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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesThere is no evidence-based single winner between Nebius and CoreWeave for investors. CoreWeave has the newer reported figures, including approximately $104 billion of revenue backlog, 1.5 gigawatts (GW) of active power and $15.553 billion of total liquidity at June 30, 2026. Nebius reported $1.25 billion of annualized recurring revenue (ARR) at the end of 2025 and set aggressive 2026 capacity and ARR targets. Those figures describe businesses at different reporting dates and stages of expansion.
The practical choice is not simply which company is growing faster. Investors need to test whether contracted demand becomes delivered capacity, recognized revenue, operating cash flow and durable returns after GPUs, data centers, debt and potential dilution are paid for. Current share prices, market capitalizations and valuation multiples were not established in the available company filings, so neither stock can responsibly be called cheaper or more likely to outperform on this evidence alone.
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What Nebius and CoreWeave actually do
Both companies provide cloud access to accelerated computing used for artificial intelligence and high-performance computing, but their reporting scopes differ. CoreWeave is an AI cloud and accelerated-computing infrastructure provider. Nebius Group operates an AI infrastructure business alongside other businesses and equity stakes, so group figures and core AI infrastructure figures are not interchangeable.
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For investors, that distinction matters. A group ARR figure may include the company’s broader structure, while a segment margin may cover only the AI infrastructure operation. Before comparing growth rates or margins, identify the business perimeter, reporting period and metric definition.
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At-a-glance comparison
| Measure | Nebius | CoreWeave | How to read it |
|---|---|---|---|
| Latest detailed period in the cited material | Q4 2025, shareholder letter dated February 12, 2026 | Q2 2026, including Form 10-Q and investor release | CoreWeave’s operating snapshot is newer; periods are not matched. |
| Revenue or run-rate measure | $1.25 billion ARR at year-end 2025; Q4 group revenue $228 million; Q4 core AI infrastructure revenue $214 million | Approximately $104 billion revenue backlog at June 30, 2026 | ARR and quarterly revenue are realized-period measures; backlog is future contracted revenue subject to conditions. |
| Growth detail | Core AI infrastructure revenue up 802% year over year in Q4 2025, according to the company | More than $25 billion of net new customer commitments were added in early Q3 2026, excluded from the June 30 backlog figure | Neither item alone proves future earnings or cash generation. |
| Power capacity | About 170 MW active at year-end 2025 | 1.5 GW active and approximately 3.7 GW contracted in Q2 2026 | Active, connected and contracted power are different stages of deployment. |
| Profitability measure | Group adjusted EBITDA turned positive in Q4 2025; core AI infrastructure adjusted EBITDA margin 24% | Q2 2026 adjusted EBITDA $1.510 billion, 59% margin; adjusted net loss $567 million, 22% margin | Adjusted EBITDA is not GAAP net income and the periods and scopes differ. |
| Capital spending | Management expects most new capacity to come from owned data centers | $14.1 billion paid for property and equipment in the first half of 2026 | Owned infrastructure can improve control while increasing funding and execution demands. |
Nebius: rapid scaling with ambitious targets
Reported Q4 2025 performance
In its February 12, 2026 shareholder letter, Nebius reported $1.25 billion ARR at year-end 2025, above its previous guidance range of $900 million to $1.1 billion. Nebius defines ARR as revenue from the final month of a quarter multiplied by 12. It is an annualized run rate, not revenue earned during a full year and not a guarantee of future sales.
Q4 2025 group revenue was $228 million. The core AI infrastructure business generated $214 million, which the company said was up 802% year over year. Group adjusted EBITDA turned positive, while the core AI infrastructure business reported a 24% adjusted EBITDA margin for the quarter. These are adjusted measures; they do not replace GAAP operating income, net income or cash flow.
Capacity already deployed
Nebius said it ended 2025 with approximately 170 MW of active power after deploying five new global locations and securing another nine. “Active” power indicates operating capacity, but it is not the same as the larger amount of sites or power that may be contracted, planned or awaiting connection.
2026 targets are not achieved results
For the end of 2026, management set targets of $7 billion to $9 billion ARR, more than 3 GW of contracted power and 800 MW to 1 GW of connected power. These are guidance and targets, not reported outcomes. The target range implies a very large step up from the $1.25 billion year-end 2025 ARR figure, so an investor should track quarterly conversion rather than valuing the target as if it were revenue.
