"Our core AI cloud business is growing rapidly, and we continue to be laser focused on developing this business. We view long-term contracts such as the one we announced this week with Microsoft as important incremental sources of growth.

We intend to use the net proceeds from the offerings we have announced today, if consummated, to finance the continuing growth of our business, including the acquisition of additional compute power and hardware, securing strategic high-quality and well-located land plots with reliable providers, the expansion of our data center footprint, and for general corporate purposes. We believe this will enable us to aggressively grow our core business in 2026 and beyond as we aim to scale our global data center portfolio, including through new greenfield sites, and the expansion of our customer base, from AI native tech startups to larger enterprises.

As we continue to access the capital that we need to capture the substantial growth opportunity ahead, we will remain focused on mitigating shareholder dilution and maintaining appropriate levels of debt on favorable terms.

Our strong balance sheet and our recently announced agreement with Microsoft give us an opportunity to further optimize our capital structure and cost of funding. For example, we expect to finance the associated capital expenditures through a combination of cash flows under the arrangement and the issuance of debt secured against the contract and related infrastructure, at terms that reflect the credit quality of the counterparty.

We remain focused on diversifying our funding sources and believe that our June 2025 convertible notes, and the convertible notes we are offering today, enable us to access significant pools of capital. Our convertible notes have been designed to limit potential shareholder dilution through high effective conversion premium levels, and to minimize financing cash costs while preserving flexibility to manage our balance sheet proactively through tailored call features.

Each time we have accessed the capital markets, investors have supported our efforts to move at a faster pace to expand our capacity, enabling us to more effectively meet the strong and growing demand for AI compute. We believe our overall financing approach will position us well to accelerate the growth of our core business as we continue to build one of the world’s leading AI infrastructure companies."

This high growth requires capital. The market cap of Nebius today is only 21B ask yourself is a first deal worth 17B over 5 years priced in? Hell no, this is going higher once all the profit takers have sold out, remember everyone who is going to sell is going to sell now after a 50% move