Nebius just secured a $3.5 billion financing facility from Citi to help fund its global AI infrastructure expansion, including data centers and GPU purchases. What makes this particularly interesting is the financing terms. The facility has a 364 day maturity and carries an initial interest rate of SOFR + 2.75%, potentially increasing to SOFR + 3.50%. SOFR is essentially a benchmark interest rate that banks use when lending money, meaning Nebius is borrowing at a relatively modest premium above that benchmark. Now, remember one of the biggest concerns surrounding neoclouds recently has been their ability to secure financing at attractive rates. Investors have been worried that companies like Nebius and CoreWeave would struggle to raise the billions of dollars needed to continue expanding, especially with borrowing costs remaining elevated and credit markets becoming increasingly cautious. Well, this announcement directly challenges that concern, at least for Nebius. Not only has Nebius secured another $3.5 billion in financing, but it has managed to do so at what I consider fairly attractive rates for a capital intensive AI infrastructure company. And here’s another important point. Nebius already has more than $40 billion in long term customer commitments from investment grade customers, including Microsoft and Meta. Those contracts give lenders greater confidence that the infrastructure being financed will eventually generate revenue. I’ve said this repeatedly, I don’t believe every neocloud will survive this AI infrastructure buildout. Access to capital is going to separate the winners from the losers, and Nebius continues to demonstrate why I believe it will be among the survivors. This is a very encouraging development for $NBIS shareholders, especially after all the concerns surrounding financing and the recent selloff.