Overview
- Nebius finalized $4.34 billion in convertible notes, split between 1.250% notes due 2031 and 2.63% notes due 2033 after the offering was increased on strong demand.
- Investors purchased an additional $337.5 million beyond the initial offering, and the company retained an option to issue a further $262.5 million of 2033 notes.
- The 2033 notes carry a conversion price roughly 90% above Nebius’s recent $117.62 closing share price, which the company said helps limit near‑term dilution.
- Nebius says it is well‑funded for a 2026 capital plan of $16–20 billion, targeting 60% of growth from customer prepayments and 40% from equity and debt.
- Recent deals include up to $27 billion in capacity for Meta, a prior $17.3 billion supply agreement with Microsoft, and $2 billion of share warrants sold to Nvidia at $94.94 per share, with proceeds aimed at data center expansion, AI cloud development, and GPU purchases.