Nebius Group secured $775 million in its first senior secured debt facility, the Amsterdam-based AI cloud company announced Friday, marking a new financing approach to fund its global GPU and data center expansion.
The facility, closed on July 10, is backed by deployed GPU infrastructure and contracted cash flows from investment-grade customers. It matures on October 31, 2030, and carries a floating interest rate of Term SOFR plus 2.50 percentage points—approximately 6.83% at current rates, according to TheEnergyMag.
MUFG Bank led the transaction as sole bookrunner and structuring agent, joined by mandated lead arrangers ABN AMRO, Bank of America, Deutsche Bank, and HSBC. Senior lead arrangers included Citi, Crédit Agricole CIB, ING, and Morgan Stanley, with Goldman Sachs also participating. The facility was significantly oversubscribed, Seeking Alpha reported.
Nebius has more than $40 billion in additional contracted revenue from investment-grade customers including Microsoft and Meta, providing a pool of potential future asset-backed financings. The company’s Microsoft contract, announced in September 2025, valued at as much as $17.4 billion through 2031, and a separate five-year Meta agreement worth as much as $27 billion, anchor the company’s growth trajectory, according to TheEnergyMag.
The debt structure allows Nebius to borrow against already-deployed GPUs and customer contracts in the servicing phase, then redeploy the capital into additional capacity. Rather than funding the same deployment, the proceeds accelerate buildout for other AI-native companies and enterprise customers. The facility requires a minimum debt service coverage ratio of 1.15:1.00 and includes a minimum-liquidity requirement, with the ring-fenced borrowers—Nebius Compute II LLC and Nebius Compute II Oy—bearing the primary repayment obligation rather than the parent company, TheEnergyMag detailed.
This asset-backed approach reflects a broader trend in AI infrastructure financing. CoreWeave, a competing GPU cloud provider, closed a $2.6 billion secured debt facility in July 2025 and secured an $8.5 billion delayed-draw term loan in March 2026, according to Reuters. The strategy allows infrastructure firms to tap debt markets at favorable rates by leveraging customer contracts and deployed equipment as collateral, rather than relying solely on corporate credit ratings or equity dilution.
Nebius reported Q1 2026 revenue of $399 million, up 684% year-over-year, with AI cloud revenue expanding 841%, according to Yahoo Finance. The company spent approximately $2.47 billion on property, equipment, and intangible assets in the first quarter alone—more than four times the prior-year amount. Chief Operating Officer Ophir Nave said the facility supported Nebius’s diversified approach, spanning owned data centers, leased colocation capacity, and partnerships where third parties provide buildings and power while Nebius supplies software, systems architecture, and customer relationships.
Sources
- TheEnergyMag — Details on facility terms, collateral structure, MUFG’s role, customer contracts, capex, and COO commentary
- Seeking Alpha — Announcement of the $775M facility and oversubscription
- Reuters — CoreWeave’s secured debt facilities as comparable precedent
- Yahoo Finance — Q1 2026 revenue growth and capex figures
