Nebius Group N.V. Class A Ordinary Shares represent a vertically integrated cloud computing company focused on AI infrastructure and high-performance computing. The company emerged as a carve-out from the former Russian technology firm Yandex following sanctions related to the Russia-Ukraine war. Nebius designs and operates its own data centers and servers across Europe and the United States, with total capacity reaching several hundred megawatts. In September 2025, Microsoft became a major client under a multiyear agreement valued at $17 billion in revenue for the provision of computing capacity.