CRWV vs NBIS: How CoreWeave and Nebius Group Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CRWV and NBIS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CRWV and NBIS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

CoreWeave is a specialized cloud computing company, often called a neocloud, that builds and operates data centers packed with Nvidia GPUs and rents that compute capacity to companies that train and run artificial-intelligence models. Founded in 2017 (originally as a crypto-mining operation before pivoting to AI infrastructure) and led by chief executive and co-founder Michael Intrator, it operates over 250,000 Nvidia GPUs across dozens of data centers and roughly 3.5 gigawatts of contracted power. Unlike general-purpose clouds, CoreWeave is engineered specifically for AI workloads, offering dense GPU clusters, high-speed networking, and a managed software layer branded as CoreWeave Cloud. Its customers include Microsoft, OpenAI, Meta, Nvidia itself, and other large AI labs.

Full CRWV guide

Nebius Group is an AI infrastructure company that builds and operates cloud platforms optimized for training and running artificial-intelligence models. It emerged from the international assets of the former Yandex business after Yandex's Russian operations were divested, and it relisted on Nasdaq as a standalone company headquartered in Amsterdam. Nebius's core business is an AI-focused cloud: it builds data centers packed with NVIDIA GPUs and rents that compute capacity to companies training large AI models, competing with the GPU-cloud and neocloud providers that have grown alongside the AI boom. The company designs its own server hardware and software stack to deliver high-performance, cost-efficient AI compute. Beyond the core cloud, Nebius holds several other technology businesses, including an autonomous-driving unit, an edtech platform, and a generative-AI data-labeling business, plus a stake in a data-center and other ventures. As a relatively young public company, Nebius is in a heavy-investment phase, spending aggressively on GPU capacity and data centers to capture AI-infrastructure demand, and is not yet consistently profitable.

Full NBIS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CRWV drivers: Explosive revenue growth and backlog; Privileged Nvidia relationship.
• NBIS drivers: AI compute demand tailwind; Vertically integrated, cost-efficient stack.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The risks here are unusually large and structural. For NBIS, nebius is an early-stage, capital-intensive business: building GPU data centers requires enormous upfront spending, and the company is not yet consistently profitable, with free cash flow deeply negative during the build-out.

Pick CRWV if you believe its drivers more; NBIS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CRWV and NBIS guides.

CRWV. Figures are approximate and tied to the asOf date; verify live numbers before acting. CoreWeave does not trade on earnings because it is deeply unprofitable, so investors watch revenue growth, backlog, adjusted EBITDA, capital expenditure, and debt instead. The valuation embeds enormous future growth from that backlog, which means the stock can swing violently on any change in AI-demand sentiment, guidance, or financing conditions.

NBIS. Nebius trades as a speculative, high-growth AI-infrastructure stock valued on future capacity and revenue rather than current earnings. The valuation is highly sensitive to AI-compute demand, GPU access, and execution on data-center build-out. As a young company with negative free cash flow and a complex history, the stock carries large swings tied to AI-infrastructure sentiment and capacity announcements.

Headline figures (approximate, July 2026): CRWV shows revenue (ttm) ~$6.2 billion, more than doubling year over year, revenue (q1 2026) ~$2.08 billion, up from ~$982 million a year earlier, 2026 revenue guidance ~$12 billion to $13 billion, net loss (q1 2026) ~$740 million (adjusted EBITDA ~$1.2 billion); NBIS shows revenue (annualized run-rate) ~$1 billion+ and growing rapidly, off a small base, revenue growth Very high, multiple-fold year over year as capacity scales, profitability Not consistently profitable; heavy investment phase, free cash flow Deeply negative during GPU and data-center build-out.

CRWV and NBIS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CRWV and NBIS exposure against your real portfolio. It is not an investment adviser.