CoreWeave outpaces Nebius in AI cloud infrastructure growth

CoreWeave posted Q2 2026 revenue of roughly $2.58 billion, a 112% jump from the same quarter last year. Nebius, for its part, reported revenue between $575 million and $582 million for the same period, representing more than 450% year-over-year growth. The tale of the tape CoreWeave’s raw revenue advantage is obvious: it’s pulling in roughly four and a half times what Nebius earns per quarter. Its contracted backlog sits at $104 billion, with an additional $25 billion in contracts secured during early Q3. The crown jewel is a deal with Meta valued at up to $21 billion. Nebius has locked in agreements with Microsoft worth between $17.4 billion and $19.4 billion, and its AI cloud segment is targeting an annualized revenue run-rate of $3 billion. On the hardware side, CoreWeave currently operates about 1.5 GW of active power capacity with 3.7 GW contracted. Nebius has contracted over 3.5 GW and aims to bring between 800 MW and 1 GW of active capacity online by the end of 2026. Both companies have received $2 billion investments from Nvidia, which functions as both a strategic backer and the supplier of the chips their entire business models depend on. Debt versus flexibility CoreWeave...