When is a startup not a startup? When it’s a public company with 1,300 employees and $2.5 billion in capital. If that failed to conjure so much as a smile, that’s because it’s not a joke — it’s very much the reality for Nebius, a fledgling AI infrastructure business that has emerged from the ashes of Yandex; a multi-billion dollar juggernaut once touted as the “Google of Russia.” “It’s like a startup because we are ‘starting up,’ but it’s an unusually big one,” Arkady Volozh, Yandex co-founder a...