Nebius taps GPUs for $775M debt and eyes more

Nebius has raised $775 million in its first secured debt facility by borrowing against deployed GPU infrastructure and contracted cash flows from an investment-grade customer — a financing model more common in industries like aviation and telecoms than cloud compute.

The facility matures on October 31, 2030 and is priced at SOFR + 2.50%, or roughly 6.8% at current rates. Nebius said the debt, together with cash flows from the related customer agreement, covers more than 100% of the capital expenditure needed to deploy the underlying infrastructure. The deal was also significantly oversubscribed.

What stands out is the structure. Nebius is effectively treating GPU clusters as collateralizable assets that can be securitized against long-term revenue contracts. The company says it already has more than $40 billion in additional contracted revenue from investment-grade customers, giving it room to repeat the approach.

That contract base includes two major deals already disclosed:

• Meta committed up to $27 billion to Nebius in March
• Microsoft signed a deal worth up to $19.4 billion

Nebius said it recently delivered the latest planned capacity tranche to Microsoft and remains on schedule.

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MUFG led the transaction as structuring agent and sole bookrunner. ABN AMRO, Bank of America, Deutsche Bank, and HSBC were mandated lead arrangers. Citi, Crédit Agricole, ING, and Morgan Stanley served as senior lead arrangers, while Goldman Sachs also participated.

The nine-bank syndicate across the US, Europe, and Japan suggests institutional lenders are increasingly willing to treat GPU infrastructure as a credible collateral class. For Nebius, that means turning operating assets into growth capital without diluting shareholders. Its stock rose 8% on the news.

Nebius launched its AI data centre in Paris in 2024 as part of a $1 billion European buildout, and has since expanded to Finland, the UK, and the US. COO Ophir Nave said the financing supports a “disciplined, diversified approach” across owned data centres and asset-light partnerships.

The next question is whether the structure proves repeatable at scale. Nebius has the contracts to try it. What remains untested is how well the GPU-as-collateral model holds up when lenders have to judge the residual value of hardware in a market that moves this fast.