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The company recently resumed Nasdaq trading after selling off its Russian business.
Artificial intelligence (AI) infrastructure company Nebius Group has secured $700m in financing to assist its expansion across the US. Among the investors are Nvidia, Accel and Orbis Investments.
The publicly traded Dutch company was previously known as Yandex NV. Earlier this year, it announced that it would sell the group’s businesses in Russia in a $5.4bn deal. It had owned Yandex, a popular search engine that is considered the equivalent of Google in Russia. The retained businesses then rebranded to Nebius Group and resumed Nasdaq trading in October.
According to Nebius, the financing will support its previously announced plans to further build out its full-stack AI infrastructure, including large-scale GPU clusters, cloud platforms, and tools and services for developers.
The private placement means that Nebius will issue 33.3m in Class A shares at a price per share of $21. The closing of the private placement is subject to customary closing conditions. Additional details regarding the private placement will be included in a Form 6-K to be filed Nebius with the Securities and Exchange Commission (SEC).
In connection with the private placement, Nebius also announced that its board of directors has granted observer rights to Matt Weigand, a partner at Accel, and that it intends to nominate Weigand for election as a director at the 2025 annual general meeting of shareholders.
Nebius’ CEO and founder, Arkady Volozh, said that the company has “demonstrated the scale of [its] ambitions, initiating an AI infrastructure build-out across two continents”.
“This strategic financing gives us additional firepower to do it faster and on a larger scale. I’m grateful to our investors for the trust they have placed in us – our team is ready to deliver,” Volozh said.
John Boynton, chair of the Nebius board, said: “The board has determined that the best way to maximise value for the company’s shareholders is to invest our capital into our core AI infrastructure business, where the company believes there is a substantial market opportunity.”
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