AI infrastructure company Nebius grew revenue 462 percent in 2024, but still posted a hefty loss.

In a statement, the company, which spun out of Yandex in 2024, said the income growth was primarily driven by its core AI infrastructure business, which grew 602 percent YoY in Q4, 2024.

However, despite the triple-figure growth posted by the company for 2024, adjusted EBITDA loss was $266.4m, a six percent reduction compared to the 2023 figure, and net loss from continuing operations was $396.9m. Full-year capex totaled $319.6m.

The company’s share price fell on Friday following the release of the results.

Nebius was formed last year after Russian tech firm Yandex’s European operations were spun off into a separate entity. Based in Amsterdam, Nebius took control of Yandex’s Finnish data center, its Nebius AI unit, as well as data firm Toloka AI, edtech provider TripleTen, and autonomous driving firm Avride.

At the start of December 2024, Nebius announced it had secured $700m in equity funding from a group of institutional and accredited investors, including private equity firm Accel, Nvidia, and certain accounts managed by Orbis Investments.

Nebius is also planning to triple the capacity of its Finnish data center, has pledged to invest upwards of $1 billion in AI infrastructure in Europe by mid-2025, and announced an expansion into the US, leasing space at a former printing press in Kansas City, Missouri, that is being turned into a data center.

Commenting on the company’s 2024 results, founder and CEO of Nebius Group Arkady Volozh said the fourth quarter was “extremely eventful for Nebius,” highlighting both the fundraise and the fact Nebius resumed trading on Nasdaq in October 2024.

“We made rapid progress in expanding our AI infrastructure footprint, announcing our first new GPU cluster deployment in the US and adding capacity in Europe,” he said. “Given this momentum, as well as the anticipated impact of additional data center capacity and Blackwell GPUs coming on-stream later this year, I am pleased to confirm that our projected December 2025 ARR of $750 million to $1 billion is well within reach.”