Nebius gains $3.5B Citigroup credit line for AI compute buildout
Nebius Group has obtained a $3.5 billion senior secured credit facility from Citigroup. The AI cloud provider will use the funds for data center construction, GPU purchases, and general corporate needs. The company says it has more than $40 billion in long-term customer contracts and competes with other AI-focused cloud providers.
Nebius, an Amsterdam-based AI cloud provider backed by Nvidia, secured a $3.5 billion senior secured facility from Citigroup. The 364-day arrangement starts at Term SOFR plus 2.75 points and can rise to 3.50 points; Citi led arrangement and serves as agent and security agent.
The company will direct proceeds toward data centers, GPUs, and general expenses. It reports over $40 billion in long-term customer commitments and competes with CoreWeave and other AI-focused “neocloud” providers. Earlier this year it announced a $775 million secured debt facility and completed a $5.75 billion convertible notes offering.
The buildout could affect AI developers, enterprises, and communities near data centers by expanding access to compute while increasing demand for power, land, and cooling infrastructure. It may also influence cloud pricing and competition among AI infrastructure providers. Workers and local utilities could see both construction activity and strain on resources; the extent depends on siting, energy sourcing, and how quickly contracted capacity is delivered.