Nebius closes $5.75B two-tranche convert; AGM adds 20% issuance authority
Nebius (NBIS) closed $3.45B of 0.50% converts due Feb 15, 2030 and $2.3B of 4.50% converts due Feb 15, 2034 after the full $750M greenshoe. Concurrently exchanged $400M of 2.00% 2029s and $400M of 3.00% 2031s for about 15.8M Class A shares. Use of proceeds: data-center construction, GPUs, full-stack AI cloud. Shareholders then approved a five-year authority to issue up to 20% more Class A and waive pre-emptive rights.
Why it matters
Largest verified neocloud financing of the week. Funds a $20–25B 2026 capex plan without a primary equity raise, with standing issuance room on top.
Companies
- NBIS
Risks
- Notes accrete above face (2030s to 110%, 2034s to 125%).
- Conversion settlement can be cash, stock, or mix.
- Authorization is not an announced follow-on.
- Proceeds do not guarantee GPU delivery or interconnection.