Nebius has secured a $3.5 billion senior secured financing facility from Citi to fund data center development, GPU purchases and general corporate needs. The October 22 agreement matures in 364 days, giving the AI cloud provider near-term capital as it arranges financing for growth in 2027 and beyond.

The facility initially carries interest at Term SOFR plus 2.75 percentage points, with the margin increasing to as much as 3.50 percentage points, subject to other adjustments. Nebius says its financing options include asset-backed borrowing supported by more than $40 billion in long-term contracts with investment-grade customers. Customer prepayments and operating cash flows also contribute to its funding mix.

The new facility follows two longer-dated transactions. In July, Nebius secured approximately $775 million against deployed GPUs and contracted customer cash flows, with maturity in October 2030. In August, it closed a $5.75 billion convertible notes offering with maturities in 2030 and 2034. Together, these transactions show how Nebius is combining asset-level borrowing, convertible debt and short-term bank financing to fund its AI cloud expansion.

“This facility provides additional financing to support our near-term capacity build-out,” said Ophir Nave, Chief Operating Officer of Nebius.

Analysis

The 364-day maturity makes this facility a bridge in economic terms: it provides cash for near-term spending while Nebius retains flexibility over subsequent fundraising. It also creates a repayment deadline well ahead of the maturities on its July secured facility and August convertible notes. Any amount outstanding must be repaid or refinanced under the agreed terms; long-term customer commitments are a potential financing foundation, rather than cash already available to meet that obligation.

Nebius’s July transaction illustrates a possible next step. Once GPU infrastructure was deployed and its customer contract entered service, the company borrowed against the assets and contracted cash flows to release capital for further expansion. Repeating that approach could help connect upfront construction and hardware spending with longer-term customer revenue. The execution task is to bring capacity into service and arrange durable funding on a schedule consistent with the short-term loan’s maturity.