Nebius just priced an upsized $5B convertible senior notes offering, increased from the originally proposed $4.5B, with potential to reach $5.75B. The $3B 2030 notes carry just 0.5% interest with an initial conversion price of $313.46 (+40%), while the $2B 2034 notes carry 4.5% interest with a conversion price of $324.65 (+45%), versus NBIS's $223.90 reference price. Due to principal accretion, the effective conversion prices at maturity rise to roughly $344.81 and $405.82. Nebius expects ~$4.94B in net proceeds, primarily to fund data centers, GPUs and further AI infrastructure expansion. The upsize, large conversion premiums and particularly cheap 2030 financing show strong institutional demand, although the conversion prices should not be interpreted as price targets.

These are very good numbers, now i think $NBIS (+0%) would have more than 15b in cash flow, lets see if there is some deal that will happen next week. But the pricing is insanly good