Compare · Technology
CoreWeave vs. Nebius: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
CoreWeave
1 · What it sells
CoreWeave rents out cloud computing for AI, including computing on NVIDIA chips, storage and software, with $5,131 million of revenue in FY2025 and $2,575 million in Q2 FY2026.
Sources and detail on the CoreWeave page2 · Who pays it
In Q2 FY2026 CoreWeave's largest customer paid 36% of revenue, the next 26%, a third 10% and all others 28%; the filing does not name these three.
Sources and detail on the CoreWeave page3 · What it keeps from $100
Of every $100 that came in during FY2025, which includes $108 million of other income, a fair value gain and a tax benefit, costs were $122.3, including $23.5 of interest, so CoreWeave lost $22.3; the operating loss before interest was $46 million.
Sources and detail on the CoreWeave page4 · Where the operating profit comes from
CoreWeave reports one segment, so no product shows its own profit; the whole company went from $324 million of operating income in FY2024 to a $46 million operating loss in FY2025.
Sources and detail on the CoreWeave page5 · The one thing to watch
In the 12 months to Jun 30, 2026, CoreWeave's cash from operations was $6,911 million and its purchases of property and equipment were $21,456 million.
Sources and detail on the CoreWeave page
Nebius
1 · What it sells
Nebius rents out AI computing power on NVIDIA chips through its AI cloud, which brought in $480.3 million of its $529.8 million of revenue in FY2025; it also owns TripleTen (online courses) and Avride (self-driving).
Sources and detail on the Nebius page2 · Who pays it
In Q2 FY2026 three customers the filing does not name paid 24%, 21% and 14% of revenue and all others paid 41%; Microsoft and Meta have the largest contracts named in filings.
Sources and detail on the Nebius page3 · What it keeps from $100
Of every $100 that came in during FY2025, $48.3 was a non-cash gain on share stakes and $0.8 was left as net income from continuing operations; the operating loss was $611.7 million.
Sources and detail on the Nebius page4 · Where the operating profit comes from
Nebius has no operating profit overall, with a $175.9 million operating loss in Q2 FY2026; its AI cloud, about 98% of revenue, showed $285.7 million on the company's own adjusted EBITDA measure, which leaves out depreciation.
Sources and detail on the Nebius page5 · The one thing to watch
In the first half of 2026 Nebius's purchases of property, equipment and intangible assets were $8,130.3 million and its cash from operations $4,504.1 million, of which customer prepayments added $4,395.0 million.
Sources and detail on the Nebius page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
CoreWeave
Where $100 went · FY2025
| Technology and infrastructure | $55.9 |
|---|---|
| Cost of revenue | $27.7 |
| Interest expense, net | $23.5 |
| General and administrative | $12.4 |
| Sales and marketing | $2.7 |
| Net loss (costs above money in) | −$22.3 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $5,131 million + $108 million of other income, a fair value gain and a tax benefit = $5,239 million). Costs added up to $122.3, so the last line is a net loss of $22.3. Depreciation and amortization ($2,454 million) and stock-based pay ($630 million) sit inside the cost lines. Costs came to $122.3 per $100 that came in.
Nebius
Where $100 went · FY2025
| Depreciation and amortization | $33.7 |
|---|---|
| Sales, general and administrative | $30.6 |
| Product development | $14.3 |
| Cost of revenues | $13.4 |
| Interest expense | $5.0 |
| Losses at part-owned companies, and tax | $2.3 |
| Net income from continuing operations | $0.8 |
| Total | $100 |
Cityfort calculation from the FY2025 20-F. Of every $100 that came in during FY2025 (revenue $529.8 million + a non-cash gain of $598.9 million + other income $80.6 million + interest income $31.8 million = $1,241.1 million). $48.3 of the $100 is that non-cash gain, and only $42.7 is revenue. Discontinued operations ($72.7 million) are outside this table. Lines add to $100.1 because of rounding.
Line items differ because each company groups its costs its own way in its filings. Only on CoreWeave's receipt: Technology and infrastructure; Cost of revenue; Interest expense, net; General and administrative; Sales and marketing; Net loss (costs above money in). Only on Nebius' receipt: Depreciation and amortization; Sales, general and administrative; Product development; Cost of revenues; Interest expense; Losses at part-owned companies, and tax; Net income from continuing operations.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
CoreWeave
Nebius
See the numbers
Net income
CoreWeave
Nebius
See the numbers
Free cash flow
CoreWeave
Nebius
See the numbers
Who pays each company
CoreWeave
- Largest customer · 36.0% of revenuePaid 36% of Q2 FY2026 revenue. The filing does not name it.
