Nebius has entered a $3.5 billion senior secured financing facility provided by Citi, adding a large short-term debt instrument to the AI-cloud company’s capital stack. Nebius says the money will support data-center development, GPU procurement and general corporate purposes.
A 364-day bridge for an expensive build-out
The facility has a 364-day maturity. It initially carries interest at Term SOFR plus 2.75 percentage points, with the spread rising as high as 3.50 percentage points, subject to other adjustments. Citi served as mandated lead arranger, agent and security agent.
Nebius frames the transaction as part of a sequenced funding strategy that also includes customer prepayments and operating cash flow. The company says the facility gives it flexibility over the timing and structure of longer-term capital raising.
Debt capacity is not proof of demand
The deal illustrates how AI-cloud expansion increasingly depends on structured finance as operators buy accelerators and build power-dense facilities before all capacity is delivered. The $3.5 billion figure is borrowing capacity, not booked revenue, customer spending or equity funding.
Nebius also cites more than $40 billion in long-term customer commitments as a potential basis for asset-backed financing, but that statement is company-provided and does not establish that future financing will close or that all contracted revenue will be recognized.