CoreWeave vs Nebius
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. Nebius is a GPU cloud based in Amsterdam, Netherlands, listed as NASDAQ:NBIS. CoreWeave discloses 4.6 GW of contracted power; Nebius discloses 4 GW of contracted power.
This page sets disclosed facts next to each other. It does not rank the two companies and carries no share prices, price targets or ratings. EveryNeo is an independent informational project. Nothing here is investment, legal or financial advice. Disclaimer
Side by side
| CoreWeave | Nebius | |
|---|---|---|
| Type | GPU cloud | GPU cloud |
| Status | Listed, NASDAQ:CRWV | Listed, NASDAQ:NBIS |
| Headquarters | Livingston, United States | Amsterdam, Netherlands |
| Founded | 2017 | 2024 |
| Market capitalisation | $29.5Bmarket cap, 13 Nov 2026 | $31.5Bmarket cap, 13 Nov 2026 |
| Power under contract | 4.6 GWas disclosed | 4 GWas disclosed |
| Power in operation | 1.7 GW | not disclosed |
| Contracted revenue reported | $132.5Brevenue backlog, Q3 2026 | $38.7Bremaining performance obligations, Q3 2026 |
| Chips | NVIDIA (Hopper, Blackwell) | NVIDIA (Blackwell, Vera Rubin NVL72) |
| Capacity contracts on record | 9$64.1B confirmed value | 3$47.4B confirmed value |
| Named customers | 18 | 2 |
| Debt financings on record | 8 | 1 |
| Record checked | 15 Nov 2026 | 15 Nov 2026 |
Each figure is the company's own disclosure or a named report, with the source on the company profile. "Not disclosed" means no public source states the figure.
Capacity and backlog, as each company states them
CoreWeave
As of 30 September 2026 CoreWeave reported over 4.6 GW of contracted power, over 1.7 GW of it active, and a revenue backlog of approximately $132.5 billion; it expects more than 1.85 GW of active power at year-end 2026 and capital expenditures of $37 billion to $39 billion for 2026 (Q3 2026 results, 10 November 2026).
Sources: investors.coreweave.com, datacenterdynamics.com, sec.gov, sec.gov. Checked 15 Nov 2026. All facts and sources
Nebius
At the end of September 2026 Nebius reported annualized run-rate revenue of $6.4 billion, up from $3.0 billion at the end of June, and more than 4 GW of contracted power, with a target of 5 GW by the end of 2026. Since the start of the third quarter customers had committed over $12 billion in contract value. It added a 300 MW expansion in Missouri, bringing the site to 1.1 GW under contract, secured site rights for a planned 100 MW data center in Alberta targeted for 2027, and now expects to deliver more than half of the capacity contracted with Microsoft in New Jersey by the end of 2026 and the remaining tranches in the second quarter of 2027 (Q3 2026 shareholder letter, 12 November 2026).
Sources: sec.gov, sec.gov, nebius.com, group.nebius.com. Checked 15 Nov 2026. All facts and sources
Companies define contracted and operating power differently, and a backlog can include options and later phases. Compare a company with itself over time before comparing two companies.
Named customers
Named by both: Meta.
CoreWeave only: OpenAI, Anthropic, Jane Street, Poolside, Cohere, Cognition, Databricks, Hudson River Trading, Periodic Labs, Runway, Isomorphic Labs, Grammarly, Caterpillar, Bentley Systems, Chan Zuckerberg Initiative, Hippocratic AI, Perplexity.
Nebius only: Microsoft.
Customers named in company statements, filings or reports, and buyers in the capacity contracts below. A customer missing here has not been named in a public source on the ledger.
CoreWeave: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 1 Mar 2026 | Meta | Capacity contract | $21B | — | — | Confirmed |
| 25 Sep 2025 | Meta | Capacity contract | $14.2B | — | 6 yr | Confirmed |
| 10 Mar 2025 | OpenAI | Capacity contract | $11.9B | — | 5 yr | Confirmed |
| 25 Sep 2025 | OpenAI | Capacity contract | $6.5B | — | — | Confirmed |
| 15 Apr 2026 | Jane Street | Equity + compute | $6B | — | — | Confirmed |
| 15 May 2025 | OpenAI | Capacity contract | $4B | — | — | Confirmed |
3 more on the CoreWeave profile.
Nebius: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 16 Mar 2026 | Meta | Capacity contract | $27B | — | 5 yr | Confirmed |
| 8 Sep 2025 | Microsoft | Capacity contract | $17.4B | — | 5 yr | Confirmed |
| 11 Nov 2025 | Meta | Capacity contract | $3B | — | 5 yr | Confirmed |
Debt and financing
CoreWeave
CoreWeave closed an $8.5 billion delayed-draw term loan rated A3 by Moody's and A (low) by DBRS on 31 March 2026 and a $3.1 billion publicly syndicated delayed-draw term loan in May 2026 (company announcements). Its Q2 2026 results report more than $10 billion of unsecured notes and convertible bonds issued in 2026, including its first euro-denominated bond. In the third quarter of 2026 it closed a $2.6 billion DDTL 5.5 facility, designed for shorter-duration customer contracts, and raised approximately $4.2 billion through an upsized offering of convertible senior notes (Q3 2026 results, 10 November 2026).
Nebius
In October 2026 Nebius arranged a $3.5 billion 364-day senior secured facility with Citi as mandated lead arranger at SOFR + 2.75% (22 October 2026) and in July 2026 a $775 million GPU-backed facility structured by MUFG (current report). On 24 August 2026 it closed a private offering of $5.75 billion of convertible senior notes: $3.45 billion of 0.50% notes due 2030 and $2.3 billion of 4.50% notes due 2034, alongside exchanges of part of its 2029 and 2031 notes (company announcement). In the first half of 2026 it raised $4.34 billion from convertible notes, $2.85 billion from a treasury-share sale and $2.0 billion from pre-funded warrants (Q2 2026 report). In the third quarter of 2026 it raised approximately $1.0 billion of net proceeds under its at-the-market program (Q3 2026 shareholder letter, 12 November 2026).
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
Nebius is listed as NASDAQ:NBIS. Its market capitalisation was $31.5B on 13 Nov 2026.
All listed neoclouds with the same columns: publicly listed neoclouds, by fundamentals.
Other comparisons
- CoreWeave vs IREN
- CoreWeave vs Lambda
- CoreWeave vs Fluidstack
- CoreWeave vs Nscale
- CoreWeave vs Applied Digital
- CoreWeave vs Core Scientific
- IREN vs Nebius
A figure is out of date? Send the filing or the release.