Nebius to Raise $3 Billion for Growth After Microsoft Deal (1)

Nebius Group NV plans to raise $3 billion in convertible notes and equity to help it expand in the wake of a major deal to provide artificial intelligence infrastructure to Microsoft Corp. announced this week.

The new financing includes $2 billion in convertible notes as well as $1 billion in new shares, the Amsterdam-based company said in a statement on Wednesday. The funds will be used to buy land and computing power, it said. Nebius has promised Microsoft dedicated capacity from a new data center in Vineland, New Jersey, beginning later this year.

The Microsoft partnership marks a dramatic change ...