Nebius shares fell 7.1% to $203.49 in early trading as the AI cloud provider announced a $5 billion convertible senior notes offering and an $800 million debt-for-equity exchange.
The offering, priced for settlement today with pricing dates set for August 19–20, was upsized from an originally planned $4.5 billion. The structure includes $3 billion in 0.50% notes due 2030 and $2 billion in 4.50% notes due 2034. The company also agreed to swap $800 million of existing convertible notes for roughly 15.8 million new Class A shares, with settlement targeted for today.
Nebius reported 454% revenue growth in its underlying AI cloud business for Q2 2026, with a trailing twelve-month revenue base of approximately $1.36 billion. The moves follow significant insider selling activity, with approximately $171.5 million in shares sold by insiders over the past twelve months and no recorded purchases.
The broader market context saw the Nasdaq Composite down 0.9% during the same session. The company's peers, including CoreWeave, were not immune to the day's broader tech sector pressures.
