Nebius upsizes debt sale to $5 billion to fund data centres, AI platform

AI cloud provider Nebius Group on Wednesday upsized its debt offering to $5 billion from $4.5 billion, as it seeks to ramp up investments in data centers and computing capacity.

The Amsterdam-headquartered company plans to ‌issue private ⁠convertible ⁠notes worth $3 billion maturing in 2030, and notes ​worth $2 billion maturing in 2034. It may also sell ​an additional $450 million of the 2030 notes and $300 million of the 2034 notes if ​purchasers exercise their options, it ⁠said.

Proceeds ‌from the offering will be ​used to ​expand data center capacity, invest ⁠in the company’s full-stack AI cloud platform ​and acquire GPUs and other key ​components needed to support growth.