Nebius Group (NBIS) said Tuesday that it is launching an at-the-market equity program for up to 25 million class A shares.

The company said it will regularly evaluate the program based on capital needs, and that it plans to file a prospectus supplement for the program Wednesday.

"The program enables the company to access equity funding on an efficient ongoing basis," Nebius said in its Q3 earnings report. "However, it will remain dilution-sensitive" as the company prepares to finance future growth opportunities.

Shares of Nebius Group were up more than 5% in recent premarket activity Tuesday.