Nebius Group announced plans to raise approximately $3.75B in convertible debt through two senior notes due in 2031 and 2033, with proceeds earmarked for data center expansion and custom chip purchases. The raise comes on the heels of a $27B compute deal with Meta announced Monday and last week’s $2B strategic investment from Nvidia, giving Nebius a significant capital runway as it competes in the crowded AI data center market alongside CoreWeave and others. Nebius, which spun out of Russian internet giant Yandex in 2024, is among a wave of data center specialists turning to debt markets to fund AI infrastructure buildout, a trend that has raised some concerns about a potential bubble in the sector.
