Goldman Sachs reports 7.2% passive stake in Nebius Group, the AI infrastructure company that used to be Yandex

Goldman Sachs has disclosed a 7.2% passive ownership position in Nebius Group N.V., the Nasdaq-listed AI infrastructure company that spent most of its life as Russian tech giant Yandex. The stake, reported as of June 30, 2026, came through an SEC filing and extends a relationship between the two firms that has been deepening for the better part of two years. This is not a company Goldman stumbled into. The bank was appointed exclusive financial advisor to Nebius back in October 2024, tasked with running a strategic options review. Since then, it has helped structure a $775 million secured debt financing completed in July 2026. From Yandex to AI darling: a rapid reinvention Nebius completed one of the more dramatic corporate makeovers in recent tech history. The company, formerly known as Yandex N.V., sold its Russian operations in 2024 for $5.4 billion, then rebranded in August of that year under the Nebius name with a sharp pivot toward GPU cloud infrastructure for AI workloads. The financial results give that story some substance. In Q1 2026, Nebius posted revenue of $399 million, representing 684% growth compared to the same quarter a year earlier. Goldman’s analysts have mainta...