Nebius Group is trading 6.02% lower at $194.40 in pre-market on October 14. The decline is attributed to ongoing investor concerns about dilution stemming from the company's $4.5 billion convertible note offering, which was announced in August 2026. Proceeds from the August offering are intended to fund data-center expansion, its AI cloud platform, and GPU purchases; the planned exchange of existing notes for shares raised dilution concerns at the time of the announcement.