AI cloud provider Nebius Group plans to raise $4.5 billion through private convertible notes as it accelerates investment in data centers and computing infrastructure. The Amsterdam-based company said the proceeds will support its AI cloud platform and the purchase of GPUs and other equipment.
The company plans to issue $2.75 billion of notes maturing in 2030 and another $1.75 billion maturing in 2034. Investors will also have the option to purchase an additional $375 million of the 2030 notes and $300 million of the 2034 notes, Reuters reported.
Nebius said proceeds from the offering will be used to expand its data center capacity, invest in its full-stack AI cloud platform and acquire graphics processing units (GPUs) and other components needed to support its growth. The completion of the offering remains subject to market conditions.
Alongside the debt offering, Nebius expects to enter privately negotiated agreements with certain holders of its existing convertible notes due in 2029 and 2031. Under those arrangements, part of the existing debt would be exchanged for the company's Class A shares.
The planned fundraising comes as Nebius continues to invest heavily in AI infrastructure. The company reported that it raised $6.3 billion in the first quarter of 2026, including a $2 billion equity investment from Nvidia and $4.3 billion from convertible securities. Nebius said at the time that the funds would support expansion of its AI cloud capacity.
Nebius' earlier financing plans have also focused on expanding computing capacity and data center infrastructure. In a 2025 convertible note offering, the company said proceeds would be used to acquire additional compute power and hardware and expand its data center footprint.
The latest financing highlights the significant amount of capital required to build infrastructure for the rapidly expanding AI cloud market. Data centers require large investments in computing equipment, power and related infrastructure as cloud providers seek to meet demand for AI workloads.
Nebius' planned $4.5 billion offering would provide additional capital for that expansion, while the proposed exchange of existing convertible notes for Class A shares could also alter the company's capital structure.
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