Cloud.ru raises ₽10bn in debut bond issue
What's the deal? Russian cloud and AI provider Cloud.ruDealroom has a profile for this one. Try Dealroom → has closed the order book on its debut bond issue, raising 10 billion RUB (about $128 million).
Investor demand ran at twice the amount offered, the company said.
The two-year exchange bonds carry a fixed rate of 14.2% annually, with coupons paid every 30 days. Technical placement and the start of trading are set for 3 July 2026.
Why now? Cloud.ru plans to use the funds to develop infrastructure, buy IT equipment, and expand its product range.
The raise follows a strong 2025. Revenue rose 50% year on year to 76.5 billion RUB, while net profit jumped 86% to 14.7 billion RUB.
AI services led the charge, with revenue up 73% to 41 billion RUB — more than half the company's total.
Its debt load also eased: net debt to EBITDA fell to 0.1x at the end of 2025, down from 0.6x a year earlier.
What could go wrong? At 14.2%, the fixed coupon reflects Russia's high-rate environment, which makes debt costly to service.
Much of Cloud.ru's growth rests on AI demand, a fast-moving segment that could cool.
The signal: CEO Mikhail Lobotsky said institutional investors, including asset managers and insurers, drove the strong interest, with demand running at twice the amount offered. That appetite shows domestic capital markets remain open to well-performing tech firms even amid Russia's high-rate environment, and with AI services now topping half of Cloud.ru's revenue, AI infrastructure is fast becoming the core growth story for cloud players.
Read more: Vedomosti
Image credit: Cory M. Grenier
