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Nebius secures $3.5 billion Citi facility for data centers and GPUs
The financing matures in 364 days and initially carries interest of 2.75% above the term SOFR benchmark.
AI cloud services provider Nebius said on October 22 it had obtained a $3.5 billion financing facility from Citi to support data center development and purchases of GPUs as it expands capacity.
The Amsterdam-based company said the facility would allow more flexibility in deciding when and how to raise additional funds for growth in 2027 and beyond. The financing has a 364-day maturity, with an initial interest rate set at 2.75% above the term SOFR benchmark. Nebius also uses customer prepayments and cash generated by operations as funding sources.
Chief Operating Officer Ophir Nave said other financing routes remained available, including borrowing against long-term contracts worth more than $40 billion with investment-grade customers. Those customers include Microsoft and Meta. Nave said the Citi facility would help finance capacity expansion in the near term.
Nebius has around $10 billion of outstanding convertible bond debt after issuing $5.75 billion in August. The company is among the firms building specialized data centers for AI, alongside rival CoreWeave.