AI Cloud Startup Nebius Resumes Nasdaq Trading After Yandex Restructuring
Formerly known as Yandex N.V., Nebius now operates as an independent AI infrastructure company selling GPU-as-a-service after offloading its Russian assets.
Nebius starts trading on the Nasdaq under the ticker NBIS, bringing an unusual publicly traded startup to the AI cloud infrastructure market. The company emerges from the ashes of Yandex N.V., the Dutch holding company for the Russian internet giant that originally went public 13 years ago. Casual observers miss the typical IPO fanfare because Nebius bypasses a traditional public debut, relying instead on its existing public status to relist its shares.
The company exists in its current form following a massive restructuring triggered by Russia's invasion of Ukraine in early 2022. Nasdaq halts trading of Yandex N.V. shares due to sanctions and plans to delist the company entirely. To save its public listing, Yandex successfully argues it is restructuring and spends 16 months offloading all of its valuable Russian assets, leaving only a handful of international infrastructure and business units under its corporate umbrella.
Now rebranded as Nebius AI and headquartered in the Netherlands, the company focuses entirely on selling GPU compute power to businesses running machine learning models. Led by Yandex co-founder Arkady Volozh, Nebius operates a Finnish data center and recently launches a full-lifecycle cloud computing platform for AI development. The resulting corporate situation is essentially unprecedented, as a legacy tech giant completely transforms into a modern AI infrastructure startup while maintaining its original stock exchange listing.