Nebius offerings drive March surge in European IT capital market activity

The European IT sector brought in $4.52 billion in aggregate capital in March, surpassing the $3.08 billion raised in February and the $599.0 million secured in March 2025.

Out of the total capital raised in March, $4.34 billion came from debt offerings, while common equity offerings totaled $183.8 million, according to data from S&P Global Market Intelligence.

Two offerings from Dutch AI infrastructure company Nebius Group NV, completed in March, emerged as the largest offerings of the month and year to date.

Nebius issued $2.59 billion in 1.250% convertible notes due 2031 and $1.75 billion in 2.625% convertible notes due 2033.

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The company said it plans to use the proceeds to fund data center construction and expansion, AI cloud development and key components procurement, among others.

German semiconductor firm Infineon Technologies AG's concurrent offerings of $890.0 million in 3.5% notes due 2034, $890.0 million in 3% notes due 2031 and $593 million in 3.75% notes due 2037 are among the European IT sector's top offerings so far in 2026. The offerings were completed in February.

Infineon intends to use the offering proceeds to refinance existing debt, to fund the acquisition of the nonoptical analog/mixed-signal sensor portfolio from ams-OSRAM AG and for general corporate purposes.

Turning to the IT subsectors, system software companies raised the most capital year to date, at $6.34 billion, followed by the semiconductor segment, at $2.37 billion. Communications equipment companies ranked third with $780 million.