Nebius Group just borrowed $3.5 billion from Citi to spend on computer chips and buildings to put them in.
The Nasdaq-listed AI cloud company (ticker: NBIS) announced the senior secured credit facility on October 22, 2026. The money is earmarked for data center development, GPU purchases and general corporate purposes.
The terms of the deal
The facility has a 364-day maturity.
Pricing starts at Term SOFR plus 2.75%.
The word “secured” matters too. It means Citi has a claim on specific assets if things go sideways, similar to how a mortgage lender can lean on the house.
This also is not Nebius’s first trip to the lending window. In July 2026, the company announced a $775 million facility backed by GPUs and customer contracts, arranged through a syndicate led by MUFG.
The Citi facility is roughly four and a half times the size of the July deal, arriving only a few months later.
The collateral that makes lenders comfortable
The company has more than $40 billion in long-term contracted revenue from investment-grade customers, a list that includes Microsoft and Meta. That figure dwarfs the new facility by more than tenfold.
From Yandex to Amsterdam
Nebius has had a more eventful corporate life than most cloud providers. The company emerged from Yandex following the 2022 to 2024 separation of its Russian assets, then rebranded.
Today it is headquartered in Amsterdam. Its business is a full-stack AI cloud platform built on GPU clusters and secure infrastructure.
What this means
The most obvious read is about dilution, or rather, avoiding it. When a company raises money by selling new shares, existing shareholders own a smaller slice of the pie. Borrowing sidesteps that, at the cost of interest payments.
The 364-day maturity is the detail worth watching closely. Short-term financing for long-lived assets like data centers means Nebius will need to roll over, refinance or replace this facility relatively soon. The floating rate also leaves the company exposed if benchmark rates move higher.
AI cloud providers that can secure debt financing against contracted revenue can scale faster without repeatedly tapping equity markets.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.