Nebius is raising $4.5bn in convertible bonds to build AI data centres

Nebius Group will raise $4.5 billion through two private convertible bond series—$2.75 billion due 2030 (0-0.5% coupon) and $1.75 billion due 2034 (4-4.5% coupon)—with an optional extra $675 million allocation. Proceeds will fund AI data-centre construction, expansion of its AI cloud platform, and purchase of graphics chips, while existing note holders may exchange older convertible debt for Nebius Class A shares.