Nebius Secures $3.5 Billion Credit Facility to Support Expansion
Key Facts
Nebius announced on October 22, 2026, that it had entered into a $3.5 billion secured credit facility from Citi, in a move to finance its expansion in AI cloud computing infrastructure. The company said proceeds will be used to develop data centers and purchase graphics processing units, as well as for general corporate purposes. Nebius did not specifically link the financing to its project in Béthune, France. The project, which Nebius is developing in partnership with Asterion Data Centers, aims to establish 240 megawatts of computing infrastructure at the former Bridgestone plant site. The announcement thus combines broader financing for the company's growth with a French project whose investment and capacity have been disclosed, without meaning that the facility was earmarked for the site or that the full investment has been spent.
The facility has a 364-day term, and Nebius said its initial interest rate is equivalent to the Secured Overnight Financing Rate (SOFR) plus 2.75% per year, with the spread able to rise to 3.50%. These terms link borrowing costs to a floating benchmark, while the financing term gives the company credit resources to meet its stated needs. The company did not say in its announcement that proceeds would go solely to the Béthune project. The uses it specified include data center development and GPU purchases, as well as general corporate purposes. The financing comes as the company reports long-term contractual commitments worth more than $40 billion as part of the resources available for growth.
In Béthune, Nebius and Asterion Data Centers aim to build an AI computing facility at the former Bridgestone site, with a final capacity of 240 megawatts. The Choose France Summit document says the project includes a disclosed investment of more than 8 billion euros over several years. The document estimated that the first phase would begin in 2026, with full expansion reached in 2027. These figures set out the project's announced plan, but do not in themselves prove that the disclosed financing has been completed or that the facility has begun operations. The plan places the former industrial site among the cloud computing infrastructure projects the company intends to carry out in France.
Nord France Invest sets out a phased capacity path starting at about 27 megawatts, then rising to 120 megawatts during 2026, before reaching 240 megawatts by 2027 or 2028. The timing of these phases differs from the wording in the Choose France Summit document, which targets the start of the first phase in 2026 and completion of the expansion in 2027. The announced path means that reaching final capacity depends on a gradual expansion at the site. The regional agency also says the project will require a large power supply as the facility moves toward its full target capacity. It said proximity to the gas network could help during some stages of capacity increases in this transition.
The Citi facility follows an earlier secured financing of about $775 million that Nebius announced in July, saying it had entered into it primarily to fund construction of its AI cloud. In that financing announcement, the company said the facility, together with cash flows under the customer agreement, covers more than 100% of the capital expenditure required to deploy the associated GPU infrastructure. The earlier financing shows that the company used credit arrangements tied to infrastructure construction before announcing the Citi facility. Nebius has also cited asset-backed financing and long-term commitments from investment-grade customers among its sources of growth financing. Those long-term contractual commitments are worth more than $40 billion, according to the company.
In the market, Nebius shares closed at $153.27 on October 26, 2026, compared with a close of $171.45 on October 20. These closing prices show a decline between the two dates, and the daily trading data presented here do not measure overnight share-price moves. The Citi facility was announced on October 22, between the two closing dates. The next operational milestone in the Béthune plan remains the targeted phased expansion to 120 megawatts during 2026. The company then aims to reach full capacity of 240 megawatts by 2027 or 2028, according to the timetable reported by Nord France Invest.