IREN vs NBIS: How IREN 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. IREN 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 IREN 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.

IREN Limited operates data centers powered largely by renewable energy across Texas in the United States and British Columbia in Canada. Historically its money came almost entirely from bitcoin mining, running large fleets of specialized machines that earn bitcoin in exchange for securing the network, with profitability tied to bitcoin's price, mining difficulty, and the company's low electricity costs. More recently it has built an AI cloud business that rents out NVIDIA GPUs for machine learning and large language model workloads, and it is converting several former mining facilities into AI and high-performance computing capacity. In its fiscal third quarter of 2026 the company reported total revenue of about $144.8 million, split between roughly $111.2 million of mining revenue and about $33.6 million of fast-growing AI cloud revenue.

Full IREN 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.

• IREN drivers: Owned, renewable-powered sites; AI and HPC cloud pivot.
• 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: IREN still earns most of its revenue from bitcoin mining, so a lower bitcoin price, rising difficulty, or the post-halving economics can pressure results, as seen in a sharp sequential mining revenue decline. 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.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick IREN 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 IREN and NBIS guides.

IREN. IREN's reported earnings are distorted by large noncash items tied to decommissioning mining hardware, so headline net loss overstates the cash picture relative to adjusted EBITDA. The market values it far more on its AI cloud pipeline, NVIDIA contract, and power portfolio than on trailing mining results, which makes traditional multiples like P/E volatile and often not meaningful. All figures are approximate, move sharply with bitcoin prices and the AI buildout, and should be verified against current filings before relying on them.

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, June 2026 (fiscal Q3 2026 results, quarter ended April 30, 2026)): IREN shows quarterly revenue (fiscal q3 2026) ~$144.8 million total (~$111.2M mining, ~$33.6M AI cloud), adjusted ebitda (fiscal q3 2026) ~$59.5 million, net loss (fiscal q3 2026) ~$247.8 million, driven largely by noncash impairments, cash ~$2.6 billion as of April 30, 2026; 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.

IREN 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 IREN and NBIS exposure against your real portfolio. It is not an investment adviser.