Neocloud Nebius is seeking to raise $3bn to $4bn of high yield bonds, adding another sizable AI infrastructure financing to Goldman Sachs’s pipeline, according to 9fin sources.
Goldman Sachs is leading the proposed financing for the Amsterdam-based AI cloud company, which is expected to be structured as a five-year note with two years of call protection, the sources said.
The potential offering had initially been expected to reach investors in late September. But Nebius was among several data center borrowers that balked at financing costs during premarketing last month, according to a buysider, citing their discussions with banks.
Those borrowers may wait until after Q3 26 earnings for a better opportunity to come to market, the buysider added.
Goldman Sachs has already led two high yield data center financings for Applied Digital subsidiaries this year, funding campuses that will serve CoreWeave and Oracle, and is expected to bring another in the fourth quarter, according to prior 9fin reporting. The bank is also expected to lead a deal for Novva Data Centers.
The Nebius financing would add to a substantial expected wave of data center debt in the high yield bond market. Buysiders said banks were signaling...
