_arrangers":["Bank of America","Citi","Morgan Stanley"],
      "committed_second_lien_provider":"Blackstone",
      "second_lien_scope":"Sole provider of the committed portion; not necessarily all eventual second-lien capital",
      "support_provider":"Broadcom",
      "support_recipient":"SPV",
      "expected_peak_support_usd":43000000000,
      "support_reference_fraction_of_outstanding_lease":0.725,
      "support_asset_offset":"Value of AI racks received",
      "support_amount_qualifier":"Issuer-estimated peak contingent exposure, not a disclosed tranche amount, fixed legal cap or cash contribution",
      "support_actual_claim_usd":null,
      "support_actual_cash_paid_usd":null,
      "nonadditive_measures":["announced_transaction_amount_usd","expected_peak_support_usd"],
      "missing_data_status":"Announced committed structure, not verified closing or funding; actual lease balance, rack valuation, triggers and payment rules not established",
      "evidence_url":"https://aiinfracredit.com/downloads/broadcom-rvs/evidence.json"
    }
  ],
  "records": [
    {"id":"N-SIGN","arrangement_id":"NBIS-775","milestone":"facility_agreement_entered","date_kind":"reported_exact_day","event_date":"2026-07-10","no_later_than":null,"source_published_on":"2026-07-17","source_ids":["N1"],"does_not_establish":"a full draw on signing"},
    {"id":"N-SERVICE","arrangement_id":"NBIS-775","milestone":"underlying_customer_contract_reported_in_service","date_kind":"reported_by_date","event_date":null,"no_later_than":"2026-07-17","source_published_on":"2026-07-17","source_ids":["N2"],"does_not_establish":"exact acceptance date or customer identity"},
    {"id":"N-MATURITY","arrangement_id":"NBIS-775","milestone":"stated_legal_maturity","date_kind":"contractual_future_date","event_date":"2030-10-31","no_later_than":null,"source_published_on":"2026-07-17","source_ids":["N1","N2"],"does_not_establish":"that all principal remains outstanding until this date"},
    {"id":"M-PROGRESS","arrangement_id":"NBIS-MICROSOFT-DELIVERY","milestone":"recent_tranche_delivery_reported_with_further_tranches_expected","date_kind":"reported_by_date","event_date":null,"no_later_than":"2026-07-17","source_published_on":"2026-07-17","source_ids":["N2"],"does_not_establish":"completion of every tranche or matching to NBIS-775 collateral"},
    {"id":"M-ALL","arrangement_id":"NBIS-MICROSOFT-DELIVERY","milestone":"all_contract_capacity_tranches_reported_delivered","date_kind":"reported_by_date","event_date":null,"no_later_than":"2026-08-12","source_published_on":"2026-08-12","source_ids":["N3"],"does_not_establish":"delivery by June 30, exact customer acceptance, invoice issuance or cash collection"},
    {"id":"M-RECENT-TWO","arrangement_id":"NBIS-MICROSOFT-DELIVERY","milestone":"two_tranches_reported_delivered_in_relative_window","date_kind":"reported_relative_window","event_date":null,"no_later_than":"2026-08-12","relative_window_as_written":"over the past month","tranche_count":2,"source_published_on":"2026-08-12","source_ids":["N3"],"does_not_establish":"two separately dated events or an exact lower bound"},
    {"id":"C-SIGN","arrangement_id":"CRWV-DDTL55","milestone":"credit_agreement_entered","date_kind":"reported_exact_day","event_date":"2026-08-07","no_later_than":null,"source_published_on":"2026-08-10","source_ids":["C1","C2"],"does_not_establish":"the amount or date of any funded draw"},
    {"id":"C-MATURITY","arrangement_id":"CRWV-DDTL55","milestone":"stated_legal_maturity","date_kind":"contractual_future_date","event_date":"2031-09-01","no_later_than":null,"source_published_on":"2026-08-10","source_ids":["C1","C2"],"does_not_establish":"a realized repayment or a 2026 maturity"},
    {"id":"N4-SIGN","arrangement_id":"NBIS-CITI-3500","milestone":"bridge_facility_agreement_entered","date_kind":"reported_exact_day","event_date":"2026-10-17","no_later_than":null,"source_published_on":"2026-10-22","source_ids":["N4"],"does_not_establish":"an actual draw, net proceeds or a committed takeout"},
