Nebius stretches surge as co seeks $3 bln capital raise after Microsoft deal

** Shares of AI infrastructure firm Nebius Group NBIS.O reverse premarket losses and last up 3.6% to $99.21 early Weds as it looks to raise $3 bln

** NBIS shares rise as much as 5% to fresh record high of $100.51 in early trade

** Stock surged ~49% on Tues after Amsterdam-based co late Mon said it will supply Microsoft MSFT.O GPU infrastructure capacity in $17.4 bln deal over a 5-yr period

** Before the bell Weds, Nebius commenced $1 bln stock offering with Goldman Sachs as lead bookrunner, joined by Morgan Stanley, BofA and Citigroup

** It also announced private offerings of $2 bln convertible bonds, split equally between 5-yr and 7-yr tenors

** Co intends to use net proceeds from the transactions to grow its business, including acquiring additional compute power and hardware, among other uses

** With ~238.7 mln shares outstanding, Nebius has about $23 bln market cap, per LSEG data

** Shares now up about 255% YTD including move on Weds