Nebius has raised $11B in under a year. Did its latest $4.5B raise wipe more off its market cap than it raised?
Tech Funding News Sofia Chesnokova ● Covered by 2 sources
Nebius plans to raise $4.5B more, and its stock dropped 13%. Investors seem more spooked by the share exchange plan than the AI buildout.
Based on reporting by Tech Funding News, Sofia Chesnokova — read the original for the full story.
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Nebius is back in the market for billions. The Amsterdam-based company, which trades on Nasdaq under NBIS, plans to sell $4.5 billion of convertible senior notes, split between $2.75 billion due in 2030 and $1.75 billion due in 2034. It also gave buyers extra room to take the deal above $5.17 billion if those options are used.
The reaction was fast. Nebius shares fell 13% when the sale and the attached exchange plan were announced, sliding from $248.43 to $215.52. Even after that hit, the stock is still up 197% this year, which says a lot about how hot the market has been for AI infrastructure names — and how quickly it can turn nervous when dilution shows up.
The exchange piece is what unsettled investors. Nebius wants to make private deals with holders of its 2029 and 2031 convertible notes, swapping some of those claims for Class A ordinary shares. The company says that could bring dilution forward, and it warned that some holders may sell the shares they receive or unwind hedges tied to the notes. That kind of structure tends to pressure a stock before the actual dilution even arrives.
This is not Nebius suddenly changing direction. The company has been funding an aggressive buildout for months: $4.34 billion in convertible notes in March 2026, a $775 million senior facility in July backed by GPU infrastructure and customer cash flows, and earlier money after its $17.4 billion Microsoft deal in September 2025. It also took a $2 billion equity investment from NVIDIA and bought Eigen AI for $643 million. The money is going into data centers, GPUs, its full-stack AI cloud platform, and other corporate needs.
The numbers show why the market is willing to keep lending, even if it winces at the price. Nebius had $8.04 billion in cash at the end of the second quarter of 2026, posted $582.3 million in revenue, and said adjusted EBITDA margin improved to 45% from 24% a year earlier. But it still isn’t profitable, and it spent $5.66 billion on property, equipment, and intangible assets in that quarter alone. The real question now is whether investors start treating the fundraising itself as the risk.
My take — AI-written commentary, not fact-checked reporting
Nebius is turning financing into a lifestyle choice, and the market only likes that until the dilution bill shows up. For AI infrastructure, the cheque-writing is now part of the product, which is a very expensive way to prove demand. The fun part is watching a stock soar on growth and then flinch every time the growth needs cash.
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