The curious case of Nebius, the publicly traded AI infrastructure 'startup'

On October 21, a new ticker opened to Nasdaq traders: NBIS, a truncation of Nebius, a fledgling player in the AI cloud infrastructure space. Casual observers could be forgiven for wondering where this company had come from, as there had been little in the way of the usual fanfare that surrounds most startups’ journey to IPO — no roadshows; no horn tootin’; no confetti-laden ceremonies; nothing, not a peep. That’s because Nebius is an unusual beast: a public company, but a startup in just about every sense of the word....