Nebius Group: AI Firm Split from Russia's Yandex Set for Volatile Nasdaq Return

Investors expect volatile Nasdaq return for AI firm split from Russia's Yandex

Oct 21 (Reuters) - Investors in Amsterdam-based Nebius Group (NBIS.O), opens new tab expect volatile trading on Monday when the AI infrastructure firm's Nasdaq listing, formerly held by Yandex, often dubbed "Russia's Google", is revived following a lengthy suspension. Trading was suspended soon after Russia's February 2022 invasion of Ukraine, when the stock traded under Yandex's ticker through its Amsterdam-based parent company. In July, Nebius emerged following a $5.4 billion deal to split Yandex's Russian and international assets. Advertisement · Scroll to continue Yandex once reached a market capitalisation of more than $30 billion, but with revenue-generating businesses in online search, advertising and ride-hailing siphoned off in Russia, Nebius, which targets a slice of the growing AI cloud market, presents a very different proposition. The stock last traded at $18.4 per share in February 2022. With a free float of 78.1%, mainly held by Western investors and funds, extremely high volatility is likely in the first few days, said Denis Buivolov, a personal investor in Nebius and head of research at BCS' venture capital and pre-IPO department. Advertisement · Scroll to continue In an analysis published on financial website Seeking Alpha, Buivolov valued the company at $4.6 billion, or $23 per share, based on company plans and comparisons with firms such as CoreWeave, Lambda Labs and Sacra. Another investor, with a shareholding once worth around $200,000, said they may buy more shares on Monday should the price plummet as people who have written off their stakes are forced to sell. Dr Jan-Oliver Strych, adviser to his family fund which invested in Nebius, said the stock's value would be determined by the positive liquidity shock from hyped AI investor demand versus the negative impact of impatient sellers. Nebius, whose core business involves providing Nvidia (NVDA.O), opens new tab graphics processing units (GPUs) and AI cloud as services, is anticipating sharp growth in those markets in the coming years. The company expects its revenue to grow by three to four times in 2025 to $500-$700 million, it said on Friday, as it plans to spend between $600 million and $1.5 billion on capital expenditure to increase capacity at data centres in Finland, France and North America. Reporting by Alexander Marrow, Editing by Louise Heavens Our Standards: The Thomson Reuters Trust Principles., opens new tab Alexander Marrow Thomson Reuters Chief companies correspondent for Russia, Alexander covers Russia's economy, markets and the country's financial, retail and technology sectors, with a particular focus on the Western corporate exodus from Russia and the domestic players eyeing opportunities as the dust settles. Before joining Reuters, Alexander worked on Sky Sports News' coverage of the 2016 Olympics in Brazil and the 2018 World Cup in Russia.

Investors expect volatile Nasdaq return for AI firm split from Russia's Yandex

(Reuters) - Investors in Amsterdam-based Nebius Group expect volatile trading on Monday when the AI infrastructure firm's Nasdaq listing, formerly held by Yandex, often dubbed "Russia's Google", is revived following a lengthy suspension. Trading was suspended soon after Russia's February 2022 invasion of Ukraine, when the stock traded under Yandex's ticker through its Amsterdam-based parent company. In July, Nebius emerged following a $5.4 billion deal to split Yandex's Russian and international assets. Yandex once reached a market capitalisation of more than $30 billion, but with revenue-generating businesses in online search, advertising and ride-hailing siphoned off in Russia, Nebius, which targets a slice of the growing AI cloud market, presents a very different proposition. The stock last traded at $18.4 per share in February 2022. With a free float of 78.1%, mainly held by Western investors and funds, extremely high volatility is likely in the first few days, said Denis Buivolov, a personal investor in Nebius and head of research at BCS' venture capital and pre-IPO department. In an analysis published on financial website Seeking Alpha, Buivolov valued the company at $4.6 billion, or $23 per share, based on company plans and comparisons with firms such as CoreWeave, Lambda Labs and Sacra. Another investor, with a shareholding once worth around $200,000, said they may buy more shares on Monday should the price plummet as people who have written off their stakes are forced to sell. Dr Jan-Oliver Strych, adviser to his family fund which invested in Nebius, said the stock's value would be determined by the positive liquidity shock from hyped AI investor demand versus the negative impact of impatient sellers. Nebius, whose core business involves providing Nvidia graphics processing units (GPUs) and AI cloud as services, is anticipating sharp growth in those markets in the coming years. The company expects its revenue to grow by three to four times in 2025 to $500-$700 million, it said on Friday, as it plans to spend between $600 million and $1.5 billion on capital expenditure to increase capacity at data centres in Finland, France and North America. (Reporting by Alexander Marrow, Editing by Louise Heavens)

Nebius Group announces planned resumption of trading on Nasdaq

, a tech firm formed as a result of a spinoff of Russian IT giant Yandex' international business earlier this year, announced on that trading in the company's Class A ordinary shares is scheduled to resume on . "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," , founder and CEO of , 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 , 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 had annualised run-rate revenue of as of , and expects to be on track for to in annualised run-rate revenue by year end 2024. "The road to today was not an easy one," commented , chairman of the board at , "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 , following Russia's full-scale invasion of . After the successful divestment of its Russian assets, which completed the severance of all connections to , Nasdaq decided to resume trading of the company's shares. Previously listed as with the ticker "YNDX", the company rebranded to and changed its ticker symbol to "NBIS" in , reflecting its new focus and direction following the split from its Russian operations. Earlier this year, Yandex, often referred to as the "Russian ", completed its split, rebranding its former international operations as . The new entity consists of four companies: Nebius AI, Toloka AI, TripleTen and Avride. In , Russian investors purchased Yandex's Russian operations for in a deal involving cash and shares, marking the largest corporate exit since Russia's invasion of , though sold at a discount. At the time, was valued at , 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), 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.

