Nebius Group N.V. (NASDAQ:NBIS) shares are trading lower during Thursday’s premarket session as risk appetite softens across growth-leaning names in a broad futures pullback.

Nasdaq futures are down 0.82% while S&P 500 futures have shed 0.64%, and market breadth is lopsided with just 1 sector advancing versus 9 declining (advance/decline ratio: 0.1).

Boosting Financial Strength

This week, the company priced a $4.0 billion private offering of convertible senior notes, upsized from $3.75 billion.

Nebius estimates net proceeds of about $3.96 billion after discounts, commissions, and offering expenses.

The company said proceeds could rise to about $4.55 billion if the initial purchaser fully exercises its option to buy additional notes.

Management plans to use the proceeds to fund data center construction and build-outs, invest in its full-stack AI cloud, expand its data center footprint, and procure key components, including GPUs, alongside general corporate purposes.

Partnership With Nvidia

On Tuesday, the company disclosed the Enterprise Readiness Initiative. The program aims to help artificial intelligence-native startups scale products for enterprise customers. This project operates in collaboration with NVIDIA Corp