Nebius closes a $5.75 billion convertible note sale to fund its AI cloud build-out

On 24 August 2026 Nebius said it had closed a convertible note sale of $5.75 billion in two series: $3.45 billion of 0.50% notes due 2030 and $2.3 billion of 4.50% notes due 2034. It announced the offering on 19 August at $4.5 billion and upsized it to $5.0 billion at pricing. The initial purchasers then took up their extra options in full. Nebius also agreed to exchange $800 million of older convertible notes with a few holders, to be settled in about 15.8 million Class A shares. The company said it intends to use the proceeds for data center construction, its full-stack AI cloud, and GPUs and other key components, as well as general corporate purposes. We file this because the company ties the money to AI infrastructure in its own words. How we read it: Nebius has secured a large new funding source for its build-out. What would change this: slower deployment of the capacity it is funding, or heavier dilution from conversion. Why it matters to you: it shows how the newer AI cloud providers are paying for data centers and chips, and the cost of that borrowing.