Nebius set to resume Nasdaq trading after completing split from Russia's Yandex

(Reuters) -AI infrastructure firm Nebius Group said on Thursday its shares will resume Nasdaq trading on Monday after being halted soon after Russia's February 2022 invasion of Ukraine. At that time, the stock traded under the ticker of Russian internet giant Yandex through its Amsterdam-based parent company. In July, a Russian consortium finalized a $5.4 billion deal to acquire the Russia-based assets of Yandex, often dubbed "Russia's Google." The hiving off of Yandex's foreign assets marked the largest corporate exit since the invasion. "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," Nebius CEO Arkady Volozh said. Other Russian companies were suspended and ultimately delisted from Nasdaq, but Nebius, during months of negotiations to secure an exit from Russia, maintained a suspended listing, provided it could decouple from Yandex. (Reporting by Alexander Marrow and Jaiveer Shekhawat; Editing by Tasim Zahid)

Nebius set to resume Nasdaq trading after completing split from Russia's Yandex

Oct 17 (Reuters) - AI infrastructure firm Nebius Group (NBIS.O), opens new tab said on Thursday its shares will resume Nasdaq trading on Monday after being halted soon after Russia's February 2022 invasion of Ukraine. At that time, the stock traded under the ticker of Russian internet giant Yandex through its Amsterdam-based parent company. In July, a Russian consortium finalized a $5.4 billion deal to acquire the Russia-based assets of Yandex, often dubbed "Russia's Google." Advertisement · Scroll to continue The hiving off of Yandex's foreign assets marked the largest corporate exit since the invasion. "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," Nebius CEO Arkady Volozh said. Other Russian companies were suspended and ultimately delisted from Nasdaq, but Nebius, during months of negotiations to secure an exit from Russia, maintained a suspended listing, provided it could decouple from Yandex. Reporting by Alexander Marrow and Jaiveer Shekhawat; Editing by Tasim Zahid Our Standards: The Thomson Reuters Trust Principles., opens new tab

Nebius to resume Nasdaq trading after severing ties with Russia and Yandex

Nebius, the company formerly known as Yandex that's now focused on cloud infrastructure for AI uses (aka "AI compute"), is to begin trading on the public markets once again -- more than two years after the Nasdaq halted trading due to economic sanctions imposed in the wake of Russia's Ukraine invasion in 2022. The Netherlands-based company is vying to become one of Europe's leading players in the burgeoning "GPU-as-a-service" space, and sits in a somewhat unique position -- it is a startup in many ways as it's starting out afresh as a new business, but being a public company means that anyone can invest in it as an alternative to the usual U.S. hyperscalers such as Alphabet or Microsoft. Founded in 1997, most people know Yandex as the "Google of Russia," building everything from search engines and advertising products, to maps and autonomous vehicles. Yandex's core market was very much its domestic Russia plus a handful of neighboring countries, however its parent was a Dutch holding organization called Yandex N.V. which went public on the Nasdaq in 2011, followed by a secondary listing three years later on the Moscow Exchange. Yandex N.V. was doing well as a public company, reaching a valuation of $31 billion at the end of 2021 before the Russia-Ukraine conflict kickstarted a series of global sanctions against companies in the region, and also individuals. Yandex co-founder and CEO Arkady Volozh was forced to resign after the European Union placed him on a sanctions list, although he was removed from the list in March 2024 which paved the way for his return as CEO of the next version of Yandex N.V. That next version is Nebius and its business is based on one of Yandex N.V.'s few remaining assets outside of Russia: a Finnish data center and AI cloud business called Nebius AI. The new entity formally emerged back in July, outlining its plans to be a "European AI compute leader," similar to something like CoreWeave -- a company that is also in the midst of expanding into Europe, raising a ton of equity and debt en-route. While the Nasdaq had said in 2022 that it would delist Yandex and several other Russian-affiliated companies, Yandex appealed and the Nasdaq agreed to maintain its listing -- but keep a halt on trading as it went about severing its Russian ties. With those ties terminated earlier this year, and $2 billion in the bank from selling its Russian assets, Volozh said at the time that he intended to continue Nebius as a public company, as it was an easier and cheaper way to access capital, in what is a very capital intensive business. "Our ambition is to build one of the world's largest specialist AI infrastructure businesses," Volozh said in a statement. "This requires access to technological expertise, graphics processing units and capital. These are exactly what we have." Nebius said its Class A ordinary shares will resume trading on Monday, October 21, 2024.

Nebius Set to Resume Nasdaq Trading After Completing Split From Russia's Yandex

(Reuters) -AI infrastructure firm Nebius Group said on Thursday its shares will resume Nasdaq trading on Monday after being halted soon after Russia's February 2022 invasion of Ukraine. At that time, the stock traded under the ticker of Russian internet giant Yandex through its Amsterdam-based parent company. In July, a Russian consortium finalized a $5.4 billion deal to acquire the Russia-based assets of Yandex, often dubbed "Russia's Google." The hiving off of Yandex's foreign assets marked the largest corporate exit since the invasion. "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," Nebius CEO Arkady Volozh said. Other Russian companies were suspended and ultimately delisted from Nasdaq, but Nebius, during months of negotiations to secure an exit from Russia, maintained a suspended listing, provided it could decouple from Yandex. (Reporting by Alexander Marrow and Jaiveer Shekhawat; Editing by Tasim Zahid)