Nebius has launched a private offering of $4 billion in convertible senior notes.

The neocloud revealed the size of the offering yesterday (March 18). It will be split into two tranches: $2.25bn of 1.250 percent convertible notes due in 2031, and $1.75bn of 2.625 percent convertible notes due 2033.

Both are expected to be settled on March 20, 2026.

Initial purchasers will also have the option of up to an additional $337.5m of the 2031 notes, and $262.5m in 2033 notes.

Ultimately, the company expects net proceeds of between $3.96bn and $4.55bn. The proceeds will be used to finance Nebius’ ongoing build-out of data centers, investments in hardware to fit out the sites, and for further expansions.

The issuance comes just days after Nebius secured a major cloud capacity contract with Meta. Under that deal, Meta will spend up to $27bn on Nebius’ AI cloud infrastructure over a five-year period: $12bn for access to the Nvidia Vera Rubin GPUs starting in 2027, and $15bn on any excess capacity the cloud company has.

The contract is said to span multiple locations. Currently, Nebius operates data centers in Finland, the UK, Iceland, France, and New Jersey and Missouri in the US.

This year so far, Nebius has revealed plans for a 240MW data center in France, and two in the US: one in Alabama, the other in Missouri.

Earlier this month, Nebius secured $2bn in investment from chip designer Nvidia, which is said would be used to help the company “develop and deploy the next generation of hyperscale cloud for the AI market,” including enabling Nebius to have early access to Nvidia’s latest generation of chips.