Nebius proposes $4.5B AI-cloud note sale

Nebius proposed a $4.50 billion private offering of convertible senior notes—$2.75 billion due in 2030 and $1.75 billion due in 2034—to fund data-center construction, full-stack AI-cloud expansion, and GPU purchases. Nebius’ announcement says the deal is subject to market conditions and could add another $675 million through initial-purchaser options, so this is planned financing rather than energized capacity. AI-cloud buyers should file the capital-stack signal alongside the archive’s analysis of funded versus delivered accelerator-hours, and ask vendors what is actually online before counting the GPUs.