Nebius adopts a capital-efficient strategy to expand AI data center capacity as debt rises to $8.5 billion from $4.1 billion in 2025.
Nebius Group is transitioning to an asset-light model to accelerate AI data center expansion without heavy capital expenditure. The company’s debt has surged to $8.5 billion, up from $4.1 billion at the end of 2025, straining its balance sheet.
The new approach requires customers to fund data center construction while Nebius provides design, software, and management services. This follows a $775 million capital raise earlier this month, aimed at easing financial constraints.
Nebius competes with hyperscalers like Microsoft and Meta, positioning itself as a higher-value provider with proprietary server designs and software. The shift reflects broader industry challenges in scaling AI infrastructure amid surging demand.