$NBIS in simple terms what just happened so everyone in the back can understand: Nebius raised $5 billion by selling convertible bonds, $3B due 2030 at 0.50% interest and $2B due 2034 at 4.50% interest. These can turn into stock later if shares climb from today's $223.90 up to roughly $313–$325. The amount owed grows over time, so keep in mind the $5B borrowed becomes $5.8B owed by maturity if it's paid back in cash. If bondholders convert it to stock instead, they give up that extra growth, which is why the more accurate breakeven for converting is closer to $345–$406/share. Nebius also settled $800M of older debt by handing over 15.8 million shares early. Why? Because this kills future interest payments and removes the risk of ever owing that money back in cash. Hope this hel
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