Nebius Group is a Netherlands-based technology company operating GPU cloud infrastructure and AI development services. It was spun out of Yandex—Russia's largest internet company—in 2024 following Yandex's restructuring, and relisted on the Nasdaq as an independent AI infrastructure company. Nebius provides large-scale GPU clusters, cloud storage, and AI development tools to enterprises and AI developers building applications, competing in the market for dedicated GPU cloud capacity alongside CoreWeave and Iren.

The market for purpose-built GPU cloud services has grown substantially as AI labs, enterprises, and cloud operators have sought alternatives to general-purpose cloud providers for large-scale AI compute. Nebius competes by offering fully integrated GPU infrastructure—from data center hardware to cloud platform and developer tools—targeting customers who want a simpler deployment experience. The company's European and Middle Eastern presence gives it geographic differentiation, appealing to customers with data sovereignty requirements or regional regulatory constraints.

In September 2025, Microsoft signed a five-year cloud capacity contract with Nebius valued at $17B+, and Meta followed with a $3B five-year contract. The company's total revenue backlog now exceeds $20B. Nebius reported Q2 2025 revenue up 625% YoY and Q3 2025 revenue up 355% YoY to $146M, with growth reflecting newly deployed capacity ramping. The company is targeting $7–9B in annualized revenue by end of 2026.