On September 2, NEBIUS fell 3.21% in pre-market trading, trading at $193.38/share with turnover of approximately $21.07 million. The stock has now retreated over 30% from its mid-August highs.

The decline reflects continued fallout from the company's $5.75 billion convertible senior notes offering completed on August 25, which has fueled persistent concerns over equity dilution and rising leverage. The two-tranche deal comprised $3.45 billion in 2030 notes at a ~40% conversion premium and $2.3 billion in 2034 notes at a ~45% premium, with initial buyers exercising the full overallotment option. Total liabilities now exceed $8.5 billion, while quarterly interest expense surged 2,381% year-over-year to $119 million. Director Charles E. Ryan sold approximately 49,000 shares on August 14, and the options market has recently seen multiple million-dollar bearish bets, reinforcing cautious sentiment.

Sector headwinds have added pressure. A recent institutional report warned that hyperscale cloud providers are increasingly reliant on debt markets, with U.S. investment-grade bond issuance by hyperscalers already exceeding $100 billion this year — more than double the full-year total last year.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)