Nebius Raises $4.5 Billion in Convertible Bonds for AI Data Centers
Nebius, the Amsterdam AI cloud firm, is seeking to build data centers and buy GPUs with a massive $4.5 billion in convertible bonds. The company plans to split the offering into two parts: $2.75 billion of bonds due 2030 and $1.75 billion due 2034.
Key Takeaways:
- Nebius will use the funds for data center construction, AI cloud platform development, and purchasing key components like GPUs.
- The bonds are convertible, allowing holders to swap them for Nebius shares under specific conditions.
- Four banks – Goldman Sachs, JPMorgan, Citigroup, and Bank of America – are leading the sale.
- The share price dropped as much as 9.2% in US premarket trading following the announcement.
Additional Details:
Nebius stated that the notes will be senior, unsecured obligations paying interest twice a year. They cannot be redeemed early before 2028, except under specific tax changes.
- Alongside the new bonds, Nebius plans to negotiate exchanges with some holders of its existing convertible notes for Class A shares.
This is Nebius' second large convertible bond offering this year, following a $4.3 billion raise in an enlarged sale earlier in 2026.