$NBIS priced $5 billion in converts, upsized from $4.5 billion. Here’s what’s interesting. Every major deal in this company’s history came paired with a raise. September 2025, Microsoft signs up to $19.4 billion. Within days, $2.75 billion in converts. March 2026, Meta expands to $27 billion on the 16th. By the 20th, $4.3 billion closed. This is the first raise without a deal attached to it yet. And management said on the call they could sell their entire 2027 capacity today and are deliberately choosing not to, because they see more value keeping some available. So they’re turning down business and raising $5 billion to build more capacity. Could be nothing. But the pattern is hard to ignore.
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