Nebius Group shares rose 4% to $218.47 on Tuesday midday, ending a six-session losing streak after the company closed a $5.75 billion private offering of convertible senior notes, larger than its initially targeted $4.5 billion and the $5 billion revised target. The deal comprised $3.45 billion of 0.50% notes due in 2030 and $2.3 billion of 4.50% notes due in 2034, after initial purchasers exercised options for an additional $450 million and $300 million, respectively. Nebius also exchanged $800 million of existing 2029 and 2031 convertible notes for about 15.8 million Class A ordinary shares. Proceeds will support data-center construction, its full-stack AI cloud, footprint expansion, GPU and component purchases, and general corporate purposes. The company has $37.5 billion in remaining performance obligations, including a five-year, $12 billion AI infrastructure agreement with Meta Platforms, but three customers each account for more than 10% of quarterly revenue. Investors are weighing the stronger financing demand and reduced near-term funding uncertainty against capital intensity, customer concentration and potential share-price pressure from the exchanged stock. CoreWeave and IREN provide comparable listed neocloud exposures, with IREN’s fiscal fourth-quarter 2026 results due after the close on Thursday, August 27.