Nebius Group N.V., a tech firm formed as a result of a spinoff of Russian IT giant Yandex' international business earlier this year, announced on October 18 that trading in the company’s Class A ordinary shares is scheduled to resume on Monday October 21.

‍“We are pleased to have our shares trading again on Nasdaq, which opens a new chapter for our company, as a publicly traded pure play in the fast- growing AI infrastructure space,” Arkady Volozh, founder and CEO of Nebius Group, said in a statement sent to bne IntelliNews.

“Our ambition is to build one of the world’s largest specialist AI infrastructure businesses. This requires access to technological expertise, graphics processing units (GPUs) and capital. These are exactly what we have.”

‍According to Volozh, with a strong cash position of approximately $2bn, Nebius Group N.V. is already investing in building out a network of GPU clusters and gaining significant traction among AI innovators and businesses of all sizes.

“We have announced our plans to substantially increase our data centre capacity, expect to finish this calendar year with more than 20,000 GPUs in place, and have launched our AI cloud platform, which we have built from scratch,” he went on to say, adding that Nebius Group N.V. had annualised run-rate revenue of $120mn as of September 30, 2024, and expects to be on track for $170mn to $190mn in annualised run-rate revenue by year end 2024.

‍”The road to today was not an easy one,” commented John Boynton, chairman of the board at Nebius Group N.V., “But I could not be more excited about the road we have chosen. The opportunity ahead of us is immense. We have the right technology and team for this moment. And we have the ambition to build something even bigger than what we built before.”

Trading of the company’s Class A ordinary shares was halted on February 28, 2022, following Russia’s full-scale invasion of Ukraine. After the successful divestment of its Russian assets, which completed the severance of all connections to Russia, Nasdaq decided to resume trading of the company’s shares. Previously listed as Yandex N.V. with the ticker “YNDX”, the company rebranded to Nebius Group N.V. and changed its ticker symbol to “NBIS” in August 2024, reflecting its new focus and direction following the split from its Russian operations.

Earlier this year, Yandex, often referred to as the "Russian Google", completed its split, rebranding its former international operations as Nebius Group N.V.. The new entity consists of four companies: Nebius AI, Toloka AI, TripleTen and Avride. In July 2024, Russian investors purchased Yandex’s Russian operations for $5.4bn in a deal involving cash and shares, marking the largest corporate exit since Russia’s invasion of Ukraine, though sold at a discount.

At the time, Nebius Group N.V. was valued at $2.11bn, according to estimates by Seeking Alpha.

Nebius Group’s core business is an AI-centric cloud platform built for intensive AI workloads. With proprietary cloud software architecture and hardware designed in-house (including servers, racks and data centre design), Nebius Group gives AI builders the compute, storage, managed services and tools they need to build, tune and run their models.

Toloka is a data partner for all stages of AI development from training to evaluation. TripleTen is an edtech platform specialising in reskilling individuals for successful careers in tech and Avride focuses focusing on driverless cars and delivery robots.

Headquartered in Amsterdam, Nebius Group N.V. operates R&D hubs across Europe, North America and Israel.