- Second-largest customer · 26.0% of revenuePaid 26% of Q2 FY2026 revenue. The filing does not name it.
- Third-largest customer · 10.0% of revenuePaid 10% of Q2 FY2026 revenue. The filing does not name it.
- All other customers · 28.0% of revenueThe remaining 28% (Cityfort calculation from Q2 FY2026 10-Q); none reached 10%.
Nebius
- Largest customer · 24.0% of revenuePaid 24% of Q2 FY2026 revenue. The filing calls it Customer C and does not name it.
- Second-largest customer · 21.0% of revenuePaid 21% of Q2 FY2026 revenue. The filing calls it Customer D and does not name it.
- Third-largest customer · 14.0% of revenuePaid 14% of Q2 FY2026 revenue. The filing calls it Customer E and does not name it.
- All other customers · 41.0% of revenueThe remaining 41% (Cityfort calculation from the Q2 FY2026 6-K). None reached 10%, and the filing does not break them out.
Revenue by segment
CoreWeave
FY2025
| Segment | Revenue | Share |
|---|---|---|
| CoreWeave (one reported segment) | $5.1B | 100.0% |
Nebius
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Nebius AI cloud | $480M | 90.7% |
| TripleTen | $54.1M | 10.2% |
| Avride | $1.3M | 0.2% |
Debt and cash
CoreWeave
- Debt
- $35.1B
- Cash and investments
- $5.5B
On Jun 30, 2026.
At Jun 30, 2026 debt exceeded cash and marketable securities by $29,529 million, about 4.3 times the prior 12 months' cash from operations.
Nebius
- Debt
- $8.5B
- Cash and investments
- $8.0B
On Jun 30, 2026.
At Jun 30, 2026 debt was $503.6 million more than cash and cash equivalents, and Nebius has raised or arranged more debt since that date.
Sources: CoreWeave S7, S2, S17, S18 · Nebius S5, S1, S25, S24, S26
Who owns each company
CoreWeave
- 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 10).
- Michael Intrator (co-founder, CEO, chair): 10.1% of its class, 38.7% of votes (as of Jun 30, 2026).
- Brian Venturo (co-founder, Chief Strategy Officer): 3.6% of its class, 20.3% of votes (as of Jun 30, 2026).
- Brannin McBee (co-founder, Chief Development Officer): 2.9% of its class, 14.6% of votes (as of Jun 30, 2026).
- 3 more holders on the CoreWeave page.
Nebius
- 2 classes of shares (votes per share: Class A ordinary shares 1, Class B ordinary shares 10).
- Officers and directors as a group: 12.9% of shares, 52.3% of votes (as of Mar 31, 2026).
- Arkady Volozh (founder, CEO): 11.3% of its class, 51.6% of votes (as of Mar 31, 2026).
- Vladimir Ivanov: 3.0% of its class, 7.2% of votes (as of Mar 31, 2026).
- NVIDIA: 9.3% (as of Jul 13, 2026).
- 2 more holders on the Nebius page.
Sources: CoreWeave S13, S2, S1, S30, S26, S27, S28 · Nebius S1, S27, S5, S29
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: customer or supplier concentration, liquidity, governance, technology. Every risk is on each company's page.
CoreWeave
- Debt and interest are large against operating income (debt)Total debt reached $35,068 million at Jun 30, 2026, up from $7,926 million at Dec 31, 2024. Interest expense, net, was $640 million in Q2 FY2026, against an operating loss of $49 million. Principal of $4,413 million falls due in the rest of 2026 and $6,184 million in 2027.
- Shareholder lawsuits (legal cases)A proposed class action filed Jan 12, 2026 alleges false and misleading statements and seeks unspecified damages. Derivative suits in New Jersey are stayed; another was filed in Delaware on May 12, 2026, with no stay stated. CoreWeave says the claims are without merit and had accrued no material potential loss at Jun 30, 2026.
Nebius
- Delivering long contracts on time (execution)The 20-F says Nebius has limited experience delivering large long-term contracts. Microsoft can receive service credits or end individual tranches over specified delays. Nebius said on Mar 16, 2026 that dedicated capacity for Meta would start in early 2027. Leases not yet commenced were $12,054.1 million at Jun 30, 2026.
- AI spending could slow (demand)The 20-F lists a slowdown in AI spending or excess capacity as a risk. At Jun 30, 2026 Nebius had $12,054.1 million of leases not yet commenced and $5,324.1 million of energy and power commitments (Cityfort calculation from the Q2 FY2026 6-K). The 20-F says the largest cloud companies buy differently from its primary customer base.
