Nebius, formerly known as Yandex, is making a comeback on the public markets after more than two years of halted trading on the Nasdaq due to economic sanctions related to Russia’s Ukraine invasion in 2022. The Netherlands-based company is now focusing on cloud infrastructure for AI applications, aiming to establish itself as a key player in the growing “GPU-as-a-service” sector in Europe.
Founded in 1997, Yandex was renowned as the “Google of Russia,” offering a wide range of services from search engines to autonomous vehicles. Despite its success in the Russian market, Yandex faced challenges when global sanctions were imposed following the Russia-Ukraine conflict. The company’s co-founder and CEO, Arkady Volozh, had to step down due to sanctions but was later reinstated as the head of the rebranded Nebius.
Nebius is built on Yandex’s Finnish data center and AI cloud business, Nebius AI, with a focus on becoming a leading provider of AI infrastructure in Europe. With $2 billion in funds from selling its Russian assets, Nebius is now ready to resume trading on the Nasdaq and pursue its goal of becoming a major player in the AI compute industry.
The decision to go public again was driven by the need for technological expertise, graphics processing units, and capital, essential for scaling up an AI infrastructure business. By rebranding as Nebius and severing ties with Russia, the company aims to attract investment from a wide range of stakeholders interested in the AI sector.
Nebius’s Class A ordinary shares are set to resume trading on Monday, October 21, 2024, marking a new chapter for the company as it embarks on its journey to become a leading European AI infrastructure provider. With a fresh start and a clear vision for the future, Nebius is poised to make a significant impact in the rapidly evolving AI industry.
