Highlights

  • Nebius secured a USD 3.5bn senior facility in October to support global data centre development and computing equipment procurement.
  • The facility has a 364-day maturity and a floating interest margin that can increase during its stated term.
  • Second-quarter revenue increased 454% YoY to USD 582.3mn, while the group continued reporting a net loss from continuing operations.
  • Management expects five gigawatts of contracted power by year-end and is developing partner-financed capacity alongside its own facilities.

A new short-term credit facility has added funding flexibility to the infrastructure expansion programme at Nebius Group (NASDAQ:NBIS), which operates an AI cloud platform. The 22 October agreement follows rapid revenue growth and a larger contracted power target, with construction and equipment procurement continuing across the network. Shares closed at USD 153.27, down 3.45%, after the market session ended on 26 October 2026. The financing complements customer prepayments and operating cash generation rather than replacing them.

Facility Supports Near-Term Capacity Spending

The USD 3.5bn senior secured facility matures in 364 days. It initially carries interest at Term SOFR plus 2.75% annually, with the margin increasing to a maximum 3.50%, subject to other adjustments. Proceeds are intended for data centre development, graphics processor purchases and general corporate purposes.

Management describes the arrangement as part of a sequenced funding strategy, giving it flexibility over the timing and structure of later capital raising. The company also cites more than USD 40bn of long-term customer commitments as a basis for potential asset-backed funding. Contract value, borrowing availability and recognised revenue remain separate measures: the new facility provides access to capital, while customer revenue depends on the delivery of computing services.

Revenue Expansion Still Includes a Net Loss

Revenue increased 454% YoY to USD 582.3mn in 2QFY26. Adjusted EBITDA reached USD 236.2mn, compared with an adjusted EBITDA loss of USD 21.0mn a year earlier. The adjusted net loss narrowed to USD 33.2mn from USD 91.5mn.

The GAAP net loss from continuing operations was USD 190.4mn. Operating costs and expenses totalled USD 758.2mn, including USD 259.7mn of depreciation and amortisation. Product development spending and share-based compensation also increased as the business expanded. These costs distinguish the reported earnings result from adjusted EBITDA. Rapid growth in sales therefore occurred alongside substantial infrastructure-related expense, rather than a completed transition to GAAP profitability across continuing operations.

Power Commitments and Partnership Models Shape Expansion

In its August shareholder letter, Nebius increased the year-end contracted power target to five gigawatts from more than four gigawatts. Contracted power is secured through land and power commitments and is distinct from fully deployed computing capacity. Management plans annual deployments exceeding one gigawatt beginning in 2027.

The company is also developing a model under which partners finance and own infrastructure while Nebius supplies cloud software, system architecture and customer access. That approach is intended to supplement owned and colocated facilities with a lower direct capital burden. Meanwhile, production inference workloads on its managed platform more than tripled during the second quarter. Capacity delivery, financing maturity and actual service utilisation remain separate operating measures as these programmes progress.