Key facts
- How does CoreWeave make money compared with Nebius?
- CoreWeave's revenue by payer: Largest customer 36.0%, Second-largest customer 26.0%, Third-largest customer 10.0%, All other customers 28.0%. Nebius' revenue by segment in FY2025: Nebius AI cloud 90.7%, TripleTen 10.2%, Avride 0.2%.
- Which is bigger by revenue, CoreWeave or Nebius?
- CoreWeave reported $5.1B of revenue in FY2025, and Nebius reported $530M in FY2025.
- How much net income did CoreWeave and Nebius report?
- CoreWeave reported net income of −$1.2B in FY2025, and Nebius reported $82.5M in FY2025.
- How much of every $100 did CoreWeave and Nebius keep as net income?
- CoreWeave kept −$22.3 of every $100 that came in during FY2025, and Nebius kept $0.8 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do CoreWeave and Nebius have?
- CoreWeave had $35.1B of debt and $5.5B of cash and investments on Jun 30, 2026. Nebius had $8.5B of debt and $8.0B of cash and investments on Jun 30, 2026.
- When do CoreWeave's and Nebius' fiscal years end?
- CoreWeave: Dec 31. Nebius: December 31.
Sources: CoreWeave S14, S1, S2, S7, S17, S18 · Nebius S1, S8, S5, S6, S25, S24, S26
Built from each company's page. CoreWeave updated Nov 6, 2026; Nebius updated Nov 6, 2026.
Sources
CoreWeave
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), CoreWeave, Inc. (SEC EDGAR), Mar 2, 2026
- S2Form 10-Q, Q2 FY2026 (ended Jun 30, 2026), CoreWeave, Inc. (SEC EDGAR), Aug 12, 2026
- S7Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1), CoreWeave, Inc. (SEC EDGAR), Aug 11, 2026
- S13Proxy statement (DEF 14A), 2026 annual meeting (record date Apr 15, 2026), CoreWeave, Inc. (SEC EDGAR), Apr 22, 2026
- S14Form 424B4 final prospectus, IPO (dated Mar 27, 2025), CoreWeave, Inc. (SEC EDGAR), Mar 31, 2025
- S17Form 8-K, Exhibit 99.1, pricing of $3.7 billion convertible senior notes due 2033, CoreWeave, Inc. (SEC EDGAR), Sep 22, 2026
- S18Form 8-K, Exhibit 99.1, $2.6 billion DDTL 5.5 facility, CoreWeave, Inc. (SEC EDGAR), Aug 10, 2026
- S26Schedule 13G/A, Michael N. Intrator, event date Jun 30, 2026, Michael N. Intrator (SEC EDGAR), Aug 14, 2026
- S27Schedule 13G/A, Brian Venturo, event date Jun 30, 2026, Brian Venturo (SEC EDGAR), Aug 14, 2026
- S28Schedule 13G/A, Brannin McBee, event date Jun 30, 2026, Brannin McBee (SEC EDGAR), Aug 14, 2026
- S30Schedule 13G/A, Magnetar Financial LLC and related filers, event date Apr 30, 2026, Magnetar Financial LLC (SEC EDGAR), May 6, 2026
Nebius
- S1Form 20-F, fiscal year 2025 (ended Dec 31, 2025), Nebius Group N.V. (SEC EDGAR), Apr 30, 2026
- S5Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2), Nebius Group N.V. (SEC EDGAR), Aug 12, 2026
- S6Form 6-K, operating and financial review, Q2 2026 (Ex. 99.1), Nebius Group N.V. (SEC EDGAR), Aug 12, 2026
- S8Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2), Nebius Group N.V. (SEC EDGAR), Aug 12, 2026
- S21Form 6-K, Meta agreement announcement (Ex. 99.1), Nebius Group N.V. (SEC EDGAR), Mar 16, 2026
- S24Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1), Nebius Group N.V. (SEC EDGAR), Aug 24, 2026
- S25Form 6-K/A, $775 million secured debt financing (Ex. 99.1), Nebius Group N.V. (SEC EDGAR), Jul 17, 2026
- S26Form 6-K, $3.5 billion secured facility with Citi (Ex. 99.1), Nebius Group N.V. (SEC EDGAR), Oct 22, 2026
- S27Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1), Nebius Group N.V. (SEC EDGAR), Aug 26, 2026
- S29Schedule 13G, NVIDIA Corporation (event Jul 13, 2026), Filer named in the title (SEC EDGAR), Jul 20, 2026
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