Nebius, the AI cloud operator run by former Yandex executives, is turning to the bond market for $4.5B to fund its data center expansion.
The company said it will issue notes worth $2.75B due in 2030 and $1.75B maturing in 2034. Proceeds go toward building out data centers, investing in its AI cloud and buying GPUs.
Nebius packs its facilities with accelerators and sells the compute to AI and enterprise customers, along with software for running AI workloads. It holds multi-billion-dollar infrastructure contracts with Meta and Microsoft.
The raise follows its roughly $643M acquisition of Eigen in May, a U.S. startup that improves the performance of leading open-source AI models.
Nebius is part of a wave of so-called neoclouds reshaping how AI infrastructure gets financed. The bond issue gives the company a debt route to scale at a moment when GPU supply remains the constraint on AI growth, complementing the bank loans now being packaged around Nvidia chips and hyperscaler capex.
Nebius did not say when the notes would be priced or list underwriters.
