Shares of Nebius Group, an Amsterdam-based AI infrastructure company, are expected to experience significant fluctuations when they resume trading on Nasdaq on Monday after a long suspension. Trading was halted in February 2022, shortly after the start of military actions in Ukraine, when the shares were listed under Yandex’s ticker through its Amsterdam-based parent company.

In July 2023, Nebius emerged as an independent entity following a $5.4 billion deal, separating Yandex’s Russian and international assets. The last share price was $18.4 in February 2022. With a free float of 78.1%, mainly held by Western investors, high volatility is expected in the early days.

Denis Buivolov, an investor and head of research at BCS, valued the company at $4.6 billion, or $23 per share, in his report on Seeking Alpha, based on Nebius’s plans and comparisons with similar companies like CoreWeave and Lambda Labs.

Another investor, whose stake was previously valued at $200,000, noted that they might buy additional shares if the price drops as those who have written off their investments begin to sell.

Nebius expects significant revenue growth by 2025, planning to increase it 3-4 times to $500-$700 million. The company plans to invest between $600 million and $1.5 billion to expand the capacity of its data centers in Finland, France, and North America.