CoreWeave reported a much larger AI-cloud business by quarterly revenue in Q2 2026: $2.575 billion, compared with Nebius Group’s $582.3 million in consolidated revenue. That is not a direct comparison of AI-cloud-only sales: Nebius’s total includes Avride and TripleTen. The companies also differ in platform features and how they add infrastructure, so the better fit depends on whether you are assessing financial scale, buying cloud capacity or evaluating delivery risk.
How do their latest financial results compare?
The latest results in the cited company releases are for the three months ended June 30, 2026. CoreWeave’s Q2 results were released August 11; Nebius Group’s followed on August 12.
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| Measure | CoreWeave | Nebius Group | How to read it |
|---|---|---|---|
| Q2 2026 revenue | $2.575 billion | $582.3 million consolidated revenue, up 454% year over year | Nebius’s figure includes its AI cloud business, Avride and TripleTen; it is not an AI-cloud-only figure. |
| Q2 2026 net result | $626 million net loss | Not stated here as a comparable figure in the Q2 figures cited | Revenue scale alone does not show whether a company is profitable. |
| Q2 2026 adjusted EBITDA | $1.510 billion | $236.2 million | Each company defines this non-GAAP measure; the figures should not be treated as directly interchangeable. |
| Revenue backlog | Approximately $104 billion at June 30, 2026 | No comparable figure established in the Q2 release figures cited | CoreWeave says its backlog reflects estimated future recognition under committed contracts, subject to delivery and availability conditions. It is not current revenue, cash or a guarantee of delivery. |
CoreWeave’s Q2 release also said that the approximately $104 billion backlog excluded more than $25 billion in net new commitments added in early Q3. Those later commitments should not be confused with the June 30 backlog figure.
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What do their AI cloud platforms offer?
Nebius: a full-stack platform with expanding services
Nebius describes its AI cloud as a full-stack platform spanning data and model training through production deployment. Its March 26, 2026 announcement for Nebius AI Cloud 3.5 listed serverless AI features in public preview, NVIDIA RTX PRO 6000 Blackwell Server Edition availability, a data-transfer service, updates to Managed Soperator, Kubernetes observability improvements, billing APIs and application-marketplace changes.
Public-preview status matters: an announced feature is not necessarily a generally available service in every region. Buyers should confirm current availability, GPU quantities and service terms for the location and deployment they need.
CoreWeave: infrastructure paired with proprietary software
CoreWeave describes an AI-focused platform for model training, inference, agentic AI and specialized workloads, combining infrastructure with proprietary software. Its Q2 2026 release highlighted CoreWeave Interconnect, beginning with Google Cloud, SUNK Anywhere, LOTA Cross-Cloud, and agentic AI capabilities including ARIA and Sandboxes.
These feature lists show different areas of product emphasis, not which platform is faster, more reliable or easier to use. Company descriptions are not independent performance tests.
How much capacity is operational—and how much is planned?
CoreWeave reported 1.5 GW of active power and approximately 3.7 GW of contracted power as of June 30, 2026. Active and contracted power describe different stages: contracted capacity is not the same as compute already operating and available to customers.
The figures also illustrate why dates matter. In its 2025 Form 10-K, CoreWeave reported more than 850 MW active and approximately 3.1 GW contracted at December 31, 2025. These are company-reported capacity measures; they do not independently establish the amount of immediately available GPU capacity for a particular customer.
The Q2 figures cited do not establish a same-date Nebius active-power number that can be compared fairly with CoreWeave’s. A headline capacity comparison would therefore imply a precision the available figures do not support.
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How does Nebius’s partner model differ?
In a July 15, 2026 announcement, Nebius described a partner-capacity model in which infrastructure partners finance, own and operate facilities, while Nebius provides architecture, its cloud software and services, and a route to customers. This lets Nebius expand through partner-owned sites rather than owning and operating every facility itself.
That changes who supplies capital and runs parts of the physical operation; it does not remove the need to bring usable capacity online or meet customer demand. CoreWeave’s disclosures describe a large infrastructure buildout and a footprint that includes capacity providers. Its 2025 filing identifies power access, component supply, capital requirements, customer concentration and execution as business risks. Both models remain exposed to delivery and demand uncertainty, though responsibilities are divided differently.
Which provider should a cloud buyer evaluate?
Neither feature announcements nor company-wide financial results can identify a universal winner for a workload. Ask both providers for a like-for-like proposal and compare the deployment details that determine usable capacity and total cost:
- GPU and quantity: Confirm the exact GPU model, how many are available, and whether the quoted capacity is immediately deployable or subject to a later delivery date.
- Region and availability: Check the specific data-center region, service availability and expected provisioning window.
- Software and operations: Match the required orchestration, managed services, observability, billing and support against what is generally available—not only what is in preview or announced.
- Network and storage: Compare bandwidth, topology, storage performance and transfer or egress charges for the actual training or inference pattern.
- Contract terms: Compare on-demand and reserved rates, minimum commitments, duration, cancellation terms and service-level commitments.
- Workload results: If performance matters, test the same workload, software stack and data conditions on equivalent configurations rather than extrapolating from vendor claims.
The cited material does not establish directly comparable prices for equivalent GPU configurations, regions and contract terms, or an independent head-to-head performance result. Without those details, it cannot support a claim that one provider is cheaper or faster.
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What should investors take from the comparison?
For scale, CoreWeave’s Q2 revenue was substantially higher than Nebius Group’s consolidated revenue. For interpreting earnings, keep GAAP net results separate from company-defined adjusted EBITDA. For future demand, treat CoreWeave’s backlog as a company estimate subject to contract and delivery conditions, not as revenue already earned. For execution risk, distinguish operating capacity from contracted capacity and account for Nebius’s partner-owned infrastructure model.
The Q2 disclosures support a comparison of reported scale and strategy, but not a clean ranking of AI-cloud-only revenue, customer experience, price or workload performance. Those questions require more specific segment, contract and service-level evidence.
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