DigitalOcean and Upstart Seek $500 Million Each via Convertible Note Sales

DigitalOcean Holdings Inc. said it intends to raise $500 million through a private placement of convertible senior notes maturing in 2030. The cloud-computing firm plans to sell the securities to qualified institutional buyers, with pricing and other terms to be determined by market conditions. Its shares fell about 5.6% in pre-market trading after the announcement. Consumer-lending platform Upstart Holdings Inc. separately disclosed a proposal to issue $500 million of convertible senior notes due in 2032, also via a private offering to institutional investors. Upstart’s stock last traded at $68.76, roughly $5 lower on the session, after the company released its plans.