Nebius Uses GPU Assets to Raise $775 Million for Global AI Infrastructure Growth

Nebius has secured approximately $775 million in its first senior secured debt financing, providing new capital to accelerate the expansion of its global AI cloud platform. The financing, announced on Thursday, is backed by deployed GPU infrastructure and contracted cash flows tied to an investment-grade customer agreement. The facility matures on October 31, 2030, and carries an interest rate of SOFR + 2.50%. Nebius said the financing structure, together with customer payments, covers more than 100% of the capital expenditure required to deploy the associated GPU infrastructure.

The Amsterdam-based AI cloud provider plans to use the proceeds to expand capacity for AI-native companies and enterprise customers. Nebius said the transaction establishes a repeatable financing framework that allows the company to monetize operational AI infrastructure assets while preserving balance sheet flexibility. The company disclosed that it has more than $40 billion in additional contracted revenue commitments from investment-grade customers, including Microsoft and Meta, providing a foundation for future asset-backed financings. Nebius also confirmed it recently completed another scheduled capacity deployment for Microsoft and remains on track with the remaining deliveries under its existing agreements.

The financing attracted strong demand from lenders and was significantly oversubscribed. MUFG served as Structuring Agent, Sole Bookrunner and Underwriter, while ABN AMRO, Bank of America, Deutsche Bank and HSBC participated as Mandated Lead Arrangers. Citi, Crédit Agricole CIB, ING and Morgan Stanley acted as Senior Lead Arrangers, with Goldman Sachs also participating in the syndicate. Nebius said the financing strategy supports its goal of building a sustainable AI cloud business through disciplined capital management while continuing to invest aggressively in GPU infrastructure.

• Raises approximately $775 million through its first senior secured debt facility.
• Financing is backed by deployed GPU infrastructure and contracted customer cash flows.
• Facility matures October 31, 2030 with pricing at SOFR + 2.50%.
• Customer agreement and financing together cover more than 100% of related GPU infrastructure capital expenditures.
• Establishes an asset-level financing model that Nebius expects to replicate across future deployments.
• Company reports more than $40 billion in additional contracted revenue commitments from investment-grade customers, including Microsoft and Meta.
• Proceeds will fund additional AI cloud capacity serving AI-native developers and enterprise customers.

“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,” said Ophir Nave, Chief Operating Officer of Nebius. “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.”

🌐 Analysis: Asset-backed financing is becoming an increasingly important funding mechanism for AI infrastructure providers as GPU clusters evolve into long-lived, revenue-generating assets. Rather than relying solely on equity issuance, operators are beginning to finance deployed GPU infrastructure using predictable contracted cash flows, similar to project finance models used in energy and telecommunications infrastructure.

Nebius continues to expand as one of the emerging independent AI cloud providers competing alongside CoreWeave, Crusoe, Lambda, Together AI and other neocloud operators. Its long-term contracts with hyperscale customers such as Microsoft and Meta provide the predictable revenue streams needed to support structured debt financing, potentially lowering its overall cost of capital while enabling faster infrastructure deployment.