Nebius borrows $3.5bn from Citi to fund data centres and GPUs

Nebius has signed a $3.5 billion secured loan facility with Citi, running 364 days, to build data centres and buy GPUs. Interest starts at Term SOFR plus 2.75% a year, with the margin able to rise to 3.50%. The company says AI compute prices keep climbing.

• The $3.5bn secured facility runs for 364 days
• Rate starts at Term SOFR + 2.75%, margin can reach 3.50%
• Next phase can be backed by $40bn in long-term contracts