IREN vs Nebius
IREN is a GPU cloud that began as a bitcoin miner based in Sydney, Australia, listed as NASDAQ:IREN. Nebius is a GPU cloud based in Amsterdam, Netherlands, listed as NASDAQ:NBIS. IREN discloses 300 MW 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
| IREN | Nebius | |
|---|---|---|
| Type | GPU cloudMiner pivot | GPU cloud |
| Status | Listed, NASDAQ:IREN | Listed, NASDAQ:NBIS |
| Headquarters | Sydney, Australia | Amsterdam, Netherlands |
| Founded | 2018 | 2024 |
| Market capitalisation | $7.71Bmarket cap, 13 Nov 2026 | $31.5Bmarket cap, 13 Nov 2026 |
| Power under contract | 300 MWas disclosed | 4 GWas disclosed |
| Contracted revenue reported | $20.3Brevenue backlog, FQ1 2027 | $38.7Bremaining performance obligations, Q3 2026 |
| Chips | NVIDIA GB300 NVL72; H100 | NVIDIA (Blackwell, Vera Rubin NVL72) |
| Capacity contracts on record | 4$13.1B confirmed value | 3$47.4B confirmed value |
| Named customers | 3 | 2 |
| Debt financings on record | 3 | 1 |
| Record checked | 9 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.
Same type, different origin
Both are GPU clouds. IREN began as a bitcoin miner and brings power sites it already controlled; Nebius was built for AI compute from the start. For a former miner, read how much of the stated power is contracted for AI workloads, which the capacity notes below quote.
Capacity and backlog, as each company states them
IREN
IREN reported more than 5 GW of secured power, a contracted AI cloud program of more than $4 billion in annualized revenue covering 0.3 GW of IT capacity, now targeted for January-February 2027, and a revenue backlog of $20.3 billion (results for the quarter ended 30 September 2026). It targets 0.8 GW of data center capacity by the end of 2027.
Sources: sec.gov, sec.gov, sec.gov. Checked 9 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: Microsoft.
IREN only: Nvidia, Anthropic.
Nebius only: Meta.
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.
IREN: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 3 Nov 2025 | Microsoft | Capacity contract | $9.7B | 200 MW | 5 yr | Confirmed |
| 7 May 2026 | NVIDIA | Capacity contract | $3.4B | 60 MW | 5 yr | Confirmed |
| 5 Nov 2026 | Undisclosed frontier AI lab | Capacity contract | undisclosed | — | — | Confirmed |
| 12 Oct 2026 | Anthropic | Capacity contract | undisclosed | — | — | Reported |
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
IREN
IREN issued about $3 billion of convertible notes in the quarter ended 30 June 2026 and drew $2.36 billion from financing facilities in the quarter ended 30 September 2026 (quarterly results). In May 2026 it signed a $3.6 billion GPU financing for its Microsoft contract arranged by Goldman Sachs and JPMorgan (current report).
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?
IREN is listed as NASDAQ:IREN. Its market capitalisation was $7.71B 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
A figure is out of date? Send the filing or the release.