Nebius Group N.V., formerly Yandex N.V., resumed trading on Nasdaq at 9:00 a.m. Eastern Time on October 21, 2024, under the ticker NBIS. The return followed the completed sale of its Russian businesses, a corporate reorganization, and the end of its ownership interest in those operations. This was not a conventional IPO or a brand-new listing: it was the resumption of trading for an existing Nasdaq-listed company after a suspension that began in 2022.
The short version
Nasdaq halted trading in Yandex N.V. Class A shares on February 28, 2022, after Russia’s full-scale invasion of Ukraine and amid sanctions, export controls, and the company’s substantial Russian exposure. After Yandex N.V. sold its Russian and related businesses, changed its name to Nebius Group N.V., and changed its ticker from YNDX to NBIS, Nasdaq announced that trading could resume.
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The result was both a market-access restoration and a major business reset. NBIS represents the reorganized non-Russian company—not the Russian Yandex operating group that was sold.
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Nasdaq suspended trading in Yandex N.V.’s Class A shares at approximately 6:38 a.m. Eastern Time on February 28, 2022. The suspension came shortly after Russia’s invasion of Ukraine, as sanctions and market restrictions created significant legal, operational, and settlement uncertainty for companies with Russian assets and exposure.
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The shares remained listed on Nasdaq during the suspension, but investors could not trade them there. That distinction matters: the company was not conducting a fresh IPO when trading eventually restarted. It was an existing listed security returning from a prolonged halt.
What Yandex sold
Yandex N.V. agreed to sell its Russian businesses and certain related businesses in international markets to a Russian purchaser consortium. The transaction was announced at an approximate valuation of $5.4 billion, subject to adjustments. It was paid through a combination of cash and Yandex N.V. Class A shares.
The $5.4 billion figure should not be treated as exact cash proceeds received by the company, nor as a capital raise. It was the approximate valuation of the businesses involved in a complex separation transaction.
The final closing took place on July 15, 2024. It transferred the company’s remaining approximately 28% interest in the divested businesses and, according to the company, fully ended its ownership interest in Russia. The SEC-filed closing announcement describes the transaction and its final stage.
Before that final closing, the company had lost control of the divested businesses and deconsolidated them from its accounts. The 2024 annual filing later reported the consequences of the separation, including discontinued operations. Nebius’s 2024 SEC filing provides the accounting context.
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From Yandex N.V. to Nebius Group N.V.
The phrase “severing ties with Yandex” needs careful qualification. Nebius was not an unrelated company created from scratch. It was the renamed and reorganized Dutch corporate successor to Yandex N.V.
| Before the separation | After the separation |
|---|---|
| Yandex N.V. | Nebius Group N.V. |
| Nasdaq ticker: YNDX | Nasdaq ticker: NBIS |
| Ownership of major Russian operating businesses | Retained non-Russian technology assets and businesses |
The company adopted the Nebius name and began reporting market information under NBIS on August 21, 2024. Nebius’s name-and-ticker announcement confirms the change.
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The company also completed the delisting of its Class A shares from the Moscow Exchange on July 10, 2024. After the restructuring, the company described its shares as listed only on Nasdaq, although Nasdaq trading was still halted at that point. The company’s SEC filing documents that status.
When did Nasdaq trading resume?
Nasdaq announced the planned resumption on October 18, 2024. Trading resumed at 9:00 a.m. Eastern Time on October 21, 2024, under the NBIS ticker. Nasdaq’s announcement identifies both the original suspension and the resumption date.
Nasdaq’s decision should be described narrowly. The exchange resumed trading after the company completed its divestment of Russian assets and Nasdaq determined that trading could restart. That is not the same as a universal government certification that every Russia-related legal, regulatory, sanctions, or reputational issue had disappeared.
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Was Nebius a new IPO?
No. Nebius was an existing Nasdaq-listed company returning from suspension under a new identity and ticker. There was no conventional IPO allocation process.
This distinction is especially important for former Yandex shareholders. The listed Dutch entity continued, but its business mix changed substantially. Historical YNDX prices, share counts, and financial statements should not be compared with NBIS as though the underlying company were unchanged. The divestiture involved both cash and shares, and the reorganized company had a different outstanding share profile and business outlook.
