Nebius vs. CoreWeave: Accelerating Growth vs. Massive Scale in Revenue
Key Points
While Nebius Group N.V (NASDAQ:NBIS) is growing at a faster percentage rate, CoreWeave, Inc. Class A Common Stock (NASDAQ:CRWV) currently generates significantly higher overall revenue.
Over the last eight quarters, both companies generally maintained quarter-over-quarter revenue increases, though Nebius experienced a brief decline in late 2024.
Investors should watch whether the two companies sustain their rapid growth trajectories or if the revenue gap between them begins to narrow.
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Nebius: Rapidly Scaling a Small Revenue Base
It operates as a technology business that builds full-stack infrastructure, including large-scale cloud platforms and developer tools, to service global workloads. It raised approximately $4.3 billion through convertible notes in March 2026 and signed a long-term infrastructure supply agreement with Meta, though it reported a net income margin of about -110% for the quarter ended Dec. 31, 2025.
CoreWeave: High Revenue Volume Amid Operational Scrutiny
It provides a cloud platform that offers scaling, support, and infrastructure for enterprise compute workloads, including virtual and bare metal servers. It closed an $8.5 billion term loan facility in March 2026 to support its expansion, but faces securities fraud lawsuits alleging misrepresented customer demand alongside a net income margin of about -29% for the quarter ended Dec. 31, 2025.
Why Revenue Matters for Retail Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, and tracking it helps investors understand the total amount of money a business brings in before any expenses are deducted.
Quarterly Revenue for Nebius and CoreWeave
| Quarter (Period End) | Nebius Revenue | CoreWeave Revenue |
|---|---|---|
| Q1 2024 (March 2024) | $11.3 million | $188.7 million |
| Q2 2024 (June 2024) | $24.9 million | $395.4 million |
| Q3 2024 (Sept. 2024) | $43.3 million | $583.9 million |
| Q4 2024 (Dec. 2024) | $37.9 million | $747.4 million |
| Q1 2025 (March 2025) | $55.3 million | $981.6 million |
| Q2 2025 (June 2025) | $105.1 million | $1.2 billion |
| Q3 2025 (Sept. 2025) | $146.1 million | $1.4 billion |
| Q4 2025 (Dec. 2025) | $227.7 million | $1.6 billion |
Data source: Company filings.
Foolish Take
Nebius and CoreWeave are both “neocloud” companies that provide cloud infrastructure specifically tailored for managing AI workloads.
However, both cloud stocks also diverge in certain respects. CoreWeave is more U.S.-centric and relies heavily on a close relationship with Nvidia, which is a major investor. In contrast, Nebius is more heavily focused in Europe and stands out with a “global GPU fabric,” which links different locations into a unified cluster.
Still, the differences may come down to numbers. Both companies are absorbing considerable losses, though CoreWeave has a much greater need for outside funding than Nebius, and its $21 billion in debt compares poorly to Nebius, who only holds about $4 billion in debt.
Nonetheless, CoreWeave’s price-to-sales (P/S) ratio of 7 is far below that of Nebius, which trades for 62 times sales. This forces investors to choose between a relatively inexpensive neocloud company with heavy obligations, or the overvalued company with a less debt-heavy balance sheet.
Data source: Company filings. Data as of April 8, 2026.
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Will Healy has positions in CoreWeave. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
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