Nebius, the Amsterdam-based AI infrastructure provider, is looking to raise $4.5bn through convertible notes, it said today, as it looks to finance the sizeable cost of compute and data centre build-out.
Nebius is issuing notes worth $2.75bn due in 2030 and notes valued at $1.75bn which mature in 2034, it said in a statement.
It says the funds will be used for the build-out of data centres, investment in AI cloud, and buy GPUs. Nebius, which is sometimes referred to as a neocloud, builds and operates data centres, packing them with GPUs, then offers access to these data centres to AI and enterprise companies needing compute power, as well as offering them specialised software to run AI applications.
Nebius has bagged multi-billion-dollar contracts with Meta and Microsoft to supply them with AI infrastructure. In May, it acquired Eigen, a US startup which specialises in improving the performance of leading open-source AI models for approximately $643m in cash and stock.
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