Amsterdam AI Clouds, Nebias, once again, started a big deal of financing. The company disclosed that a total of $4.5 billion worth of reversible debt was to be issued for the expansion of the data centre, the advancement of the full IAI cloud platform and the purchase of computing equipment such as GPU. Nebius stock prices fell by 7.6 per cent as a result of potential equity spreads.

The maximum duration of the two tranches is 2034.

The financing was in two parts: $2.75 billion instruments due in 2030 and $1.75 billion instruments due in 2034. The purchaser may also subscribe to an additional two tranches of instruments, which, if fully implemented, would result in a total issuance of up to $5.175 billion.

At the same time, the company plans to enter into private negotiations with some of the current transferable holders that matured in 2029 and 2031, in exchange for some of the old debt in category A shares. The new round continues to depend on market conditions.

  • Instrument due in 2030: $2.75 billion
  • Instrument due in 2034: $1.75 billion
  • Top issue size: $5.175 billion

The AI capital input continues to expand.

Nebius raised this fund, reflecting the high cost of AI infrastructure competition. According to Reuters quoted company data, Nebius held approximately $8.04 billion in cash and cash equivalents at the end of June, but invested about $5.66 billion in property, equipment and intangible assets in the second quarter alone.

The company had previously indicated that the capital expenditure plan for 2026 could amount to between $16 billion and $20 billion, mainly to meet the computing needs of large AI clients. For such companies, both GPU, electricity and data centre capacity require early input, and expansion tends to be faster than income.

Second large-value debt-transfer financing in the year

For the second time this year, Nebius has undertaken large-scale debt-transfer financing. In March this year, the company completed a series of similar distributions, raising approximately $4.3 billion.

At the operational level, Nebius took a Meta power supply agreement of up to $27 billion earlier this year, with multi-billion-dollar cooperation with Microsoft. As the order scale expands, the market, on the one hand, sees the continuous rise in the computing demand for AI and, on the other hand, is reassessing the impact of high-intensity financing on shareholder equity and valuation.

Additional information:Reuters quoted company data stating that Nebius still had $8.04 billion in cash on its books as at the end of June, indicating that its expansion was not due to short-term liquidity constraints, but rather to continue to accelerate the pace of computing.