Nebius plans to issue $4.5 billion in convertible notes to expand AI data centers and procure GPUs

Odaily News: AI cloud computing company Nebius Group (NASDAQ: NBIS) has announced plans to privately offer $4.5 billion in aggregate principal amount of convertible senior notes to qualified institutional investors, consisting of $2.75 billion in notes due 2030 and $1.75 billion in notes due 2034. If all additional purchase options are fully exercised, the offering size could reach up to $5.175 billion.

Nebius stated that the proceeds will be used for data center construction and expansion, developing a full-stack AI cloud platform, expanding data center footprint, and procuring key components such as GPUs, as well as for general corporate purposes. The specific interest rate, initial conversion ratio, and other terms of the notes will be determined at the time of pricing.