Nebius closes/upsizes convertible notes to fund $16–$20B capex
Key Questions
What was the size and net proceeds of Nebius's recent convertible notes issuance?
Nebius closed $4.3375B in convertible notes, netting approximately $4.3B (with some sources citing $4.6B). This funding supports their $16–$20B capex plans for 2026.
How did Nebius's stock react to the convertible notes announcement?
The announcement of the $29B AI project triggered a -9% sell-off, but the stock rebounded to $112.54, up 3.4%, driven by high volume, options frenzy, hedge churn, and institutional buys.
What is Bank of America's rating and price target for Nebius?
BofA reconfirms a Buy rating on Nebius with a $150 price target. This reflects confidence in the company's backlog strength despite the initial sell-off.
How does Nebius's funding position compare to CoreWeave?
Nebius's $3.68B cash position and convertible notes validate a de-risked funding profile versus CoreWeave. It reinforces Nebius's self-funding capabilities for capex acceleration.
What recent institutional and insider activity has occurred with Nebius shares?
Assenagon Asset Management S.A. bought new shares in Nebius Group N.V. Separately, Nebius Group counsel sold 3,036 shares for RSU tax withholding.
Nebius closed $4.3375B convertible notes for ~$4.3B net ($4.6B cited); $29B AI project triggered -9% sell-off but highlights backlog strength; BofA reconfirms Buy/$150. Stock rebound +3.4% on vol/options frenzy amid hedge churn/inst buys, validating funding de-risk vs CoreWeave; $3.68B cash reinforces self-funding. Recent rehashes convertible/Northland dilution cut to $215 from $232 on capex accel.