Nebius Group Secures $1 Billion in Convertible Notes

Nebius Group N.V., an AI infrastructure company, has announced the private placement of $1 billion in convertible notes. Comprising two tranches, $500 million is allocated to 2.00% convertible notes due in 2029, and another $500 million to 3.00% notes due by 2031. Founder Arkady Volozh emphasized this move as pivotal for the company's rapid growth and expansion in AI infrastructure.

The proceeds aim to bolster Nebius's business growth, focusing on acquiring computing power and expanding its data center footprint. The notes will mature in 2029 and 2031, offering a conversion premium on the Company's Class A ordinary shares at $51.45 per share initially, with further adjustments possible.

The notes target qualified institutional buyers under Rule 144A and are expected to settle around June 5, 2025, with Goldman Sachs acting as the sole placement agent.