Nebius launches $4.5bn bond offering to fund AI cloud expansion and data center buildout

AI cloud provider Nebius has announced plans to raise $4.5 billion through a two-part senior notes offering, as the company accelerates investment in data center construction, cloud platform development, and GPU procurement to support surging demand for AI infrastructure.

The offering will be split into two series: $2.75 billion in convertible notes due in 2030 and $1.75 billion in convertible notes due in 2034. Initial purchasers will also have the option to acquire an additional $375 million of the 2030 notes and $300 million of the 2034 notes, potentially bringing the total raise to approximately $5.175 billion.

Nebius said the proceeds will be used to fund the "continuing growth" of its business, with capital expenditures directed toward the construction and buildout of data centers, investment in its cloud platform, and procurement of components including GPUs, as well as general corporate purposes.

The bond issuance comes less than a month after Nebius secured $775 million in debt financing. In March 2026, the company launched a $4 billion convertible senior notes offering also split into two series. That same month, Nvidia invested $2 billion in the neocloud provider, underscoring the strategic importance of Nebius in the AI infrastructure supply chain.

The company's growth trajectory is reflected in its latest financial results. Nebius reported second-quarter 2026 revenues of $582.3 million, a 454 percent increase compared to the same period in 2025. Adjusted EBITDA swung from a $21 million loss in Q2 2025 to a positive $236.2 million in Q2 2026, marking a significant profitability milestone.

Nebius has also been actively expanding its European footprint. Over the past month, the company announced deployment partnerships with Vantage in Wales and Greenergy in Estonia, as well as plans for a second self-built facility at its campus in Mäntsälä, Finland. These moves signal a broader push to scale compute capacity across the region amid intensifying competition in the AI cloud market.

The capital raise reflects a broader trend among AI-focused cloud providers turning to debt markets to finance capital-intensive infrastructure buildouts. With demand for AI compute continuing to outpace supply, Nebius is positioning itself to capture a larger share of the market by securing long-term funding for expansion.