Nebius Raises $5B Convertible Bond as AI Compute Demand Surges
Nebius raised $5 billion via a convertible bond, pointing to strong demand for its AI computing capacity as Q2 sales jumped 454% year over year to $582 million. The stock fell sharply despite forecasts for continued rapid growth. Alongside the offering, Nebius swapped $800 million of convertible notes for new shares, diluting holders by about 5.5%, and its total convertible debt is near $12 billion.