Nebius acquires $3.5 billlion debt facility with city for its AI data center needs

Nebius Group, an AI cloud company, secured a $3.5 billion loan from Citi to build data centers and buy GPUs, announcing the deal on Oct. 22, 2026. The 364-day facility, which must be repaid or refinanced within a year, initially carries interest of Term SOFR, a benchmark rate, plus 2.75%, a rate that can rise to 3.50% and is subject to further adjustments. Citi is mandated lead arranger, agent and security agent. Chief Operating Officer Ophir Nave described the loan as part of a phased plan to raise funds and manage borrowing costs, adding that Nebius has asset-backed borrowing options and more than $40 billion in long-term customer contracts. It follows a $5.75 billion convertible-note sale about two months earlier.