    {"id":"N4-MATURITY","arrangement_id":"NBIS-CITI-3500","milestone":"stated_legal_maturity","date_kind":"contractual_future_date","event_date":"2027-10-16","no_later_than":null,"source_published_on":"2026-10-22","source_ids":["N4"],"does_not_establish":"actual repayment or a fresh 364-day maturity for a later draw"},
    {"id":"S-COMMIT","arrangement_id":"SPCX-APOLLO-GPU","milestone":"binding_commitment_to_enter_master_lease","date_kind":"reported_exact_day","event_date":"2026-10-24","no_later_than":null,"source_published_on":"2026-10-26","source_ids":["S1"],"does_not_establish":"execution of the master finance lease, final pricing or funded cash"},
    {"id":"S-EXPECTED-CLOSE","arrangement_id":"SPCX-APOLLO-GPU","milestone":"master_lease_closing_expected","date_kind":"issuer_expected_window","event_date":null,"no_later_than":null,"expected_window_start":null,"expected_window_end":"2026-12-31","expected_window_label":"Before year-end 2026","source_published_on":"2026-10-26","source_ids":["S1"],"does_not_establish":"a legally fixed closing deadline, an exact date or that closing will occur"},
    {"id":"S-EXPECTED-START","arrangement_id":"SPCX-APOLLO-GPU","milestone":"lease_schedules_expected_to_commence_on_gpu_delivery","date_kind":"issuer_expected_window","event_date":null,"no_later_than":null,"expected_window_start":"2027-01-01","expected_window_end":"2027-06-30","expected_window_label":"First half of 2027 upon GPU delivery","source_published_on":"2026-10-26","source_ids":["S1"],"does_not_establish":"a specific delivery date, accepted capacity or realized rent payment"},
    {"id":"B-ANNOUNCE","arrangement_id":"AVGO-ANTHROPIC-SPV-63","milestone":"committed_financing_structure_announced","date_kind":"reported_exact_day","event_date":"2026-10-26","no_later_than":null,"source_published_on":"2026-10-26","source_ids":["B1","B2"],"does_not_establish":"the signing date of financing documents, closing, draw amounts, equipment purchases, lease commencement or a support payment"},
    {"id":"B-EXPECTED-DELIVERY-START","arrangement_id":"AVGO-ANTHROPIC-SPV-63","milestone":"equipment_deliveries_expected_to_begin","date_kind":"issuer_expected_window","event_date":null,"no_later_than":null,"expected_window_start":"2027-01-01","expected_window_end":"2027-12-31","expected_window_label":"Deliveries expected to begin during calendar 2027","source_published_on":"2026-10-26","source_ids":["B1"],"does_not_establish":"completion of all deliveries by year-end, a contractual deadline, a specific delivery date, acceptance or rent cash"}
  ],
  "join_controls": [
    {"left":"NBIS-775","right":"NBIS-MICROSOFT-DELIVERY","established_relation":"same corporate parent","same_customer_contract_established":false,"same_customer_contract_ruled_out":false,"cashflow_join_allowed":false,"reason":"Reviewed sources do not identify the investment-grade customer or map this facility to the Microsoft delivery cohorts."},
    {"left":"NBIS-CITI-3500","right":"NBIS-775","established_relation":"same corporate parent, different named borrowers","same_collateral_pool_established":false,"takeout_relationship_established":false,"security_release_terms_established":false,"cashflow_join_allowed":false,"reason":"Do not infer that the earlier project facility repays the later bridge or that collateral can move between the facilities."}
  ],
  "unresolved": [
    "Actual loan draw dates, gross funded principal and net usable proceeds for the selected loan facilities.",
    "Contract identifiers linking the anonymous Nebius facility collateral to named customer orders.",
    "Tranche-specific customer acceptance, invoices and cash receipt dates.",
    "Cash release conditions, funded reserves, unpaid capex and refinancing uses needed to measure capital recycled to the parent.",
    "Later amendments or payments not covered by these selected sources."
  ]
}
