Nebius raised $775 million by borrowing against its GPUs. It has $40 billion more contracts to securitise.

Nebius raised $775 million in its first secured debt facility, borrowing against deployed GPU infrastructure and contracted cash flows from an investment-grade customer. The facility matures on October 31, 2030, and is priced at SOFR + 2.50%, roughly 6.8% at current rates. Together with the customer agreement’s cash flows, the facility covers more than 100% of the capital expenditure required to deploy the underlying infrastructure. The deal was significantly oversubscribed.

The structure is the story. Nebius is treating GPU clusters the way airlines treat aircraft or telecoms treat spectrum: as collateralisable assets that can be securitised against long-term revenue contracts. Meta committed up to $27 billion to Nebius in March, and Microsoft signed a deal worth up to $19.4 billion. With more than $40 billion in additional contracted revenue from investment-grade customers already in place, Nebius said it expects to raise more capital at similarly attractive terms. 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. The breadth of the syndicate, nine banks across the US, Europe, and Japan, reflects how seriously institutional lenders now take GPU infrastructure as a collateral class.

For Nebius, the facility converts an operational asset into growth capital without diluting shareholders, a meaningful distinction for a company whose stock rose 8% on the news. Nebius launched its AI data centre in Paris in 2024 as part of a $1 billion European buildout and has since expanded to Finland, the UK, and the US. COO Ophir Nave said the financing reinforces a “disciplined, diversified approach” spanning owned data centres and asset-light partnerships. The real test is whether this becomes a repeatable template. With $40 billion in contracts to draw from, Nebius has the raw material. Whether the GPU-as-collateral model scales as smoothly as the press release implies depends on residual value assumptions that nobody in this industry has had to test yet.