Nebius announced on 22 October 2026 that it has entered into a $3.5 billion senior secured facility provided by Citi. The Amsterdam-headquartered AI cloud company, listed on Nasdaq under the ticker NBIS, said it will use the proceeds for data center development, GPU procurement and general corporate purposes.
The terms, confirmed in the company's official press release, include a 364-day maturity and initial interest of Term SOFR plus 2.75% per year, rising to a maximum of 3.50% per year, subject to other adjustments. Citi acted as mandated lead arranger, agent and security agent for the financing.
Nebius chief operating officer Ophir Nave said the facility funds the company's near-term capacity build-out and gives it flexibility over the timing and structure of future fundraising. He also pointed to investment-grade customer commitments of more than $40 billion in long-term contracts as a potential basis for future asset-backed financing.
The deal lands amid intense debate about the cost of AI infrastructure. According to Morningstar, citing Dow Jones, Nebius shares fell 7.3% on the day of the announcement, to $158.89, although they were still up about 90% for the year. The company also stressed that the new facility complements a funding base that includes customer prepayments and operating cash flow.
In practice, the agreement is neither revenue nor a guarantee of finished new data centers: it is short-term capital, maturing in under a year, to support expansion while the company plans its next financing steps. The company also confirmed the deal on its official X account on 22 October, but the terms that matter to investors are those in the official press release.
According to Reuters, the announcement comes amid a sell-off in AI infrastructure assets, after a sharp fall in bonds issued by rival CoreWeave the previous week. AI Affairs also reported that the Citi facility follows a $5.75 billion convertible bond issue in August.
Image credit: Data Center Dynamics, in an article about the Nebius data center.
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