Nebius Closes $775M Secured Debt Facility to Fund AI Cloud Buildout

Nebius Group closed a $775 million senior secured debt facility on July 17, its first asset-backed borrowing, to fund AI cloud infrastructure buildout. The deal, led by MUFG and syndicated among 10 banks including Bank of America and Deutsche Bank, is priced at SOFR + 2.50% with an October 2030 maturity and collateralized by deployed GPU infrastructure and contracted cash flows from an unnamed investment-grade customer. The oversubscribed facility signals growing lender confidence in GPU-backed credit as Nebius scales toward $16-20 billion in 2026 capital expenditure.

Nebius Closes $775M Secured Debt Facility to Fund AI Cloud Buildout - Nebius closed a $775M senior secured debt facility on July 17, its first asset-backed borrowing, priced at SOFR + 2.50% with an October 2030 maturity 1 https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout - MUFG led the deal as structuring agent and sole bookrunner; the syndicate included ABN AMRO, Bank of America, Deutsche Bank, HSBC, Citi, Crédit Agricole, ING, Morgan Stanley, and Goldman Sachs 1 https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout - The facility is collateralized by deployed GPU infrastructure and contracted cash flows from an unnamed investment-grade customer, covering more than 100% of the underlying capex 1 https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout - Nebius has projected $16-20 billion in 2026 capital expenditure and counts Microsoft and Meta among its contracted customers, with over $40 billion in total contracted revenue 2 https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1 ex99-1.htm 3 https://www.datacenterknowledge.com/data-center-construction/nebius-s-10b-310mw-data-center-plan-signals-ai-infrastructure-shift - NBIS shares jumped approximately 8% on the announcement, trading around $225 with a market cap near $67 billion as of July 22 4 https://finance.yahoo.com/markets/stocks/articles/nebius-jumps-8-775m-debt-174549149.html 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. The deal, announced July 17, was led by MUFG as structuring agent, sole bookrunner, and underwriter, and was significantly oversubscribed 1 . 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. Together with those customer cash flows, the facility covers more than 100% of the capital expenditure required to deploy the underlying GPU assets 1 . The syndicate behind the deal reads like a who's-who of infrastructure lending: MUFG, ABN AMRO, Bank of America, Deutsche Bank, and HSBC served as mandated lead arrangers, with Citi, Crédit Agricole CIB, ING, and Morgan Stanley as senior lead arrangers and Goldman Sachs as an additional participant 1 . The financing arrives as Nebius scales rapidly to meet hyperscaler demand. The company has projected $16-20 billion in capital expenditure for 2026 alone, underpinned by a $27 billion long-term infrastructure supply agreement with Meta signed in March and additional contracted capacity with Microsoft 2 https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1 ex99-1.htm 3 . The Deal Structure 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 1 . The oversubscription and the breadth of the banking syndicate signal growing lender comfort with GPU-backed credit. The 10-bank group spans U.S., European, and Japanese institutions, suggesting broad institutional appetite for AI infrastructure debt 1 . Nebius identified the facility as creating a 'repeatable financing framework for asset-level funding across long-term customer deployments,' indicating the company plans to use this structure as a template for future raises 1 . Capital Deployment and Customer Base Nebius has guided for $16-20 billion in capital expenditure in 2026, a figure that dwarfs the $775 million raise but underscores the company's strategy of layering multiple financing instruments. The company disclosed that Microsoft and Meta are investment-grade customers with over $40 billion in additional contracted revenue across its platform 2 https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1 ex99-1.htm 3 . In March 2026, Nebius signed a long-term AI infrastructure supply agreement with Meta valued at up to approximately $27 billion, under which Nebius will provide dedicated capacity across multiple locations based on one of the first large-scale deployments of the NVIDIA Vera Rubin platform 3 . The company has stated plans to expand its data center power capacity from 170 MW to between 800 MW and 1 GW by the end of 2026, with a $10 billion, 310 MW campus planned in Lappeenranta, Finland slated to begin operations in 2027 5 . Neocloud Financing Landscape 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 6 . The SOFR + 250 basis point spread positions the Nebius facility competitively for an asset-backed GPU deal, reflecting the strength of the underlying contracted cash flows and the investment-grade counterparty. For context, earlier neocloud debt facilities have priced in a range from roughly SOFR + 200 to SOFR + 500 basis points depending on collateral quality and tenor. The non-dilutive nature of the raise was well-received by equity investors. 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 4 . What's Next Nebius has signaled this facility is a template rather than a one-off. With over $40 billion in contracted revenue across investment-grade customers and a capex plan that runs well into the tens of billions, the company will need to layer additional debt facilities, potentially alongside equity raises or joint ventures, to fund its buildout 1 https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout 2 . The company also announced in July 2026 a new business model 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 6 . 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. Companies mentioned Further sources 1 Nebius press release: Nebius raises $775 million in first secured debt financin… ↗ https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout 2 Nebius SEC Filing Form 6-K, July 2026 ↗ https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1 ex99-1.htm 3 Data Center Knowledge: Nebius' $10B 310MW Data Center Plan Signals AI Infrastru… ↗ https://www.datacenterknowledge.com/data-center-construction/nebius-s-10b-310mw-data-center-plan-signals-ai-infrastructure-shift 4 Yahoo Finance: Nebius Jumps 8% as $775M Debt Deal Eases Dilution Fears ↗ https://finance.yahoo.com/markets/stocks/articles/nebius-jumps-8-775m-debt-174549149.html 5 Kavout: Is Nebius Group the Next AI Infrastructure Giant ↗ https://www.kavout.com/market-lens/is-nebius-group-the-next-ai-infrastructure-giant 6 Nebius newsroom: Nebius introduces business model to scale AI cloud globally th… ↗ https://nebius.com/newsroom/nebius-introduces-business-model-to-scale-ai-cloud-globally-through-infrastructure-partnerships The stories that matter, in one email. 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