InfraCompute / Deals
Nebius: US$4bn convertible notes (2026)
Convertible notes for Nebius, US$4bn, 18 March 2026.
Key terms
- Borrower or issuer
- Nebius
- Date
- 18 March 2026
- Structure
- Convertible notes
- Amount
- US$4bn
- Pricing
- 1.25%
- Tenor
- 15 March 2031 and 15 March 2033
What’s notable
US$4bn of unsecured convertible notes at 1.25%, split between 2031 and 2033 maturities, to fund data centre construction and GPUs. It is one of the largest neocloud convertibles and shows equity-linked debt being used to fund capex at scale.
Recorded terms
- Lender type
- Bonds and securitisationsStructure: convertible
- Tenor
- 15 March 2031 and 15 March 2033
- Security
- unsecured
Parties
Similar financings
Same structure, other borrowers, closest in date.
More from Nebius
Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 1
- Governing law
- New York law
- Quoted in the clause and contract libraries
- 0
This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or an
From the Convertible Note Purchase Agreement (EX-10.1), filed with the SEC.
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| Convertible Note Purchase Agreement (EX-10.1) | 24 June 2024 | New York law | – |
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For counsel on this deal
Acting for a lender, borrower or sponsor on a financing like this? Start from the filed precedents. Previews are open; the full text is free with InfraCompute Weekly.
Sources
- Nebius pricing of upsized $4.0bn convertible notesSource date: 18 March 2026
- Nebius closing of convertible notes with approximately$4.3bn proceedsSource date: 20 March 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
