Nebius has closed a $3.5 billion secured financing facility with Citi, with a 364-day term, to build data centers and buy GPUs. The Amsterdam-based AI cloud company, listed on Nasdaq, announced it on October 22, 2026. The loan starts at an interest rate of Term SOFR plus 2.75% a year, which can rise to a cap of 3.50%.
Citi’s financing for Nebius in 20 seconds
- Nebius secures $3.5 billion from Citi over a 364-day term.
- The interest rate starts at SOFR plus 2.75% and can reach 3.50%.
- The money will go toward data centers, GPUs and general purposes.
- The company says it has more than $40 billion in long-term contracts.
Citi is acting as lead coordinator, agent and collateral agent for the deal, which Nebius describes as a senior secured facility. The announcement doesn’t detail which assets serve as collateral or how much has already been drawn. What it does make clear is where the money is going: data center development, GPU purchases and general corporate purposes, to cover near-term capacity growth as part of its global expansion.
Short-term financing within a broader strategy
The 364-day term signals this is short-term financing. Nebius presents it as a complement to other sources of cash, such as upfront customer payments and operating cash flow, and says it gives the company more flexibility on when and how it raises capital for growth in 2027 and beyond.
The company backs that strategy with its contract backlog. It says it has more than $40 billion in long-term contracts with investment-grade customers, which could serve as the basis for future asset-backed financing. In its first-quarter results presentation in May, Nebius already said it planned to fund part of its new capacity with debt tied to its contracts with Meta and Microsoft, along with possible corporate debt issuances and customer prepayments, according to Futurum Group.
Ophir Nave, Nebius’s chief operating officer, said in the announcement that this financing supports near-term capacity expansion and that the company is executing its financing strategy as planned. He added that sequencing different funding sources helps optimize the long-term cost of capital, and that Nebius has other sources lined up for its next phase of growth.
Why Nebius needs so much capital
Nebius is one of the neoclouds, cloud providers specialized in AI that have grown on the back of GPU demand. In September 2025 it signed a deal with Microsoft to supply AI infrastructure worth $17.4 billion, and later added capacity commitments with Meta.
The first-quarter 2026 figures give a sense of scale. Nebius brought in $399 million in revenue, up 684% year over year, and kept its guidance of $3.0 billion to $3.4 billion in revenue for all of 2026. At the same time, it raised its investment guidance for the year to $20 billion to $25 billion, mainly for capacity it needs ready by 2027. The company said it had more than 3.5 GW of contracted power and aims to top 4 GW by year-end, with a new proprietary campus of up to 1.2 GW in Pennsylvania.
The gap between projected revenue and planned investment for 2026 is wide. NVIDIA is also an investor in the company, with a strategic investment of $2 billion, according to Futurum. In Europe, Nebius is preparing an AI data center in Madrid, and is among the European clouds building with NVIDIA’s new Vera CPU.
Frequently asked questions
How much money did Nebius get from Citi?
A senior secured financing facility of $3.5 billion with a 364-day term.
What interest rate does Nebius pay on the Citi loan?
Initially Term SOFR plus 2.75% a year, with a cap of 3.50% subject to other adjustments.
What will Nebius use the financing for?
To develop data centers, buy GPUs and cover general corporate purposes, as part of its near-term capacity expansion.
How many long-term contracts does Nebius have?
The company says it has more than $40 billion in long-term contracts with investment-grade customers.
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