# Nebius bridge financing clock

The October 22, 2026 filing describes a $3.5bn facility signed October 17, not a reported draw. The margin step-up runs from signing and maturity is October 16, 2027. The July GPU facility has a different borrower, security and guarantee perimeter. See evidence.json for four primary sources and the unresolved actual inputs.

## Reproduce

Keep evidence.json, bridge.mjs and verify.mjs in one directory. Run `node bridge.mjs --write`, then `node verify.mjs`. No packages are needed for the financial calculations. The renderer emits two SVG charts and their narrow-screen versions. Run `node render-figures.mjs --png` with Sharp installed, or set AIC_SHARP_MODULE to a local Sharp module, to produce PNGs.

## Model meaning

Amounts are USD. Model day zero is October 17; days are half-open intervals. Margin changes occur at days 90, 180 and 270. Date labels are derived from that convention. Actual interest-period, business-day and adjustment provisions must govern a real settlement.

The examples assume flat 4% Term SOFR, ACT/360, simple daily accrual and only the stated principal changes. These are not confirmed contract calculation conventions. Day-180 borrowing has 184 days remaining; it does not receive a fresh 364-day term. A no-borrowing example produces zero modeled drawn interest, not zero actual facility cost.

Fees, undrawn costs, hedges, taxes, other adjustments, interim financing and post-takeout financing are excluded. Actual cash receipts, net proceeds, interest payment dates, mandatory repayment provisions and borrower all-in cost remain unknown. `total_interest_usd` is a hypothetical accrued-interest amount, not a dated cash-payment schedule, effective annual yield or refinancing recommendation. The day-180 repayment case needs $3.5bn of replacement funds or other cash at that point; subsequent costs are not modeled.

## Reuse

Charts and original calculations may be reproduced with attribution to AI Infra Credit, the report link and the assumptions. Keep the source dates and preserve null values. Do not relabel these illustrations as Nebius's forecast or actual interest expense. The July facility's anonymous customer is not identified as Microsoft or Meta. No collateral release or priority between the two facilities is inferred.