Nebius Group builds and operates cloud infrastructure aimed at training and running AI models, renting out GPU clusters together with the storage, networking and tooling that make them usable. The group was assembled from the international assets of a technology company that sold its Russian operations, and it retains stakes in several smaller businesses spanning data labelling, autonomous driving and technical education. Growth depends on securing scarce accelerator supply and on financing data centre capacity ahead of the revenue it produces, so the balance sheet matters as much as demand does.