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

Odaily Planet Daily News: AI cloud computing company Nebius Group (NASDAQ: NBIS) has announced plans to privately issue convertible senior notes with a total principal amount of $4.5 billion to qualified institutional investors, including $2.75 billion in notes due 2030 and $1.75 billion in notes due 2034. If all additional purchase rights are fully exercised, the total issuance 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.