Nebius (NBIS) stock fell 9% on Tuesday after the AI infrastructure company announced it was raising $3.75 billion in convertible debt following major deals with Meta (META) and Nvidia (NVDA).
Nebius announced it will sell convertible senior notes to institutional buyers in two series: $2 billion due 2031 and $1.75 billion due 2033. The neocloud company, which provides cloud services specifically built for artificial intelligence, said it intends to use the funds to finance business growth by building data centers and buying chips.
Read more about Nebius’s stock moves and today’s market action.
The debt offering follows two landmark deals the company inked in March, valued cumulatively at $29 billion, that have driven the stock 32% higher over the past month.
On Monday, Nebius agreed to sell Meta $12 billion in computing capacity starting in 2027, providing Meta with access to Nvidia’s (NVDA) Vera Rubin platform. Meta has also committed to purchasing up to $15 billion in additional compute capacity that Nebius has reserved for third-party customers over a five-year period.
Nebius also reached a deal directly with Nvidia last week, in which it agreed to deploy more than 5 gigawatts of data center capacity by the end of 2030 in exchange for a $2 billion investment from Nvidia.
News of the deal with Meta lifted Nebius stock by more than 14% on Monday, while Meta rose by more than 3%, alongside a Reuters report over the weekend that Meta is planning sweeping layoffs. According to the report, Meta is exploring laying off up to 20% of its workforce to help defray the costs of its AI infrastructure build-out.
Meta is one of several hyperscalers that have spent billions on its artificial intelligence build-out. In 2026, the company forecast spending between $115 billion and $135 billion on AI, up from $72.22 billion in 2025.
A significant portion of its capital expenditures has gone toward its Superintelligence Labs, including the development of in-house chips to meet demand for artificial intelligence.
Meta has spent billions on splashy hires, including bringing on Scale AI CEO Alexandr Wang as its chief AI officer by spending $14.3 billion to acquire his company, and hiring Moltbook’s creators, Matt Schlicht and Ben Parr. The company has also joined the race to build “AI factories” and expects to spend $600 billion to build data centers by 2028.
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