Nebius Group plans to raise $4.5 billion via private convertible notes maturing in 2030 and 2034, with proceeds earmarked for data center expansion, AI cloud platform investment, and GPU acquisitions. The company ended June with $8.04 billion in cash after spending $5.66 billion on property and equipment in the second quarter, while shares fell more than 7 percent in premarket trading. Separately, a New Jersey planning board approved the second phase of a 300-megawatt data center project.