Nebius prices $5B in AI-cloud notes

Nebius priced an upsized $5 billion convertible-note offering—$3 billion due in 2030 and $2 billion in 2034—after initially proposing $4.5 billion. Nebius’ pricing announcement says the proceeds will fund data-center build-out, GPUs, and its full-stack AI cloud; the notes carry 0.50% and 4.50% annual coupons, respectively, and may add another $750 million through purchaser options. The new terms turn the archive’s earlier note on Nebius’ planned financing into a larger capital-market signal: AI-cloud capacity is being financed before operators can see the delivered GPU-hours.