Nebius prices upsized $5.0 billion convertible notes due 2030 and 2034

Nebius priced an upsized private offering of $5.0 billion in convertible senior notes, from an earlier $4.5 billion target. The offering has two series: $3.0 billion of 0.50% notes due 2030 and $2.0 billion of 4.50% notes due 2034. Conversion prices were set at about $313.46 and $324.65 per share, premiums of 40% and 45% over the $223.90 last sale price, and the proceeds fund data centers, AI cloud and GPU purchases.

• $3.0 billion 0.50% notes due February 15, 2030; $2.0 billion 4.50% notes due February 15, 2034
• Conversion prices about $313.46 (2030) and $324.65 (2034), premiums of 40% and 45%
• Reference price $223.90 on August 19, 2026
• Initial purchasers may buy up to $450 million more of 2030 notes and $300 million more of 2034 notes