Nebius Group NV is set to raise $4.5 billion through a convertible bond offering, with the proceeds earmarked for constructing data centers to meet surging demand driven by artificial intelligence.

The Amsterdam-headquartered company announced on Wednesday that it will issue two tranches of convertible notes: $2.75 billion maturing in 2030 and $1.75 billion maturing in 2034. The capital raised will support corporate growth initiatives, including the development of data centers and the expansion of its AI cloud business.

Shares of the company dipped as much as 9.2% in U.S. pre-market trading on Wednesday, following a remarkable 197% surge since the start of the year through Tuesday's close. This latest fundraising effort comes on the heels of a roughly $4.3 billion raise earlier this year through an upsized convertible bond sale, which followed a strategic partnership with Meta Platforms Inc.