Nebius Drops 6% on $4.5B Convertible Notes Offering

The size of the raise relative to the equity reaction is the real signal here: convertible debt lets Nebius fund AI infrastructure buildout without an immediate cash outlay, but the market is pricing the eventual share dilution now rather than later. This matters for the crypto-adjacent AI compute trade, where capital intensity is becoming the dividing line between operators that can self-fund and those that must keep tapping markets. Whether the conversion terms and deployment timeline justify the dilution is the open question.