Nebius says it has secured $3.5 billion Citi facility

Nebius said on October 22 that it had secured a $3.5 billion financing facility from Citi to expand its computing capacity, Reuters reported. The Amsterdam-based provider of artificial intelligence (AI) cloud services plans to use the financing for data-centre development and graphics processing units (GPUs), a type of computing chip. The $3.5 billion describes available financing, not spending already completed.

The announcement followed a selloff in AI-infrastructure-related shares the previous week, after bonds issued by rival CoreWeave fell sharply in value. Reuters groups Nebius and CoreWeave among the leading “neocloud” companies—providers building data centres specialised for AI.

Borrowing terms and existing debt

The facility matures in 364 days. Its initial interest rate is 2.75 percentage points above term SOFR, a benchmark interest rate—not a total borrowing rate of 2.75%, Reuters reported.

Nebius also has around $10 billion in outstanding convertible bonds, debt that can be converted into shares, following a $5.75 billion issue in August. The company’s funding sources also include customer prepayments and cash generated by its operations.

Nebius outlines further funding options

Chief operating officer Ophir Nave said Nebius had other financing options, including borrowing against more than $40 billion in long-term contracts with investment-grade customers—customers whose credit ratings indicate relatively low default risk. Those customers include Microsoft and Meta, Reuters reported.

Nebius said the Citi facility would support its near-term capacity expansion and give it greater flexibility over the timing and structure of further fundraising for growth in 2027 and beyond.