Nebius upsizes debt sale to $5 billion to fund data centers, AI platform
NBIS•Cash position and spending
Nebius shares closed nearly 10% lower on Wednesday.
Nebius ended June with $8.04 billion in cash and cash equivalents, but spent $5.66 billion on property, equipment and intangible assets in the second quarter, reflecting heavy investment in data centers and computing capacity.
Debt offering increased to $5 billion
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 to fund data center and AI platform expansion
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.
