Nebius Group N.V. closed its upsized $4.0 billion private offering of convertible senior notes today. The issuance was initially announced on March 17 and priced on March 18.
Net proceeds total approximately $3.96 billion. The company will use the capital to fund the construction and expansion of data centers. Funds are also designated for developing full-stack AI cloud infrastructure and procuring GPUs.
The financing follows a landmark AI infrastructure agreement with Meta. Initial news of the offering triggered investor concerns regarding potential dilution and the high costs of AI competition.
Stock price volatility occurred earlier this week following the announcement. The successful closing enables Nebius to execute large-scale contracts and solidify its position in the AI infrastructure market.