Nebius Group raises $5.75 billion to expand AI cloud infrastructure

Nebius Group N.V. has successfully closed a debt offering, raising $5.75 billion through two series of convertible senior notes. The total amount exceeded the company’s initial target of $4.5 billion and a subsequent revised target of $5 billion.

The Amsterdam-based neocloud operator intends to use the proceeds to expand its data center capacity, invest in its full-stack AI cloud platform, and acquire GPUs and other essential components. The company is targeting between 800 megawatts and 1 gigawatt of connected power by the end of 2026, with planned data center campuses in Missouri, Pennsylvania, Finland, and the United Kingdom.

This capital raise follows a five-year, $12 billion AI infrastructure deal signed with Meta Platforms. Despite the successful raise, Nebius shares had recently experienced a decline due to investor concerns regarding the company’s expanding debt load.