Nebius Group has priced a $5 billion convertible-bond offering, increased from an initial $4.5 billion target, to finance the expansion of its data centers and artificial-intelligence services. The sale could reach $5.75 billion if buyers exercise additional options.
The package consists of $3 billion of notes due in 2030 carrying a 0.5 percent coupon and $2 billion of notes due in 2034 carrying a 4.5 percent coupon. Goldman Sachs and JPMorgan are leading the transaction, according to Reuters.
The scale of the raise shows both the appetite for AI infrastructure and the capital intensity behind it. Nebius reported $5.7 billion in second-quarter capital spending and is expected to have about $12 billion of convertible debt after the offering. The company is expanding rapidly, but the financing also increases the importance of execution, utilization and future cash generation.
