Overview

• Nebius completed an underwritten sale of 10,810,811 Class A shares at $92.50 each for just over $1 billion, with Goldman Sachs and Morgan Stanley leading the deal.
• The company also closed $3.16 billion of private convertible senior notes split into 1.00% 2030 notes and 2.75% 2032 notes, after initial purchasers fully exercised their options.
• Nebius says it will fund capital needs with cash flows from the Microsoft agreement and debt, and may use additional financing options to scale faster.
• The multi‑year contract supplies Microsoft with dedicated AI infrastructure from a new Vineland, New Jersey data center, with coverage citing a value in the roughly $17–19.4 billion range and initial capacity expected to come online later in 2025.
• Shares rose about 38% over the past week after the deal disclosure, while BWS Financial lifted its price target to $130 and Nebius raised 2025 year‑end ARR guidance to $900 million–$1.1 billion.