Nebius secures $775m in GPU-backed debt as banks embrace new asset class

Nebius has closed a $775 million secured debt facility, borrowing against deployed GPU clusters and the contracted cash flows they generate. The debt is priced at SOFR plus 2.50 percent, equating to roughly 6.8 percent at current rates, and matures on October 31, 2030. The offering was significantly oversubscribed, with the facility and associated cash flows covering more than 100 percent of the capital expenditure required to deploy the infrastructure.

The transaction represents a structural shift in technology finance. Nebius is treating GPU infrastructure the way airlines treat aircraft or telecoms treat spectrum, securitising physical hardware against long-term revenue contracts. This approach converts an operational asset into growth capital without diluting shareholders, a point that drove an 8 percent jump in the company's stock price. The company now plans to repeat the financing structure at scale.

The firm possesses the contract volume to support repeat issuances. Meta committed up to $27 billion to Nebius in March, and Microsoft signed a separate deal worth up to $19.4 billion. With more than $40 billion in contracted revenue from investment-grade customers already secured, the pipeline for future securitisations is substantial. Nebius noted it recently delivered the latest planned capacity tranche to Microsoft and remains on schedule.

For European markets, the significance lies in the banking syndicate's composition. Nine lenders across the US, Europe, and Japan participated, reflecting a broad institutional acceptance of GPUs as a legitimate collateral class. MUFG acted as structuring agent and sole bookrunner. ABN AMRO, Deutsche Bank, HSBC, Crédit Agricole, and ING took leading roles alongside American institutions like Bank of America, Citi, Morgan Stanley, and Goldman Sachs.

This European banking involvement directly supports Nebius's regional expansion. The company launched an AI data centre in Paris in 2024 as the anchor for a $1 billion European buildout. It has since expanded its footprint to Finland and the UK, while also moving into the US. COO Ophir Nave said the new financing reinforces a "disciplined, diversified approach" that spans owned data centres and asset-light partnerships.

Whether this becomes a reliable template for European tech infrastructure depends on untested variables. Nebius has the raw material in its contract book, but scaling the GPU-as-collateral model relies on residual value assumptions. No company in the industry has yet been forced to test those assumptions under stressed market conditions.