What business remained?
The retained businesses were developed under the Nebius Group identity, with the company emphasizing technology outside Russia. Its stated focus included:
- AI infrastructure and cloud computing under the Nebius brand;
- AI data and data-labeling services associated with Toloka;
- autonomous-driving technology associated with Avride; and
- other retained technology investments and assets.
The strategic center of gravity became AI infrastructure: providing computing capacity and related services for organizations developing and operating AI systems. In its investor update, Nebius described AI infrastructure as a major opportunity and said Goldman Sachs had been appointed to review strategic options for accelerating investment in that business. Read the company’s investor update.
That repositioning does not mean the Nasdaq return proved that the strategy would succeed. Trading access and business performance are separate questions.
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What the event meant for investors
Corporate continuity, but business discontinuity
The Dutch listed entity and its shareholder structure continued, creating an element of corporate continuity. But the sale removed the Russian operating businesses that had previously represented the bulk of the former Yandex group’s activities. Investors were therefore looking at the same listed corporate successor with a fundamentally different operating portfolio.
Restored liquidity, not reduced volatility
Resuming Nasdaq trading restored a public-market venue for the shares after more than two years without Nasdaq trading. It did not guarantee normal liquidity, stable pricing, or an immediate return to the valuation methods investors had used for Yandex.
A new strategic risk profile
The post-separation company’s prospects became more closely tied to AI-infrastructure execution, including compute capacity, data centers, power, networking, customer acquisition, financing, and competition. The company’s valuation could be highly sensitive to expectations about AI demand and the capital required to serve it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Risks that remain after the Russia exit
Historical and legal exposure
Nebius stated that the transaction ended its ownership interest in the Russian businesses. That does not prove that every historical legal, regulatory, shareholder, employee, sanctions, or reputational issue has disappeared. “No current ownership of Russian operating assets” is a narrower and more defensible statement than “no Russia-related risk.”
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AI infrastructure can require substantial spending on GPUs, data centers, networking, electricity, staff, and long-term capacity commitments. Investors should watch the effects on cash balances, financing needs, depreciation, construction schedules, and operating margins.
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Supply and execution constraints
Even strong demand does not guarantee timely delivery of an infrastructure strategy. GPU availability, power access, data-center construction, customer concentration, and the ability to keep equipment utilized can all affect results.
Founder control and governance
Use the latest SEC filing for current ownership information. Nebius’s 2025 annual filing described founder and CEO Arkady Volozh as holding more than 50% of voting power and the company as a controlled company under Nasdaq rules for that reporting period. Voting control and economic ownership are not necessarily identical, and ownership can change over time. See the 2025 annual filing.
Share-count and chart confusion
Because the transaction involved cash and shares and changed the company’s business perimeter, old YNDX price charts are not automatically comparable with NBIS prices. Investors should use current filings for shares outstanding, per-share calculations, and dilution rather than relying on historical figures copied from pre-separation coverage.
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Timeline
- February 28, 2022: Nasdaq halted trading in Yandex N.V. Class A shares.
- February 4, 2024: Yandex N.V. entered into the agreement to sell the Russian and related businesses.
- May 17, 2024: The company deconsolidated the divested businesses after losing control at the first closing.
- July 10, 2024: The company completed its delisting from the Moscow Exchange.
- July 15, 2024: The final closing transferred the remaining approximately 28% interest and ended ownership of the Russian businesses.
- August 21, 2024: Market reporting began under the Nebius name and NBIS ticker.
- October 18, 2024: Nasdaq announced the planned resumption.
- October 21, 2024: Nasdaq trading resumed at 9:00 a.m. Eastern Time.
Bottom line for readers
Nebius did return to Nasdaq, but the event was more than a ticker change. The former Yandex N.V. sold its Russian operating businesses, completed a corporate separation, adopted the Nebius identity, delisted from the Moscow Exchange, and resumed Nasdaq trading as NBIS.
For investors, the key distinction is between restored market access and business validation. Nasdaq’s resumption did not guarantee that Nebius’s AI-infrastructure strategy would succeed, eliminate every historical Russia-related risk, or make the post-separation company comparable to the old Russian-focused Yandex.
