Nebius: AI deals, investors and valuation

Two tranches ($3.45 billion at 0.5% and $2.3 billion at 4.5%) to fund $16-20 billion of investment in 2026.

Nebius announced a ~$10B, 310 MW AI campus in Lappeenranta developed by Finnish partner Polarnode, phased from 2027 and not tied to one customer.

Following its deals with Meta and Nvidia, Nebius places convertible notes worth about $4.3 billion (initial offering $3.75 billion).

Five-year contract: $12 billion of dedicated capacity from 2027 (Vera Rubin) and up to $15 billion from future clusters.

Nearly free warrants plus a partnership on AI factories and inference; the stake rises to 9.3% per a 13G.

Nebius will build a 240 MW AI data centre in Béthune near Lille, with partner Azur bearing construction costs; half the site expected online by end-2026.

First five-year AI capacity contract between Meta and Nebius.

Following its Microsoft contract, Nebius closed a ~$1B share sale plus over $3B of 2030/2032 convertible notes, about $4.2B gross.

GPU capacity from Nebius's data center in Vineland (New Jersey), over 100,000 GB300; up to $19.4 billion with additional services.

Nvidia takes part in Nebius's $700 million private round, taking about a 0.5% stake in the company.