Comparing Datacenter Investments: CoreWeave (CRWV) vs Nebius (NBIS)

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CoreWeave and Nebius Financial Performance

CoreWeave (NASDAQ: CRWV) and Nebius (NASDAQ: NBIS), both AI infrastructure providers, have shown remarkable growth over the past year. CoreWeave’s stock has increased nearly 70%, while Nebius has surged over 510%. CoreWeave’s revenue skyrocketed from $16 million in 2022 to a projected $5.1 billion in 2025, despite a widening net loss from $31 million to $1.2 billion. In contrast, Nebius transformed its business in 2022, reporting a 351% revenue increase to $530 million in 2025, although its adjusted net loss grew from $239 million to $447 million during the same period.

As of Q1 2026, CoreWeave’s revenue reached $2.1 billion, with a net loss of $740 million, and it boasts a backlog of nearly $100 billion. Nebius reported a remarkable revenue surge of 684% to $399 million in Q1 2026, ending with a manageable debt-to-equity ratio of 2.1. Analysts expect CoreWeave’s adjusted EBITDA to grow at a rate of 102% CAGR from 2025 to 2028, while Nebius is projected to achieve an adjusted EBITDA profit in 2026, with revenue growth at 233% CAGR over the same period.

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