Nebius Group secures $3.5 billion Citi financing for AI expansion

Nebius Group has secured a $3.5 billion senior secured financing facility from Citi to accelerate its global AI infrastructure expansion. The funds are earmarked for data center development, the procurement of graphics processing units (GPUs), and general corporate purposes.

The 364-day credit line features an initial interest rate of Term SOFR plus 2.75% per annum, with the margin potentially increasing to a cap of 3.50%. Nebius executives described the facility as part of a “diversified and sequenced” funding strategy designed to optimize long-term capital costs while providing immediate liquidity for near-term capacity build-outs.

To support future growth phases, the company intends to utilize other capital sources, including operating cash flows, customer prepayments, and asset-backed financing. Nebius noted it holds more than $40 billion in long-term, investment-grade customer contracts, which provide a foundation for further borrowing. This move comes amid high demand for AI computing power, with company officials suggesting that current supply continues to lag behind market requirements.