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Tom Blackwell
In PWD coverage since August 25, 2026 · 1 story
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debt
Nebius's $5.75B convertible puts construction risk on bondholders
The Nvidia-backed neocloud's $5.75 billion offering funds construction and GPUs, lifts total convertible debt to $12 billion against $529.8 million of revenue, and asks bondholders to take construction risk.