Nebius Plans to Fund $40 Billion AI Infrastructure Buildout With Customer Prepayments and Loans

Nebius intends to finance its $40 billion AI infrastructure expansion through customer prepayments and loans. Delays at a Microsoft-linked data center are raising questions about whether that financing model can hold up.

Why it matters: Nebius's approach is a test of how neocloud providers can fund massive GPU capacity without relying solely on equity, which affects pricing, availability, and vendor risk for teams buying AI compute.