TL;DRNebius raised $775M in GPU-backed debt at SOFR + 2.50%, maturing 2030. With $40B+ in Microsoft and Meta contracts, it plans to repeat the structure at scale.
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.