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Nebius said the vast majority of new capacity was expected to come from owned data centers. Ownership may give the company more control over site design, equipment deployment and infrastructure economics. It also exposes shareholders to permitting, construction, power availability, equipment procurement, financing and utilization risk.
CoreWeave: enormous contracted demand, heavy capital requirements
What the $104 billion backlog means
CoreWeave reported approximately $104 billion of revenue backlog as of June 30, 2026. Its Q2 release said the figure excluded more than $25 billion in net new customer commitments added in early Q3. CoreWeave describes backlog as remaining performance obligations plus other amounts it estimates will be recognized in future periods under committed customer contracts, subject to delivery and availability requirements.
The company’s wording is important: Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.
Backlog is therefore a visibility measure, not booked quarterly revenue, cash already collected or a promise that every dollar will be recognized on the projected schedule.
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CoreWeave reported 1.5 GW of active power and approximately 3.7 GW of total contracted power in Q2 2026. Comparing those figures with Nebius’s 170 MW active at year-end 2025 shows a difference in reported scale, but not a like-for-like valuation advantage: the dates differ, and CoreWeave’s contracted power is not equivalent to Nebius’s connected-power target.
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Q2 2026 earnings and liquidity
CoreWeave reported Q2 2026 adjusted EBITDA of $1.510 billion, a 59% adjusted EBITDA margin, adjusted operating income of $128 million, a 5% adjusted operating margin, and an adjusted net loss of $567 million, or 22% of the relevant measure as presented by the company. The combination illustrates why EBITDA should not be treated as net income: depreciation, interest, financing costs and other items can leave the company with an adjusted loss despite high adjusted EBITDA.
At June 30, 2026, CoreWeave reported $5.524 billion of cash and cash equivalents and $15.553 billion of total liquidity, including availability under existing facilities. Total liquidity is not the same as cash on hand or free cash flow; some of it represents borrowing capacity with conditions and future repayment obligations.
The capital intensity and dilution test
CoreWeave’s Form 10-Q reported $14.9 billion of net cash used in investing activities in the first half of 2026, compared with $3.9 billion in the first half of 2025. Cash paid for property and equipment was $14.1 billion during the first half of 2026. The scale of those outlays shows how quickly AI infrastructure growth can consume cash even when customer commitments are large.
The filing says investments are financed through debt and equity issuances, delayed-draw facilities, original-equipment-manufacturer financing and cash. It also warns that future capital needs may require significant additional debt and/or equity financing. New equity would dilute existing shareholders. Debt can avoid immediate dilution but raises interest expense, refinancing exposure and the amount of revenue required to achieve an attractive equity return.
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Nebius’s owned-data-center strategy creates a similar question, although the cited material does not provide a directly comparable Q4 2025 capex and financing table. Investors should request the latest cash-flow statement, committed capex, debt maturities, equipment-financing terms and expected funding sources before treating its ARR targets as an equity value case.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare contract quality instead of headline backlog
Duration and revenue recognition
Ask how long contracts run, when service must be available, and how quickly contracted amounts become recognized revenue. A multiyear commitment can provide planning visibility, but revenue may be recognized only as capacity is delivered and services are provided.
Prepayments and customer credit
CoreWeave’s FY2025 Form 10-K said committed contracts accounted for over 98% of 2025 revenue. It also reported weighted-average customer prepayments on active contracts of 15% to 25% of total contract value at December 31, 2025. Prepayments can help fund deployment and reduce near-term collection risk, but they do not eliminate construction, service-availability or customer-concentration risk.
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Concentration and cancellation exposure
A large contract with a small number of customers can make revenue look secure while increasing the effect of one delayed project, renegotiation or customer failure. CoreWeave’s 10-K identifies customer concentration, capital expenditure needs and changes in AI-compute demand as risks. The cited materials do not provide a current, fully comparable customer-concentration table for both companies, so investors should not assume their customer mixes are equally diversified.
Which metrics deserve the most weight?
- Connected and productive capacity: Separate power that is contracted, under construction, connected, energized and actually generating billable service.
