Nebius closed a $775 million secured debt facility specifically for AI cloud infrastructure buildout
Nebius Group (Nasdaq: NBIS), the AI cloud infrastructure operator spun out of Yandex, has closed a $775 million senior secured debt facility—the company's first asset-backed borrowing. Announced July 17 and led by MUFG as structuring agent, sole bookrunner, and underwriter, the deal was significantly oversubscribed. The facility is priced at SOFR + 2.50% and matures October 31, 2030. It is backed by deployed GPU infrastructure and contracted cash flows from an agreement with an unnamed investment-grade customer currently in its servicing phase, with the combined revenue streams covering more than 100% of the capital expenditure required to deploy the underlying GPU assets.
The syndicate underscores growing institutional appetite for GPU-backed credit. MUFG, ABN AMRO, Bank of America, Deutsche Bank, and HSBC served as mandated lead arrangers, alongside Citi, Crédit Agricole CIB, ING, and Morgan Stanley as senior lead arrangers, with Goldman Sachs as an additional participant—a 10-bank group spanning U.S., European, and Japanese institutions.
This represents a shift in infrastructure financing. The $775 million facility is structured as senior secured debt collateralized against physical GPU infrastructure that is already deployed and generating revenue. This asset-level financing approach—common in project finance for energy and real estate but still relatively novel in the GPU cloud sector—allows Nebius to raise capital without diluting equity holders. The company has identified the facility as creating a "repeatable financing framework for asset-level funding across long-term customer deployments," signaling plans to use this structure as a template for future raises.
Nebius scaled rapidly to meet hyperscaler demand, having signed a long-term AI infrastructure supply agreement with Meta in March valued at up to approximately $27 billion, under which the company will provide dedicated capacity across multiple locations based on large-scale deployments of NVIDIA's Vera Rubin platform. The company also has additional contracted capacity with Microsoft. Microsoft and Meta are investment-grade customers with over $40 billion in additional contracted revenue across Nebius's platform. The company has guided for $16-20 billion in capital expenditure in 2026 alone and plans to expand its data center power capacity from 170 MW to between 800 MW and 1 GW by year-end 2026, with a $10 billion, 310 MW campus in Lappeenranta, Finland slated to begin operations in 2027.
The SOFR + 250 basis point spread positions the facility competitively for an asset-backed GPU deal, reflecting the strength of the underlying contracted cash flows and the investment-grade counterparty. NBIS shares climbed approximately 8% on the announcement day and were trading around $225 as of July 22, giving the company a market capitalization near $67 billion.
Nebius joins a growing cohort of neocloud operators tapping debt markets to fund GPU infrastructure at scale. CoreWeave, which went public in early 2025, has raised billions in asset-backed debt facilities collateralized by GPU clusters and long-term customer contracts—a playbook Nebius is now replicating. The company also announced a new business model in July 2026 allowing infrastructure partners to deploy Nebius's full-stack AI cloud platform in their own data centers, which could reduce the company's direct capital burden while expanding its footprint.
For lenders, the deal validates GPU infrastructure as bankable collateral—a development with implications across the neocloud sector as operators compete for the capital needed to meet surging AI compute demand. With over $40 billion in contracted revenue across investment-grade customers and a capex plan running well into the tens of billions, Nebius will need to layer additional debt facilities, potentially alongside equity raises or joint ventures, to fund its buildout.