NBIS vs CRWV: Nebius vs CoreWeave Stock Comparison
Nebius (NBIS) and CoreWeave (CRWV) are the two largest listed “neoclouds”, renting NVIDIA GPU capacity to AI labs and hyperscalers. CoreWeave is the scale leader, with ~$13 billion of expected 2026 revenue, a $100B+ backlog and mostly debt funding. Nebius is about a quarter of the size but growing several times faster and funded largely with equity.
NBIS vs CRWV: 1-year performance
Our take
Growth quality vs. scale and leverage. Nebius is compounding revenue several times faster than CoreWeave (+454% vs. +112% y/y in Q2 2026) with an equity-funded balance sheet, but it is guiding to $20–25B of 2026 capex on $3.0–3.4B of revenue and trades at a far richer sales multiple. CoreWeave already runs a ~$13B revenue business with a $104B+ backlog and 59% adjusted EBITDA margins, yet carries ~$51.6B of debt, and its unsecured bonds traded near 15% yields in October. For NBIS the question is execution on a 5 GW build; for CRWV it is whether contracted cash flows refinance the debt before the market reprices it.
Prices and returns on this page update live; company figures are from company filings and announcements. Not investment advice.
NBIS strengths
Nebius- Fastest growth in the group. Q2 2026 revenue $582.3M (+454% y/y, +46% q/q); ARR $3.0B at June 30, guided to $7–9B by year-end 2026.
- Cleaner balance sheet. ~$8B cash vs. ~$10.2B debt at June 30; funded largely with equity (ATM, $2B NVIDIA investment) and only added its first secured debt ($775M at SOFR+2.50%) in July 2026.
- Hyperscaler anchors plus owned capacity. Microsoft ($17.4–19.4B) and Meta ($2.9B + up to $27B) contracts underwrite the build; since September 2026 Nebius is also Palantir’s preferred sovereign AI infrastructure partner, a channel into government and regulated customers. It owns most of its data centers, which keeps lease obligations small.
CRWV strengths
CoreWeave- Scale and revenue visibility. ~$104B backlog at June 30 plus $25B+ signed early in Q3; 2026 revenue guided to $12.4–13.2B, about four times Nebius.
- Blue-chip, diversifying customer book. OpenAI (up to ~$22.4B), Meta ($14.2B + $21B through 2032), Anthropic, Jane Street, Hudson River Trading, Databricks; new contracts priced higher (~$40M per MW annualized).
- Proven operating model. 1.5 GW active and ~4.2 GW contracted power; Q2 adjusted EBITDA $1.51B at a 59% margin.
Key risks
- NBIS Capex of $20–25B against $3.0–3.4B of 2026 revenue: delivery slips on Microsoft/Meta tranches carry termination rights.
- NBIS Valuation leaves little room for error, and ongoing ATM sales dilute holders.
- NBIS A reported $3.5B 364-day secured facility (Oct 2026) adds refinancing risk in 2027.
- CRWV Leverage: ~$51.6B total debt, $640M quarterly net interest, unsecured bond yields near 15% in Oct 2026.
- CRWV GAAP operating margin turned negative (−2% in Q2 2026); free cash flow deeply negative while capex runs $35–39B.
- CRWV Concentration in Meta and OpenAI, and ~$15.7B of leases outside reported debt.
Total return
Split- and dividend-adjusted.
Quarterly revenue
Q1 2025 – Q2 2026, values in the table below.
Revenue growth y/y
NBIS grows off a small 2024 base (Q1 2024: $11.3M).
NBISCRWV
NBIS vs CRWV returns
Split- and dividend-adjusted“Since CRWV IPO” starts at CoreWeave’s first close on March 28, 2025 for both stocks.
