Nebius has secured $5.75 billion through convertible notes to fund AI data center construction and GPU fleet expansion. The raise is one of the largest single financing rounds for an AI infrastructure company in 2026, reflecting continued investor appetite for dedicated GPU compute capacity outside the major hyperscalers. Nebius operates GPU cloud services and plans to deploy the capital across multiple markets.
A $5.75 billion raise signals that independent AI infrastructure providers can access capital at a scale previously reserved for hyperscalers, intensifying competition for power capacity, land, and GPU supply. It also validates convertible debt as a viable large-scale financing instrument for the sector.
Specific dollar figure of $5.75 billion, named company Nebius, and a novel financing instrument for AI infrastructure triggered selection. This story ranked above the Hyundai campus story on dollar scale and capital markets significance.