Nebius Raises $3.75 Billion for AI Plans as Debt Deal Boosted

Nebius Group NV raised about $3.75 billion through selling convertible notes and stock as the firm looks to buy more land and computing resources following a massive contract with Microsoft Corp.

The artificial intelligence cloud provider increased the size of its convertible notes offering to $2.75 billion on Thursday, up from the initial plans to raise $2 billion. The company also said it sold about $1 billion in new shares, which priced at $92.50 apiece.