Nebius gets $3.5 billion Citi facility for data center growth

AI cloud services firm Nebius on Thursday said it had secured a $3.5 billion financing facility from Citi to fund continued development of its data centers and GPU purchases as it races to expand capacity.

The announcement comes against the backdrop of a sell-off in shares last week related to AI infrastructure, after bonds issued by rival Coreweave fell sharply in value. CoreWeave is usually grouped together with Nebius as among the top "neocloud" firms that are building data centers specialized for AI.

The new Nebius facility matures in 364 days and carries an initial interest rate of 2.75% over the term SOFR benchmark rate.