Nebius prices upsized $4.0B convertible notes due 2031 and 2033

Nebius priced an upsized $4.0 billion private offering of convertible senior notes, raised from an initial $3.75 billion. The deal has two series: $2.25 billion of 1.250% notes due 2031 and $1.75 billion of 2.625% notes due 2033. Proceeds are earmarked for data-center construction and build-out, GPUs and general corporate purposes, which is why the raise matters for how much capacity Nebius can fund.

• Total size: $4.0 billion, upsized from $3.75 billion
• 2031 notes: $2.25 billion at 1.250%, maturing March 15, 2031
• 2033 notes: $1.75 billion at 2.625%, maturing March 15, 2033
• Use of proceeds: data-center construction and build-out, GPUs and general corporate purposes