MELANY's data-driven read on Nebius Group N.V. Class A.
Nebius is a vertically integrated cloud provider focused on AI and high-performance computing, formed as a carve-out of the former Russian tech firm Yandex following sanctions during the Ukraine-Russia war. It designs and operates its own data centers and servers across Europe and the US, with total capacity of several hundred megawatts. In September 2025, Microsoft became a major client under a multiyear $17 billion revenue agreement for computing capacity.
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