Nebius Group raises $4.3B through convertible bonds to fuel massive AI data center buildout

Nebius Group just pulled off one of the largest convertible bond deals in the AI infrastructure space, raising roughly $4.3 billion in gross proceeds to bankroll an aggressive expansion of its data center empire. The offering, which priced on March 18 and closed two days later, came in well above the initial $3.75 billion target after the company exercised an overallotment option. Inside the deal The private offering, conducted under Rule 144A, was structured as convertible senior notes split across two tranches. The 2031 notes carry a coupon of 1.250%, while the 2033 notes come with a 2.625% rate. The net proceeds are earmarked for four priorities: building out data centers, investing in the company’s full-stack AI cloud platform, expanding its global presence, and procuring GPUs. Nebius has stated it aims to support multi-gigawatt-scale data center deployments. Revenue momentum backing the raise Nebius posted Q2 2026 revenue of $582.3 million, a figure driven largely by substantial AI infrastructure contracts. Some of those contracts individually exceeded $1 billion, according to the company’s August 12 earnings report. The revenue trajectory is notable for a company that, not lo...