Artificial Intelligence · Profile from AI Research Companion
Nebius
The Amsterdam-headquartered AI cloud that is what remained of Yandex N.V., Russia's largest internet company, after it sold all of its Russian businesses in July 2024 for 475bn roubles (~$5.4bn) and kept a Finnish data centre, a few thousand engineers outside Russia, cash and a handful of side businesses. Led by Yandex's co-founder Arkady Volozh, it relaunched on Nasdaq as NBIS in October 2024 and turned itself into one of the fastest-growing "neoclouds": revenue went from ~$91.5m in 2024 to ~$529.8m in 2025 and ~$582.3m in the second quarter of 2026 alone (company). Two hyperscaler contracts made it: Microsoft (~$17.4bn, up to ~$19.4bn, over five years, September 2025) and Meta (~$3bn, November 2025; then up to ~$27bn, of which ~$12bn firm, March 2026). Nvidia is a shareholder twice over (December 2024 and a ~$2bn placement in March 2026). Its risks are those of every neocloud, plus its own: a flagship New Jersey site that drew stop-work orders and a state fine in 2026, capex guidance of $20–25bn for 2026 against ~$3bn of revenue, and a public short position from Michael Burry (August 2026).
At a glance
- Founded
- As Yandex N.V. (Netherlands holding company of Yandex, founded 1997 by Arkady Volozh and Ilya Segalovich in Moscow; Nasdaq IPO 2011). Nebius AI cloud launched 2023; group renamed Nebius Group N.V. in August 2024 after the Russian divestment closed (July 15, 2024)
- Headquarters
- Amsterdam, the Netherlands; R&D hubs in Europe (Finland, Netherlands, Serbia and others), Israel and the US; US expansion led from 2026 by an Americas general manager (company)
- Ownership / structure
- Public (Nasdaq: NBIS). Trading in Yandex N.V. shares was suspended on February 28, 2022 and resumed on October 21, 2024. Volozh controls a large share of the votes through Class B shares (verify current percentage). Nvidia, Accel and Orbis-managed accounts bought shares in December 2024; Nvidia added ~$2bn of pre-funded warrants in March 2026 (~8.3%, reported)
- Leadership (2026)
- Arkady Volozh (founder and CEO); Dado Alonso (CFO since mid-2025, verify); Andrey Korolenko (chief infrastructure and product officer); Roman Chernin (chief business officer); Tom Blackwell (chief commercial officer); Dan Lawrence (SVP and GM, Americas, from April 2026) (company and reported)
- Products
- Nebius AI Cloud (GPU clusters of Nvidia H100/H200, Blackwell B200/GB200/GB300 and, from 2026–27, Vera Rubin; managed Kubernetes and Slurm; storage); Nebius Token Factory (formerly AI Studio, inference APIs for open models); Tavily (agentic search API, acquired 2026); Eigen AI (inference optimisation, acquired 2026). Non-core holdings: ClickHouse (~28% stake, May 2025), Toloka (deconsolidated 2025), Avride (autonomous driving and delivery robots), TripleTen (edtech)
- Scale
- Revenue ~$91.5m (2024), ~$529.8m (2025), ~$582.3m (Q2 2026); annualised run-rate ~$3.0bn (June 2026); 2026 guidance: revenue $3.0–3.4bn, year-end run-rate $7–9bn, adjusted EBITDA margin ~40%, capex $20–25bn (company). Contracted power >3.5 GW (August 2026), target >4–5 GW contracted and 0.8–1 GW connected by end-2026 (company)
- Market value
- Re-listed at ~$20 a share (October 2024); ~$90+ after the Microsoft deal (September 2025); reported trading above ~$210 in summer 2026 (market data, reported; verify current market value)
- Signature moves (incl. failures)
- The forced separation from Yandex (2022–24); the Nasdaq return and Nvidia/Accel placement (2024); turning side businesses into capital (2025); the Microsoft Vineland contract (2025); convertible-note financing (2025); the Meta contracts and backstop (2025–26); Nvidia's ~$2bn stake and the 5 GW plan (2026); Vineland's permitting troubles and the Burry short (2026)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2024
Nasdaq Return and Nvidia Accel Placement
Relisting / funding round (private placement in a listed company)
2024
Yandex Separation and Russia Divestment
Restructuring (divestment of ~95% of the business and relaunch of the remainder)
2025
Convertible Notes and Equity Raises
Funding round (convertible notes and follow-on equity)
2025
Meta Contracts and the Purchase Backstop
Compute deal (two dedicated-capacity contracts, the second with a purchase commitment)
2025
Microsoft Vineland Contract
Compute deal (multi-year dedicated GPU capacity contract)
2025
Toloka ClickHouse Avride Non Core Stakes
Restructuring / funding (outside investment in subsidiaries; deconsolidation)
2026
Nvidia 2bn Investment and the 5GW Plan
Investment / partnership (strategic placement by a supplier with a deployment commitment)
2026
Vineland Permits Fuel Cells and the Burry Short
Regulatory action / failure risk (permitting disputes at the flagship US site, and a public short campaign)