Nebius Group N.V. (Nebius), an AI cloud company, has raised US$ 775 million through its first senior secured debt facility as the company seeks to expand its AI cloud platform. The financing is linked to the company’s existing GPU infrastructure and supported by contracted revenue from an investment-grade customer agreement. The AI cloud infrastructure footprint is expected to fully mature by October 31, 2030 and carries an interest rate of secured overnight financing rate (SOFR) plus 2.50 percent.
According to a Nebius press release, the proceeds will help fund additional capacity for its AI cloud platform, following the deployment of infrastructure covered by the customer contract. The deal marks a shift toward using infrastructure-backed financing to support growth, allowing Nebius to unlock capital from operating assets while continuing to build capacity for AI-focused and enterprise customers. The combination of the financing and related customer cash flows exceeds the capital costs associated with the underlying GPU assets.
Ophir Nave, Chief Operating Officer, Nebius, said, “This financing is an important step in that strategy, and reinforces our confidence that our disciplined, diversified approach from owned data centers to asset-light partnerships together with robust demand for our high-value software stack, will enable us to build a sustainable AI cloud business with strong and durable margins.”
The financing received interest from more lenders than required. MUFG acted as Structuring Agent, Sole Bookrunner and Underwriter. ABN AMRO Bank N.V., Bank of America, Deutsche Bank and HSBC participated as Mandated Lead Arrangers, while Citi, Crédit Agricole CIB, ING and Morgan Stanley served as Senior Lead Arrangers. Goldman Sachs also joined the lending group.
Nebius has more than US$ 40 billion in contracted revenue commitments from investment-grade customers, including Microsoft and Meta, and expects these agreements could support additional capital raises on comparable terms. The company also recently completed the latest scheduled capacity delivery to Microsoft and remains on track to fulfil the remaining commitments under its agreement.