Nebius Group shares rose 6% in premarket after jumping 14% on Tuesday following an agreement for a $700 million private placement financing from select investors that included chip maker Nvidia.

The artificial intelligence infrastructure company said the financing supports its previously disclosed plans to further build out its full-stack AI infrastructure. The company will issue about 33.3 million Class A shares at $21 a share.

Nebius also said that its board granted observer rights to Matt Weigand, a partner at Accel, in connection with the private placement. The board intends to nominate Weigand for election as a director at its annual shareholder meeting.

In addition to Nvidia, Accel and certain accounts managed by Orbis Investments were among the select investors to participate in the private placement.