Nebius Raises $5.75B in Converts to Fund Data Center Buildout
The pricing on this raise is the new comp for what the debt window looks like for anyone building data centers right now.
Nebius Group, an Amsterdam-based AI cloud and data center company traded on Nasdaq as NBIS, closed a $5.75 billion offering of convertible senior notes on August 24. The company also swapped $800 million of its existing convertible debt for about 15.8 million new shares, according to its own newsroom release, pushing Nebius’s total convertible debt to roughly $12 billion against 2025 revenue of $529.8 million.
Why it matters
For a data center developer or sponsor, the number that matters is the price, not the size. Nebius sold new notes at a 0.50% coupon due 2030 and a 4.50% coupon due 2034, terms a company generating just over half a billion dollars in annual revenue would not get from a bank construction loan. That sets a comp for what the unsecured debt window actually looks like right now, and it signals which operators have the balance sheet to keep building through 2027 while competing for the same power and land.
The numbers
The offering split into $3.45 billion of 2030 notes and $2.3 billion of 2034 notes. Layered on the $800 million exchange, Nebius priced or restructured roughly $6.55 billion of convertible paper this week, more than half of it at a sub-1% coupon. Total convertible debt near $12 billion is now more than 22 times 2025 revenue, per Bisnow’s reporting on the deal. That compares to the $196 billion in traditional bank and fund lending we tracked across the sector’s top 15 data center lenders on August 19, a market still pricing project debt against completed leases and utility interconnects rather than a corporate revenue multiple.
What’s next
Proceeds are earmarked first for Nebius’s US buildout in New Jersey, Pennsylvania and Missouri, where the company has separately detailed a 300 MW New Jersey site, a roughly 1.2 GW campus in Schuylkill County, Pennsylvania, and a roughly 1.2 GW campus in Independence, Missouri, alongside continued spending at its existing Finland, France and UK sites, according to Bisnow. Nebius shares fell as much as 6% on the news as investors weighed dilution from the exchange against the debt load. The top-15 data center lender list we tracked this month is now competing with convertible note buyers willing to fund the same buildout at a fraction of the coupon.