Nebius Group (NASDAQ: NBIS) priced an upsized $5.0 billion private offering of convertible senior notes. The total offering increased from an initial target of $4.5 billion.
The deal includes $3.0 billion of 0.50% notes due 2030. It also features $2.0 billion of 4.50% notes due 2034. Conversion prices represent premiums of 40% and 45% over the August 19, 2026 closing price.
The company expects net proceeds of approximately $4.94 billion. Total proceeds could reach $5.68 billion if initial purchasers fully exercise their options.
Nebius will use the funds for data center construction and AI cloud development. Capital will also finance GPU procurement and general corporate purposes. Separately, the company is exchanging $800 million of existing convertible notes for shares.