Nebius Group (NASDAQ: NBIS) and CoreWeave (NASDAQ: CRWV) are operating in the same space. They both provide graphics processing unit (GPU)-accelerated cloud infrastructure that their customers can use to design, train, and run artificial intelligence (AI)-powered programs. CoreWeave is the bigger of the two, with a market capitalization of $40.7 billion versus Nebius Group’s $25.2 billion valuation.
But Nebius has the advantage of growing faster. Nebius stock is up nearly 400% in the last 12 months, soundly beating CoreWeave’s gain of 109% in the same period.
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In addition, Nebius is fresh off a five-year AI infrastructure deal with Meta Platforms worth up to $27 billion. The Meta deal calls on Nebius to provide $12 billion of dedicated capacity, with Meta buying another $15 billion of additional capacity if it isn’t sold elsewhere — a deal that significantly increased Nebius’ backlog and provides it with resources to continue its expansion.
Nebius stock jumped 15% on March 15, following the announcement of the Meta deal. Is it a better stock to buy than CoreWeave now?
CoreWeave is based in Livingston, New Jersey, and specializes in providing turnkey solutions to hyperscalers seeking to add computing capacity. This demand is growing as more companies move their operations to cloud environments and seek to use cloud providers to access high-powered GPUs.
The company, which went public just a year ago, is seeing rapid growth in revenue, with sales of $1.57 billion in the fourth quarter, up 110% from a year ago. But with that rapid growth comes rapid losses, as CoreWeave looks to expand its footprint to provide additional computing capacity. The company posted an adjusted net loss of $284 million, much worse than a year ago when it lost $36 million.
The company ended 2025 with 43 data centers and 850 megawatts of connected power, plus 3.1 gigawatts of contracted power.
But its aggressive spending takes a toll. While CoreWeave is consistently growing its revenue, massive capital expenditures in Q4 2025 widened its net loss dramatically.
|
Quarter |
Revenue |
Adjusted Operating Income |
Adjusted Net Loss |
Capital Expenditures |
|---|---|---|---|---|
|
Q4 2024 |
$747 million |
$121 million |
$(36) million |
$2.4 billion |
|
Q1 2025 |
$982 million |
$163 million |
$(150) million |
$1.9 billion |
|
Q2 2025 |
$1.21 billion |
$200 million |
$(131) million |
$2.9 billion |
|
Q3 2025 |
$1.36 billion |
$217 million |
$(41) million |
$1.9 billion |
|
Q4 2025 |
$1.57 billion |
$88 million |
$(284) million |
$8.2 billion |
Data source: CoreWeave.
