Overview
- Nebius increased its planned financing to $4.0 billion and priced two tranches: $2.25 billion of 1.25% notes due 2031 and $1.75 billion of 2.625% notes due 2033, for estimated net proceeds of about $3.96 billion.
- Proceeds are earmarked for data center construction, procurement of high‑performance GPUs, and scaling the company’s AI cloud services.
- Conversion prices were set between $180.31 and $183.22 per share, well above recent trading levels, which tempers immediate dilution risk.
- Shares fell 10.47% to $116.25 on March 17 after the initial $3.75 billion plan, with volume roughly 304% above the three‑month average, then rebounded about 4.4% after the upsized pricing.
- Recent momentum includes a reported $27 billion Meta capacity deal and Nvidia’s $2 billion investment for an 8.3% stake, while investors weigh heavy capex and losses, including about $2.1 billion in December‑quarter spending on $227.7 million in revenue and a $249.6 million net loss.