Nebius Citi Credit Facility Provides $3.5 Billion for AI Data Center Growth

Nebius Group N.V. (Nasdaq: NBIS) announced on October 22, 2026, that it had closed a $3.5 billion senior secured financing facility with Citi. The deal supports the company’s plans to scale AI cloud capacity through new data centers and additional GPU purchases. The facility was agreed around October 17 and carries a one-year maturity.

Terms of the Nebius Citi Credit Facility

The credit line is structured as a senior secured facility with Citi acting as mandated lead arranger, administrative agent, and security agent. Interest starts at Term SOFR plus 2.75 percent and can rise to a maximum of 3.50 percent depending on leverage metrics. The facility matures in 364 days, around October 2027.

Proceeds will go toward data center construction, GPU procurement, and general corporate needs. Nebius stated the facility forms part of a sequenced funding approach that also relies on customer prepayments, operating cash flow, and potential future asset-backed arrangements. The company already holds more than $40 billion in long-term contracts with investment-grade clients including Microsoft and Meta.

Chief Operating Officer Ophir Nave noted that the new capital allows near-term capacity increases while preserving flexibility for longer-term financing decisions in 2027 and beyond. This structure mirrors Nebius’s earlier $775 million GPU-backed facility led by MUFG that closed in July 2026 and matures in 2030.

Nebius Funding History and Market Context

Nebius has raised substantial capital in recent months to meet demand for AI infrastructure. In August 2026 the company issued $5.75 billion in convertible notes, bringing total convertible debt to roughly $10 billion. Combined with the new Citi line, these resources target global data center build-out and GPU supply chain expansion.

Shares of Nebius declined on the announcement day, consistent with broader market caution toward AI infrastructure debt. Investors have expressed similar concerns about high leverage at other GPU cloud providers such as CoreWeave. Analysts noted that the short maturity requires Nebius to demonstrate steady execution on contracted revenue to maintain favorable refinancing terms.

The company continues to emphasize diversified capital sources rather than reliance on any single instrument. Management indicated ongoing work on capacity rollout and evaluation of additional financing options without providing specific timelines for the next steps.

Practical Implications for Enterprise AI Buyers

Enterprises evaluating AI cloud capacity can view the Citi facility as evidence that Nebius has secured liquidity to meet committed delivery schedules through 2027. The presence of long-term contracts with Microsoft and Meta provides a measurable revenue base that supports additional borrowing capacity.

Procurement teams should monitor GPU availability announcements from Nebius in the coming quarters, as the facility explicitly funds hardware purchases. Contract structures that include prepayments may become more common as providers seek to align customer commitments with lender requirements.

Investors and financial officers tracking AI infrastructure spending will note that Nebius’s total debt stack now exceeds prior levels, yet remains backed by contracted cash flows rather than speculative demand. Continued disclosure of utilization rates and margin performance will determine whether the company can refinance the short-term facility on acceptable terms.