Overview

• Nebius raised just over $1 billion by selling 10,810,811 Class A shares at $92.50 each, with an additional 1,621,621-share option led by Goldman Sachs and Morgan Stanley.
• The company issued $3.16 billion of convertible senior notes in two series—1.00% due 2030 and 2.75% due 2032—with initial purchasers fully exercising overallotments.
• Management said proceeds, together with cash flows from the deal and potential contract‑backed debt, will fund GPU infrastructure for Microsoft from the new Vineland, New Jersey data center.
• Coverage pegs the Microsoft capacity agreement between about $17.4 billion and $19.4 billion over multiple years, with dedicated AI infrastructure sourced from Vineland.
• Shares climbed roughly 38% week over week as Nebius reported Q2 revenue up 625% year over year to $105.1 million and lifted end‑2025 ARR guidance to $900 million–$1.1 billion.