On August 28, NEBIUS fell 4.07% in regular trading, trading around $210.55/share, with turnover of $184 million. The decline reflects persistent concerns over potential equity dilution stemming from the company's $5.75 billion convertible senior notes private offering, which was formally completed on August 25.

The offering comprises two series: $3.45 billion in 0.50% notes due 2030 with a conversion premium of approximately 40%, and $2.3 billion in 4.50% notes due 2034 with a conversion premium of approximately 45%. Initial buyers exercised their overallotment options in full. Net proceeds are earmarked for data center construction, GPU procurement, and AI cloud platform expansion.

Although the prior session saw a rally of over 5% after NVIDIA's CFO confirmed Groq 3 LPX batch shipments to Nebius by quarter-end, the large-scale convertible debt overhang continued to weigh on sentiment. The stock had previously retreated approximately 14% from its highs on dilution fears following the initial announcement of the offering.

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