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 maintained a Buy rating on NBIS shares, with price targets ranging between $205 and $286.

What Goldman’s stake actually signals

A 7.2% passive stake means Goldman is not seeking board representation or operational control. The $775 million debt financing completed in July 2026, with Goldman in the syndicate, suggests lenders are comfortable with Nebius’s asset base and revenue visibility.

Nebius announced plans in May 2026 for a new AI facility in Pennsylvania with power capacity of up to 1.2 gigawatts. Channeling that capacity into GPU clusters for AI training and inference workloads represents an enormous infrastructure bet.

Goldman’s dual role, as both financial advisor and equity holder, also creates a dynamic worth monitoring. Analysts covering NBIS from the same institution that holds a 7.2% passive stake will face ongoing questions about the independence of those ratings. The Buy rating and $205-to-$286 price target range are not inherently suspect, but investors reading Goldman research on Nebius should factor in the full picture of that relationship.

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