Nebius Group NV (NBIS) shares advanced 1.7% in pre-market trading on Tuesday, partially reversing a steep decline from the prior session. The stock moved within a $213.75 to $236.20 intraday range, remaining well below its 52-week high of $299.86 but above the 52-week low of $63.26.
The gains followed the pricing of a $5.0 billion convertible senior notes offering, an increase from the initially announced $4.5 billion. The transaction consists of $3.0 billion in 0.50% notes due 2030 and $2.0 billion in 4.50% notes due 2034. Settlement is scheduled for August 24, 2026, with conversion prices set at approximately $313.46 and $324.65 per Class A share, representing premiums of roughly 40% and 45% above recent trading levels.
Cantor Fitzgerald maintained an Overweight rating and a $260 price target on Nebius, citing manageable regulatory risk despite a new Pennsylvania executive order targeting 20 proposed data center facilities. The order does not constitute an outright ban, the firm noted. U.S. equity futures showed limited movement, with the S&P 500 essentially flat, the Dow Jones marginally lower, and the Nasdaq slightly higher in pre-market trading.