Risk (1 year)
| Metric | NBIS | CRWV |
|---|---|---|
| Annualized volatility | – | – |
| Max drawdown | – | – |
| Below 52-week high | – | – |
| Correlation of daily returns | – | |
Quarterly revenue ($M)
| Symbol | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|
| NBIS | 55.3 | 105.1 | 146.1 | 227.7 | 399.0 | 582.3 |
| CRWV | 982.0 | 1,212.0 | 1,364.7 | 1,571.9 | 2,078.0 | 2,575.0 |
NBIS vs CRWV fundamentals
Q2 2026 (quarter ended June 30) unless noted| Metric | NBIS | CRWV | Edge |
|---|---|---|---|
| Market cap (live) | – | – | |
| Market cap / 2026 revenue guide (midpoint, live) | – | – | |
| Q2 2026 revenue | $582.3M | $2,575M | CRWV |
| Revenue growth y/y | +454% | +112% | NBIS |
| Gross margin (Q2 2026) | 77% | 66% | NBIS |
| Adjusted EBITDA margin | 41% | 59% | CRWV |
| GAAP operating margin | −30% | −2% | CRWV |
| Q2 2026 capex | ~$5.7B | $6.4B | – |
| 2026 revenue guidance | $3.0–3.4B | $12.4–13.2B | CRWV |
| 2026 capex guidance | $20–25B | $35–39B | – |
| Backlog / commitments | >$40B customer commitments | ~$104B backlog + $25B+ (early Q3) | CRWV |
| Power | 5 GW contracted target (YE 2026) | 1.5 GW active, ~4.2 GW contracted | – |
| Total debt (June 30) | ~$10.2B | ~$51.6B | NBIS |
| Current ratio (June 30) | 4.0x | 0.5x | NBIS |
| Levered free cash flow (TTM) | −$5.9B | −$13.7B | – |
| Data centers | Mostly owned (~$1.5B leases) | Mostly leased (~$15.7B leases) | NBIS |
| Cash (June 30) | ~$8B | see filing | – |
| Next earnings | mid-November (TBC) | ~Nov 11, 2026 (expected) | – |
Deals, contracts and financing timeline
| Date | Co. | Counterparty | Deal | Value |
|---|---|---|---|---|
| Oct 27, 2026 | NBIS | Lenders; AIB | Reported $3.5B 364-day senior secured facility (SOFR+2.75–3.50%) and a 12-year, 50 MW U.S. data center commitment | $3.5B |
| Oct 13–14, 2026 | CRWV | Bond market | Unsecured bond yields touch ~15%; stock falls 15.5% in a day on AI-debt fears | – |
| Sep 17, 2026 | CRWV | Undisclosed | $25B+ net new commitments early in Q3, short-dated contracts at ~$40M per MW annualized; contracted power ~4.2 GW | $25B+ |
| Sep 8, 2026 | NBIS | Palantir | Strategic partnership: Palantir names Nebius its preferred sovereign AI infrastructure partner; Nebius compute and inference endpoints to run inside Palantir’s Sovereign AI OS (AIP, Foundry, Apollo) for eligible Palantir customers, incl. modular data centers at sites with available power | n/d |
| Aug 20, 2026 | CRWV | Hudson River Trading | Multibillion-dollar AI cloud agreement | Multi-$B |
| Aug 12, 2026 | NBIS | Q2 results | Revenue +454%, ARR $3.0B, contracted-power target raised to 5 GW, four >$1B deals incl. Reflection and Cohere | – |
| Aug 11, 2026 | CRWV | Q2 results | Revenue +112%, backlog ~$104B, 2026 revenue guide raised to $12.4–13.2B, capex guide to $35–39B; $1B Jane Street investment, $3.1B term loan, $10B+ unsecured and convertible debt | – |
| Jul 30, 2026 | NBIS | Reflection AI | Multi-year compute agreement through 2029 | >$1B |
| Jul 2026 | NBIS | Lenders | First secured asset-backed debt, SOFR+2.50%, backed by GPUs and an investment-grade customer contract | $775M |
| Apr 10, 2026 | CRWV | Anthropic | Multi-year agreement to run Claude workloads | n/d |
| Apr 9, 2026 | CRWV | Meta | Expanded agreement through Dec 2032, incl. early NVIDIA Vera Rubin deployments, for inference | ~$21B |
| Mar 16, 2026 | NBIS | Meta | 5-year deal: $12B dedicated Vera Rubin capacity from early 2027 plus up to $15B of additional capacity | up to $27B |
| Mar 11, 2026 | NBIS | NVIDIA | $2B strategic investment and full-stack partnership; >5 GW capacity goal by 2030 | $2B |
| Nov 12, 2025 | NBIS | Meta | 5-year GPU services order, two tranches (Dec 2025, Feb 2026) | ~$2.9B |
| Oct 30, 2025 | CRWV | Core Scientific | All-stock acquisition voted down by Core Scientific shareholders; deal terminated | ~$9B |
| Sep 30, 2025 | CRWV | Meta | Compute capacity agreement through 2031 | $14.2B |
| Sep 25, 2025 | CRWV | OpenAI | Third expansion, taking OpenAI contracts to up to ~$22.4B | up to $6.5B |
| Sep 8–9, 2025 | NBIS | Microsoft | 5-year GPU capacity agreement from the Vineland, NJ data center | $17.4B (up to $19.4B) |
NBIS vs CRWV analysis
Two ways to build a neocloud
Both companies sell the same product, dedicated or on-demand NVIDIA GPU clusters, to the same buyers. The difference is the capital structure behind it. CoreWeave scaled first and fastest by leasing data center shells and financing GPUs with debt secured against customer contracts; that got it to ~$2.6B of quarterly revenue and a ~$104B backlog, but also to ~$51.6B of debt and ~$15.7B of off-balance-sheet leases. Nebius, which inherited cash and engineering talent from the Yandex restructuring, has owned more of its sites and leaned on equity: ATM sales, a $2B NVIDIA investment and only modest secured debt so far.
