Helping AI infrastructure expand! Nebius receives $700 million in financing, NVIDIA is one of the investors
TechNewsTechnology News
December 03, 2024
Author Lin Yurou
December 03, 2024
Author Lin Yurou
Artificial intelligence (AI) infrastructure company Nebius Group announced on Monday (2nd) that it had received US$700 million in financing from investors including accounts managed by NVIDIA, Accel and Orbis Investments.
Nebius, formed after spinning off the domestic and international assets of Russian internet giant Yandex in a $5.4 billion deal, is joining the ranks of companies building out AI infrastructure. Founded by Yandex founder and CEO Arkady Volozh, Nasdaq-listed Yandex suspended trading after Russia invaded Ukraine, and Nebius eventually resumed listing as part of an asset split.
The $700 million in funding will give Nebius additional firepower to build clusters of GPUs, cloud platforms and other tools for AI developers faster and at greater scale, Volozh said.
Nebius has committed to investing $1 billion by mid-2025, with more to come eventually, and it is leasing data center space in Kansas City, Missouri, with plans for further expansion in the United States, where more than half of its customers are.
Nebius said in a statement that 33,333,334 Class A shares will be issued at $21 per share. The financing, which was oversubscribed, lifted annualized operating revenue to between $750 million and $1 billion, up from a previously low $500 million.
Nebius noted that the company will no longer undertake share buybacks that had been approved before the Russian spin-off closed and Nasdaq resumed trading. Nebius Chairman John Boynton said: "Based on the strong investor participation and technical dynamics we have observed after the Nasdaq resumption of trading, we believe that shareholders who may want to exit have the opportunity to repurchase at a higher than the maximum authorized by shareholders. Price exit.
Related links: https://technews.tw/2024/12/03/nebius-group-money/
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