Nebius Group, the Amsterdam-based AI infrastructure company that emerged from the remains of Yandex's international business, plans to raise $4.5 billion through a convertible debt offering to fund its rapid expansion of data centers and AI computing platforms.
The convertible senior notes offering represents one of the largest such deals in the AI infrastructure space, reflecting the enormous capital requirements of building out the compute capacity needed for next-generation AI workloads. The proceeds will fund new data center construction, GPU cluster acquisitions, and the development of Nebius's AI cloud platform.
Nebius has been on an aggressive growth trajectory since its formation, securing major contracts with AI companies and enterprises needing massive compute resources. The company has already completed several rounds of convertible debt financing in 2026, including a $4.3 billion offering earlier in the year.
The convertible debt structure allows Nebius to raise capital at potentially lower interest rates than traditional debt, with investors receiving the option to convert their notes into equity if the company's stock price appreciates. This structure has become increasingly popular among AI infrastructure companies that are scaling rapidly but may not yet be consistently profitable.
The massive fundraising underscores the enormous capital demands of the AI boom. Big Tech companies collectively expect to spend more than $700 billion on AI infrastructure in 2026, and specialized infrastructure providers like Nebius are racing to capture a share of that spending by building out capacity ahead of demand.
