Nebius plans $40 billion AI infrastructure build-out, funded by prepayments and loans

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Nebius intends to finance a $40 billion expansion of its AI infrastructure through customer prepayments and loan borrowing. The plan is being watched closely because delays at a Microsoft data center have raised questions about the company's financing model. Nebius operates as a so-called neocloud, a provider of cloud computing built specifically around AI workloads. The delays highlight the risks of relying on upfront customer payments and debt to fund such large capital-intensive projects.

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