Nebius coming back to the convertible debt market for another ~$5B, roughly five months after raising ~$4.3B in March through 2031/2033 convertibles priced at 1.25% and 2.625%. Bears will point to what is an extremely capital-hungry business and shareholders are underwriting years of dilution but demand visibility is so strong, and returns on incremental data center capex are so attractive, that management wants to raise and deploy capital as fast as possible. Let’s see what these get priced at and what conversion premium they receive compared to the earlier convertible notes. Management indicated that some existing holders of convertible notes will be exchanged into these notes so potentially not as dilutive as the headline figure suggests. Nebius last down ~6%