Neocloud Nebius has secured $3.5 billion in financing from Citi.

The company said that the senior secured facility has given it access to capital at "attractive rates" and will be used to support its global capacity buildout, including data center development and GPU procurement.

The local matures in one year and initially bears interest at Term SOFR plus 2.75 percent per annum, increasing up to a maximum of 3.50 percent per annum.

Nebius added that it will give the company flexibility over the timing and structure of further external capital-raising, and will complement the company's customer prepayments and other financing mechanisms.

Ophir Nave, COO of Nebius, said: “We continue to execute our funding strategy as planned, and are pleased to have secured this financing from a leading global financial institution. This is a result of our disciplined approach to managing our balance sheet to fund our portfolio of projects, and once again demonstrates our ability to choose when and how we raise capital to support our growth.

“Sequencing our financing is how we optimize our long-term cost of capital. This facility provides additional financing to support our near-term capacity build-out. We still have a range of capital sources available to us to finance the next phase of growth, including asset-backed financing based on investment-grade customer commitments of more than $40 billion of long-term contracts.”

Citi acted as mandated lead arranger, agent, and security agent.

In October alone, Nebius has signed multiple lease agreements for data center capacity, including for Neom's Oxagon data center, with Volt for capacity in the Netherlands, and with AIB Data Centers in the US.

In August, the company secured $5.75bn in senior notes.