Nebius Secures $3.5 Billion Citi Facility for Data Centers

Nebius has secured a $3.5 billion senior secured financing facility from Citi to support its AI data center expansion, GPU purchases and general corporate needs. The 364-day facility initially carries interest at Term SOFR plus 2.75%, rising to a maximum spread of 3.50%, subject to adjustments. Nebius says the financing complements customer prepayments and operating cash flow and gives it more flexibility in timing and structuring longer-term fundraising; it also cited potential asset-backed financing tied to more than $40 billion in long-term customer contracts. The deal comes as AI infrastructure firms face investor scrutiny following a sharp decline in the value of rival CoreWeave’s bonds.