AMSTERDAM, March 22 - Nebius has closed a $4.34 billion convertible debt round, positioning the European AI infrastructure firm to meet its $16 billion to $20 billion capital expenditure goals through 2026.
The financing follows a surge of strategic momentum, including a $2 billion share warrant sale to Nvidia and a potential $27 billion data center capacity deal with Meta. These moves highlight strong investor confidence in AI infrastructure demand.
Chief Communications Officer Tom Blackwell said the company will continue pursuing structured customer deals like those with Meta and Microsoft-whose $17.3 billion agreement preceded this latest win-as efficient capital sources.
"We'll continue to consider these types of deals as we go, just because if they're structured in the right way, they can be a very efficient source of capital," Blackwell said.
Nebius plans to fund 60% of its expansion via customer prepayments from Microsoft and Meta, and 40% through equity and debt.
The March 10 warrant sale to Nvidia was priced at $94.94 per share. The new seven-year notes carry a 2.63% interest rate, due in 2033, with conversion rights set approximately 90% above Nebius’s Friday closing price of $117.62.
Blackwell dismissed concerns over overexpansion, stating that sustained enterprise AI adoption validates the company’s long-term model.
"As long as enterprise AI adoption does continue to increase... the need for what we're doing is going to make sense," he said.