Nebius Group has entered into its first senior secured debt facility, raising approximately $775 million to accelerate the global expansion of its full-stack artificial intelligence cloud platform. The Amsterdam-headquartered company plans to use the proceeds to increase the computing capacity available to AI developers, startups and enterprise customers. Nebius provides infrastructure and software supporting the AI development lifecycle, including data processing, model training, and production deployment.
The debt facility is backed by deployed graphics processing unit infrastructure and contracted cash flows from an agreement with an investment-grade customer. The financing matures on October 31, 2030, and bears interest at the Secured Overnight Financing Rate plus 2.50%.
Nebius said the financing, together with the cash flows expected under the underlying customer agreement, covers more than 100% of the capital expenditures required to deploy the related GPU infrastructure.
The customer contract has entered its servicing phase, meaning that the infrastructure has been deployed and is generating contracted revenue. Nebius can therefore use the proceeds from the financing to fund additional capacity for other AI-native and enterprise customers.
The structure allows Nebius to convert an operating infrastructure asset and its associated contracted cash flows into capital that can support further growth. The company believes the transaction provides a framework it can replicate across additional long-term customer deployments.
Asset-level financing can enable infrastructure providers to raise capital against specific data centers, computing clusters or customer contracts rather than relying entirely on corporate-level debt or equity financing.
For Nebius, the approach could support continued expansion while limiting the amount of capital that must be funded directly from its balance sheet. It may also allow the company to align the duration and repayment of its financing with the long-term revenue generated by individual customer agreements.
Nebius has more than $40 billion of additional contracted revenue from investment-grade customers, including Microsoft and Meta. The company expects these agreements to support opportunities to raise additional capital on similar terms.
Nebius recently delivered the latest scheduled capacity tranche to Microsoft and said it remains on track to provide the remaining capacity according to the contracted deployment schedule.
The Microsoft agreement involves the phased delivery of AI computing infrastructure over time. Each completed capacity tranche increases the infrastructure available to the customer while creating additional contracted revenue for Nebius.
The financing comes as AI companies and large enterprises continue investing heavily in the computing resources required to train and operate advanced models. Demand for high-performance GPUs, power capacity and purpose-built data centers has increased faster than new infrastructure can be developed in many markets.
AI cloud providers must commit significant capital before newly constructed capacity begins generating revenue. Costs can include GPUs, networking equipment, cooling systems, power infrastructure, data-center construction and supporting software.
Long-term customer contracts can make these investments easier to finance by providing lenders with greater visibility into expected cash flows. Agreements with investment-grade customers can also reduce credit risk and support more favorable borrowing terms.
Nebius is pursuing a diversified infrastructure strategy that includes owned data centers and asset-light partnerships. The company believes using several deployment and financing models will allow it to expand more quickly while maintaining capital discipline.
Its full-stack platform combines computing infrastructure with software and tools that help customers manage data, train models and deploy AI products into production. Nebius is seeking to differentiate its offering from general-purpose cloud infrastructure by focusing specifically on the requirements of AI workloads.
The company plans to serve startups developing AI products, agents and services, as well as large enterprises adopting AI across their operations.
Nebius said the financing is consistent with its strategy of building a sustainable and profitable AI cloud business supported by disciplined capital allocation and a strong balance sheet.
The facility was significantly oversubscribed, indicating that lender demand exceeded the amount of financing Nebius sought to raise.
MUFG led the transaction as structuring agent, sole bookrunner and underwriter. MUFG, ABN AMRO Bank, Bank of America, Deutsche Bank and HSBC served as mandated lead arrangers.
Citi, Crédit Agricole Corporate and Investment Bank, ING and Morgan Stanley participated as senior lead arrangers. Goldman Sachs also joined the lending syndicate.
Nebius is listed on Nasdaq under the ticker NBIS. In addition to its AI cloud operations, Nebius Group includes autonomous vehicle and delivery robot developer Avride and technology education platform TripleTen. The group also holds equity interests in companies including ClickHouse and Toloka.
KEY QUOTES:
“We are executing across all the areas that matter for growth: securing capacity, raising capital, strengthening our product offering, and developing other capital-efficient models to scale even further and faster. 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.”
Ophir Nave, Chief Operating Officer of Nebius
