Nebius, the Amsterdam‑based former owner of Russia’s Yandex, re‑emerged after sanctions froze its Nasdaq listing in 2022. A 2024 divestiture of the Russian assets and a rebrand cleared the way for trading to resume. With roughly $2 billion from the sale, the firm now eyes AI‑cloud growth. CoreWeave, a former crypto miner turned AI service provider, set the benchmark Nebius now chases.

Armed with roughly $2 billion from the asset sale, Nebius quickly signed Europe’s leading AI labs and upgraded capacity at an existing Finnish data centre. The Finnish centre was upgraded with latest GPUs, delivering petaflop‑scale capacity instantly. Within months it rolled out new sites in the United Kingdom, Iceland and New Jersey, with additional locations in the pipeline, signalling an aggressive scale‑up to meet growing demand.

Last year the firm closed a $17.4 billion AI‑computing contract with Microsoft, and in March secured a deal with Meta Platforms valued up to $27 billion. Nvidia deepened its stake, committing another $2 billion in equity. Those commitments thrust Nebius into the upper tier of AI cloud providers, giving investors a new alternative to CoreWeave for cloud giants.