- Revenue conversion: Compare recognized revenue with ARR or backlog, and measure the time between signing a contract and delivering capacity.
- Unit economics: Examine revenue per deployed GPU or megawatt, utilization, power costs, networking, maintenance and data-center lease or ownership costs.
- Cash generation: Reconcile adjusted EBITDA to operating cash flow and free cash flow after maintenance and growth capital expenditures.
- Financing burden: Track debt balances, interest rates, maturities, equipment-financing obligations, undrawn facilities and equity issuance.
- Customer durability: Review contract duration, prepayments, renewal behavior, concentration and the proportion of demand tied to a few AI laboratories or large platforms.
- Platform mix: Determine how much revenue comes from managed cloud services and software capabilities versus supplying raw GPU capacity.
Valuation: why a current winner cannot be declared
A proper stock comparison needs current market capitalization, enterprise value, share count, debt, cash and a consistently defined denominator such as realized revenue, operating cash flow or sustainable free cash flow. Those current market inputs were not established in the cited materials. Declaring that Nebius or CoreWeave is “cheaper” would therefore be speculation.
ARR and backlog can be useful operating indicators, but neither should be placed directly into a price-to-earnings or free-cash-flow comparison. For Nebius, test how much of the $1.25 billion ARR is supported by recurring customer usage and how much investment is required to reach the $7 billion to $9 billion target. For CoreWeave, test how much of the $104 billion backlog can be delivered with existing power, financing and equipment, and what margin remains after the associated capital cost.
Risks specific to each investment case
Nebius risks to monitor
- Failure to convert the 2026 ARR and power targets into connected, revenue-producing capacity.
- Construction, permitting, grid-connection or equipment delays as owned data-center expansion accelerates.
- Financing needs that increase leverage or dilute shareholders.
- Comparability risk from evaluating group ARR, group revenue and core AI infrastructure margins as though they represented one identical business.
- Demand, pricing or utilization changes in a rapidly evolving AI-compute market.
CoreWeave risks to monitor
- Execution risk on a very large contracted pipeline and the conditions attached to backlog recognition.
- Cash burn and refinancing risk caused by exceptionally high property-and-equipment spending.
- Customer concentration and the possibility that a major customer delays, changes or does not renew a commitment.
- Supplier constraints, GPU availability and data-center power limitations.
- Potential equity issuance and dilution if debt, equipment financing and internal cash are insufficient.
- Changes in AI or high-performance-computing demand that reduce utilization or pricing.
A practical investor due-diligence checklist
Before choosing either stock, update the analysis with the latest filings and market data, then answer these questions:
- What are the latest share price, diluted share count, market capitalization and enterprise value?
- How much of each company’s reported capacity is active, connected, energized and billable today?
- What revenue has actually been recognized since the quoted ARR or backlog date?
- What are the next twelve months of committed capital expenditures and debt maturities?
- How much customer prepayment has been received, and what delivery obligations remain?
- What percentage of revenue depends on the largest customers, and are those contracts take-or-pay?
- Do adjusted EBITDA margins remain positive after interest, depreciation, maintenance capex and stock-based compensation?
- Would the growth plan require new equity, and how would that affect per-share ownership?
Bottom line for investors
CoreWeave currently offers the stronger reported evidence of scale and contracted demand: its Q2 2026 materials show 1.5 GW active power, approximately 3.7 GW contracted power, $104 billion of stated backlog and $15.553 billion of total liquidity. They also show the cost of that expansion, including $14.9 billion of investing cash use and $14.1 billion of property-and-equipment payments in the first half of 2026.
Nebius offers a smaller, earlier-stage operating base with striking Q4 2025 growth, $1.25 billion ARR and management targets of $7 billion to $9 billion ARR and 800 MW to 1 GW connected power by the end of 2026. Those targets create upside if execution is excellent, but they are not achieved results and require substantial infrastructure delivery.
The better investment depends on valuation and execution data that must be refreshed: delivered capacity, contract economics, cash generation, financing and dilution. On the evidence available, treat CoreWeave as the larger and more heavily funded execution story, and Nebius as the higher-target, earlier-scale execution story—not as a definitive ranking of expected stock returns.
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