Nebius Group launches $4.5 billion convertible note sale to build out AI data centers

Nebius Group, the Amsterdam-based AI cloud company traded on Nasdaq under NBIS, announced on August 19 a proposed private offering of $4.50 billion in convertible senior notes split into two series: $2.75 billion due 2030 and $1.75 billion due 2034. The offering is being made to qualified institutional buyers under Rule 144A, and Nebius has also granted initial purchasers an option to buy up to an additional $375 million of the 2030 notes and $300 million of the 2034 notes within 13 days of issuance, bringing the potential total above $5.1 billion. The company intends to use the proceeds to fund construction and expansion of its data centers, procure key components including GPUs, and develop its full-stack AI cloud platform.

The deal marks a return to the convertible bond market for Nebius, which closed a prior $4.0 billion convertible note offering in March 2026. Concurrently with pricing, Nebius expects to enter exchange agreements with holders of its existing 2.00% convertible notes due 2029 and 3.00% convertible notes due in another series.