Nebius Group raised roughly $4.3 billion in gross proceeds through a private Rule 144A offering of convertible senior notes, exceeding its initial $3.75 billion target after exercising an overallotment option. The notes were priced on March 18 and closed two days later, with 2031 notes carrying a 1.250% coupon and 2033 notes carrying a 2.625% coupon. Net proceeds will fund data center construction, the company’s full-stack AI cloud platform, global expansion and GPU procurement, supporting its goal of multi-gigawatt-scale deployments. The financing follows Q2 2026 revenue of $582.3 million, supported by AI infrastructure contracts, some of which individually exceeded $1 billion, according to the company’s August 12 earnings report. Formerly associated with Yandex’s international operations, Nebius has repositioned itself as a pure-play AI infrastructure provider. Its full-stack model combines owned data centers with a cloud platform for AI training and inference, while convertible notes offer a financing structure that can be less dilutive than equity and more flexible than traditional debt. The deal comes as Microsoft, Google, Amazon and Oracle commit hundreds of billions of dollars to data center construction, and as CoreWeave expands GPU-focused facilities with aggressive borrowing.