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Nebius Turns GPUs Into $775 Million of Debt
Nebius raised $775 million against GPU infrastructure and contracted revenue, with more than $40 billion in customer deals available for future financing.
Image: TNW
Nebius has raised $775 million in its first secured debt facility, borrowing against deployed GPU infrastructure and the contracted cash flows of an investment-grade customer.
The facility matures on October 31, 2030 and carries interest at SOFR + 2.50%, or roughly 6.8% at current rates. Combined with the customer agreement’s cash flows, it covers more than 100% of the capital expenditure needed to deploy the underlying infrastructure. The transaction was significantly oversubscribed.
GPU infrastructure as collateral
The deal gives Nebius a financing structure more commonly associated with aircraft or telecom spectrum: infrastructure is pledged as collateral against long-term revenue contracts. That allows the company to raise growth capital without issuing new shares, a notable distinction after its stock rose 8% on the news.
Nebius said it has more than $40 billion in additional contracted revenue from investment-grade customers and expects to raise more capital on similarly attractive terms. Meta committed up to $27 billion to Nebius in March, while Microsoft signed a deal worth up to $19.4 billion. The company recently delivered the latest planned capacity tranche to Microsoft and says it remains on schedule.
MUFG led the transaction as structuring agent and sole bookrunner. ABN AMRO, Bank of America, Deutsche Bank, and HSBC acted as mandated lead arrangers; Citi, Crédit Agricole, ING, and Morgan Stanley were senior lead arrangers. Goldman Sachs also participated. Nebius said the nine-bank syndicate, spanning the US, Europe, and Japan, reflects growing institutional acceptance of GPU infrastructure as a collateral class.
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Nebius' expansion and next test
Nebius launched its AI data centre in Paris in 2024 as part of a $1 billion European buildout, then expanded to Finland, the UK, and the US. COO Ophir Nave said the financing reinforces a “disciplined, diversified approach” combining owned data centres with asset-light partnerships.
The company now has the contracts to repeat the structure at scale. The unresolved question is whether GPU-as-collateral financing can scale as smoothly as projected, given that residual-value assumptions for this asset class have not yet been tested.
Enterprise Editor
Marcus follows the money. He covers enterprise software, cloud architecture, and the tectonic shifts in Big Tech strategy. He translates dense earnings calls and complex M&A activity into actionable insights about where the industry is actually heading. If a tech giant makes a silent pivot, Marcus is usually the first to notice.
via TNW
