Nebius plans $3.75 billion convertible notes offering following Meta and Nvidia milestones

Summary

• Nebius Group plans to raise $3.75 billion through convertible senior notes
• The move follows major developments involving Meta Platforms and Nvidia
• The company is targeting significant growth in its AI cloud business by 2026

LONDON, March 17, 2026 — Nebius Group said on Tuesday it intends to raise $3.75 billion through a private offering of convertible senior notes, as it looks to expand its artificial intelligence (AI) infrastructure operations.

The proposed offering will be issued in two tranches, with maturities in 2031 and 2033. The company said the proceeds will be used to fund new data center construction and invest in next-generation GPU hardware, supporting growing demand for AI computing capacity.

The fundraising follows a series of major developments for Nebius. Earlier this month, the company entered into a long-term agreement with Meta Platforms valued at up to $27 billion over five years. Under the agreement, Nebius is expected to provide $12 billion in dedicated compute capacity, with the potential for an additional $15 billion as new infrastructure becomes operational.

In addition, Nvidia has made a $2 billion strategic investment in Nebius through pre-funded warrants, reflecting continued collaboration between the two companies in building AI-focused cloud infrastructure.

Financial results released in February highlight the company’s rapid expansion. Nebius reported a fourth-quarter net loss of $249.6 million on revenue of $227.7 million. Despite the loss, revenue grew 547% year-on-year, driven by strong demand for GPU-as-a-Service (GPUaaS) offerings.

The company exited 2025 with an annualized revenue run rate of $1.25 billion and has reiterated its target of reaching between $7 billion and $9 billion by the end of 2026. Analysts estimate that its pipeline exceeded $4 billion in the first quarter of 2026.

Nebius also announced a partnership with CrowdStrike to integrate its Falcon platform into Nebius’ AI cloud infrastructure, aimed at strengthening cybersecurity capabilities for enterprise customers.

Why this matters

• AI infrastructure demand: The $3.75 billion raise reflects the growing capital intensity required to scale AI computing platforms
• Strategic partnerships: Deals with Meta Platforms and Nvidia highlight Nebius’ positioning in the AI ecosystem
• Growth vs profitability: Strong revenue growth alongside continued losses underscores the investment-heavy nature of the sector
• Execution challenge: Scaling infrastructure to meet large contracts remains a key operational priority

FAQs

Q1. What is Nebius planning to raise?

Nebius plans to raise $3.75 billion through a private offering of convertible senior notes.

Q2. What are the maturity terms of the notes?

The offering includes two series of notes maturing in 2031 and 2033.

Q3. What is the value of the Meta agreement?

The agreement with Meta Platforms is valued at up to $27 billion over five years.

Q4. Why did Nvidia invest in Nebius?

Nvidia invested $2 billion to support the development of AI cloud infrastructure and strengthen collaboration.

Q5. Is Nebius currently profitable?

No, the company reported a net loss of $249.6 million in the fourth quarter of 2025.