Nebius, Europe's largest AI infrastructure firm, announced plans to raise $3.75 billion through a convertible loan offering.
The move follows two major agreements this month: a deal worth up to $27 billion to supply AI computing power to Meta, and a $2 billion strategic investment from Nvidia.
Proceeds will fund Nebius’s core AI cloud services business.
The company reported a $250 million net loss on $228 million revenue in Q4 but projects an annualized revenue run rate of $7 billion to $9 billion by year-end - up from $1.25 billion at end-2025. Its 2026 guidance remains unchanged.