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Nebius Group N.V., a leading AI infrastructure company, announced on September 11, 2025, the pricing of a $1 billion public offering of Class A ordinary shares at $92.50 per share, alongside a $2.75 billion offering of convertible senior notes. The share offering is expected to close on September 15, 2025, with net proceeds aimed at fueling the company’s AI infrastructure expansion.
Offering Details: $1B in Class A ordinary shares priced at $92.50 each; $2.75B in convertible notes (1.00% due 2030, 2.75% due 2032).
Net Proceeds: ~$979.5M from shares, ~$2.69B from notes (up to $1.13B and $3.1B if options exercised).
Stock Performance: NBIS at $94.265 on September 11, 2025, up from $93.39 previous close (finance card above).
Use of Funds: Expand compute power, data centers, and strategic land acquisition.
Underwriters: Goldman Sachs (lead), Morgan Stanley, BofA Securities, Citigroup.
Market Context: NBIS stock surged 43% in the past week, market cap $15.29B.
Nebius Group priced its $1 billion offering of Class A ordinary shares, granting underwriters a 30-day option to purchase an additional $150 million. Concurrently, the company upsized its convertible notes offering from $2 billion to $2.75 billion, split evenly between 2030 and 2032 maturities, with a 13-day option for an additional $412.5 million. “The Company intends to use the net proceeds to finance the continuing growth of its business, including the acquisition of additional compute power and hardware, securing strategic high-quality and well-located land plots, and the expansion of its data center footprint,” per the announcement.
As per the finance card above, Nebius Group’s stock (NBIS) closed at $94.265 on September 11, 2025, with a market cap of $15.29 billion, reflecting a 1% daily increase from $93.39. Over the past year, NBIS surged from $21.38 in October 2024 to $94.265, a 340% gain, driven by its AI infrastructure focus. The offering price of $92.50 per share aligns closely with the current market value, suggesting strong investor confidence despite a slight premium. Posts on X highlight Nebius’s operational growth, with gross margins rising from 27% to 71% while scaling data center capacity fourfold.
The combined $3.67 billion in net proceeds (assuming no additional options exercised) will bolster Nebius’s AI-native cloud platform, designed for intensive AI workloads. The funds will support compute power expansion, data center growth, and strategic land acquisitions, positioning Nebius to capitalize on the high-growth AI market. However, a reported market cap of $22.29 billion in some sources suggests potential discrepancies in valuation metrics, possibly due to post-offering share dilution or differing data points.
While the capital raise signals robust growth ambitions, the market’s reaction to the share dilution and debt issuance remains to be seen. The convertible notes’ low interest rates (1.00% and 2.75%) are attractive, but conversion terms could impact future equity value. Nebius’s focus on AI infrastructure aligns with industry trends, yet competition and execution risks in scaling data centers warrant scrutiny. The offering’s success hinges on Nebius’s ability to deliver on its expansion promises without over-leveraging.
Nebius Group, headquartered in Amsterdam and listed on Nasdaq (NBIS), builds full-stack infrastructure for the global AI industry. Its AI-native cloud platform supports compute, storage, and managed services for AI workloads. Nebius also operates Avride (autonomous driving technology) and TripleTen (edtech for tech career reskilling), and holds stakes in ClickHouse and Toloka.
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