Nebius Upsizes Convertible Offering to $5B, Prices at 40-45% Premium
NBIS has more than doubled off its 52-week low of $62.01 on elevated volume (2.4× avg).
Summary
Nebius priced a $5.0B convertible senior notes offering, upsized from the $4.5B announced yesterday. The deal splits into $3.0B of 0.50% notes due 2030 and $2.0B of 4.50% notes due 2034, with conversion premiums of 40% and 45% over the last sale price. Concurrently, the company is exchanging $800M of existing 2029 and 2031 notes for about 15.8M Class A shares, which could create near-term selling pressure. Net proceeds of roughly $4.94B will fund data center build-out, GPU procurement, and general corporate purposes. This follows the $775M secured debt facility closed in July and the $1B+ Reflection compute deal, underscoring aggressive capital deployment to meet AI cloud demand. The conversion terms are favorable to the company, but the share exchange and potential hedging by noteholders may weigh on the stock.
At the time of this announcement, NBIS was trading at $228.39 on NASDAQ in the Technology sector, with a market capitalization of approximately $60.9B. The 52-week trading range was $62.01 to $299.86. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: BusinessWire.