NEBIUS Plans $4.5 Billion Convertible Notes Offering for Data Centers, Shares Slip 7% Premarket

NEBIUS fell in premarket trading. The company announced plans to privately place convertible senior notes with an aggregate principal amount of $4.5 billion, split into two tranches: $2.75 billion of convertible notes due 2030 and $1.75 billion of convertible notes due 2034. The offering will be made to qualified institutional buyers under Rule 144A of the U. S. Securities Act of 1933.

NEBIUS also granted underwriters an over-allotment option, allowing them to purchase up to $375 million of the 2030 notes and up to $300 million of the 2034 notes within 13 days from the initial issuance date. The company plans to use the net proceeds from the offering for business expansion, including data center construction and expansion, investment in full-stack AI cloud research and development, scaling up data center capacity, procurement of key hardware such as GPUs, and general corporate purposes.