European AI cloud firm Nebius has secured billions of dollars in new debt through a bond offering.

Nasdaq-listed Nebius Group this week announced the closing of its previously announced offering of convertible senior notes, totaling $5.75 billion.

First announced earlier this month, the notes were offered in two series: 0.5 percent convertible notes due 2030 and 4.5 percent convertible notes due 2034, in a private offering to qualified institutional buyers.

Nebius said the company intends to use the net proceeds to “finance the continuing growth of its business,” including building out data centers, developing its AI cloud, the expansion of its data center footprint, procurement of key components including GPUs, and general corporate purposes.

The initial purchasers exercised in full their options to purchase an additional $450m aggregate original principal amount of 2030 notes and $300m aggregate original principal amount of 2034 notes.

Concurrently with the pricing of the offering of the notes, Nebius has arranged agreements for previous note holders to convert debt into equity. In separate, privately negotiated transactions, Nebius entered into exchange agreements with a limited number of holders of the company’s two percent convertible senior notes due 2029 and three percent convertible senior notes due 2031 to exchange $400 million of the 2029 Notes and $400 million of the 2031 notes for approximately 15.8 million of its Class A ordinary shares.

The bond offering comes less than a month after Nebius secured $775m in debt financing. In March 2026, the neocloud also launched a $4 billion convertible senior notes offering split into two series. That month, Nvidia invested $2bn in the cloud provider.

Nebius recently shared its Q2 2026 earnings results, posting revenues of $582.3 million for the quarter, a 454 percent increase on Q2 2025. Adjusted EBITDA, meanwhile, swung from a $21m loss in Q2 2025 to $236.2m in 2026.