Citi lends $3.5B to Nebius for GPUs and data centers
Business
Nebius, an AI cloud services company, just scored $3.5 billion in financing from Citi.
The cash will help it upgrade their data centers and buy more GPUs, basically the tech that powers all things AI.
This deal comes with a 364-day term and an initial interest rate of 2.75% over the term SOFR benchmark rate.
Nebius gains momentum amid sell-offs
AI infrastructure companies have been having a rough time lately, with big sell-offs shaking up the market; CoreWeave, a top competitor, even saw its bond value tumble.
Nebius's fresh funding gives it some serious momentum to grow and compete while others are struggling to keep up in this fast-moving space.