Nebius Secures $775 Million in GPU-Backed Debt
Nebius has raised $775 million by borrowing against its deployed GPU infrastructure and securing it with investment-grade customer contracts. The facility, led by MUFG, was significantly oversubscribed. It matures in 2030 at SOFR + 2.50%.
Key Points:
- Unique Structure: Nebius is treating GPU clusters as collateralisable assets, similar to how airlines manage aircraft or telecoms manage spectrum.
- Substantial Contracts: Backed by contracts with Microsoft and Meta worth over $40 billion, Nebius plans to repeat this structure at scale.
- Operational Asset to Growth Capital: The facility allows Nebius to convert an operational asset into growth capital without shareholder dilution, a significant advantage for the company.
- Global Expansion: Nebius has expanded its AI data centers in Paris, Finland, the UK, and the US as part of a $1 billion European buildout.
- Future Prospects: The success of this model depends on residual value assumptions, which are yet to be tested in this industry.
Quote:
"For Nebius, the facility converts an operational asset into growth capital without diluting shareholders..." - Ophir Nave, COO of Nebius
By: Ana-Maria Stanciuc, Editor-in-Chief