Nebius Group Completes $5.75 Billion Convertible Bond Offering to Fund AI Cloud Expansion

AI cloud company Nebius Group N.V. has successfully completed a $5.75 billion convertible bond offering, which was upsized from an initial $4.5 billion. The proceeds are intended to finance the company's continued growth, including the construction and build-out of data centers, development of its full-stack AI cloud, expansion of its data center footprint, and procurement of key components like GPUs. Concurrently, Nebius exchanged $800 million of existing convertible notes for approximately 15.8 million Class A ordinary shares.