Contracts: quality is comparable, size is not (yet)
Each now has Meta as a cornerstone customer: CoreWeave with $14.2B plus a $21B extension through 2032, Nebius with $2.9B plus up to $27B starting in 2027. CoreWeave’s book is broader (OpenAI, Anthropic, Databricks, trading firms), which lowers single-customer risk but not sector risk: almost all of its demand comes from a handful of AI labs that are themselves cash-burning. Nebius’s Microsoft deal and four new >$1B contracts in Q2 show it can now win hyperscaler-sized work, which was the main bear case a year ago. The September 2026 Palantir partnership adds a distribution channel CoreWeave lacks: Nebius becomes the preferred compute layer behind Palantir’s sovereign AI stack, aimed at governments and regulated enterprises that need data to stay in-country. No dollar value was disclosed, so its revenue impact is still unproven.
Unit economics and the cost of capital
CoreWeave’s 59% adjusted EBITDA margin shows the model works at scale, but GAAP operating income was negative in Q2 and net interest of $640M a quarter absorbs a large share of EBITDA. When its unsecured bonds traded near 15% in October, the market was questioning whether new capacity can be financed at returns above its cost of debt. CoreWeave’s answer is pricing: new contracts at ~$40M per MW annualized. Nebius’s adjusted EBITDA margin (41%) is lower but rising quickly, and its cost of debt (SOFR+2.50% on its first facility) is far lower. Its bigger exposure is the size of the build relative to the business: 2026 capex of $20–25B against ~$3.2B of revenue.
Valuation
On market cap to the midpoint of 2026 revenue guidance (live figure in the table above), Nebius trades at several times CoreWeave’s multiple. The premium pays for growth and balance-sheet optionality; it also means NBIS is more exposed to any slowdown in AI capex sentiment, as October’s sector sell-off showed. CRWV is the cheaper stock on sales and EBITDA, but equity holders sit behind a large and expensive debt stack.
What to watch
Q3 2026 results in mid-November: for CoreWeave, backlog conversion, interest expense and any investment-grade financing for its GPU-backed debt; for Nebius, progress toward the $7–9B ARR exit target, margin trend, and how the 2027 Meta capacity and the reported 364-day facility are funded.
NBIS vs CRWV FAQ
Which is growing faster, Nebius or CoreWeave?
Nebius. In Q2 2026 Nebius revenue rose 454% year over year to $582.3 million, while CoreWeave revenue rose about 112% to $2.58 billion. CoreWeave is roughly four times larger by revenue, so its growth rate is lower from a much bigger base.
Which company has more debt, NBIS or CRWV?
CoreWeave. It reported total debt of about $51.6 billion at June 30, 2026 and net interest expense of $640 million in Q2 2026. Nebius had about $10.2 billion of total debt and roughly $8 billion of cash at the same date, and has funded more of its build-out with equity.
Who are the biggest customers of Nebius and CoreWeave?
Nebius’s largest disclosed contracts are with Microsoft ($17.4 billion, up to $19.4 billion) and Meta ($2.9 billion in November 2025 and up to $27 billion in March 2026). CoreWeave’s largest are with OpenAI (up to about $22.4 billion across three contracts) and Meta ($14.2 billion in 2025 and $21 billion in April 2026), plus Anthropic and others.
How big are CoreWeave’s backlog and Nebius’s contracted power?
CoreWeave reported a revenue backlog of about $104 billion at June 30, 2026 and added more than $25 billion of new commitments early in Q3. Nebius targets 5 GW of contracted power by the end of 2026 and reported more than $40 billion of customer commitments.
What is the main difference between Nebius and CoreWeave?
Both rent NVIDIA GPU capacity to AI labs and hyperscalers. CoreWeave is the larger, debt-financed operator that mostly leases data centers; Nebius is smaller, growing faster, owns more of its data centers, and has relied more on equity and strategic investment (including $2 billion from NVIDIA).