Nebio Group(NASDAQ: NBIS) and Core tissue(NASDAQ:CRWV) They are operating in the same space. Both provide a cloud infrastructure accelerated by a graphics processing unit (GPU) that their customers can use to design, train, and run artificial intelligence (AI)-based programs. CoreWeave is the larger of the two, with a market capitalization of $40.7 billion versus Nebius Group’s $25.2 billion valuation.
But Nebius has the advantage of growing faster. Nebius shares have risen nearly 400% in the past 12 months, far outpacing CoreWeave’s gain of 109% in the same period.
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Additionally, Nebius just signed a five-year AI infrastructure agreement with Metaplatforms worth up to 27 billion dollars. The Meta deal calls for Nebius to provide $12 billion of dedicated capacity, with Meta purchasing another $15 billion of additional capacity if it is not sold elsewhere, a deal that significantly increased Nebius’ order book and provides it with resources to continue its expansion.
Nebius shares rose 15% on March 15, following the announcement of the deal with Meta. Is it better to buy shares than CoreWeave now?
Image source: Getty Images.
CoreWeave is based in Livingston, New Jersey, and specializes in providing turnkey solutions to hyperscalers looking to add computing capacity. This demand is growing as more companies move their operations to cloud environments and look to use cloud providers to access high-powered GPUs.
The company, which went public just a year ago, is experiencing rapid revenue growth, with sales of $1.57 billion in the fourth quarter, up 110% from a year ago. But with that rapid growth comes rapid losses, as CoreWeave looks to expand its presence to provide additional computing capacity. The company posted an adjusted net loss of $284 million, much worse than a year ago when it lost $36 million.
The company closed 2025 with 43 data centers and 850 megawatts of connected power, plus 3.1 gigawatts of contracted power.
But their aggressive spending takes its toll. While CoreWeave is steadily growing its revenue, huge capital expenditures in Q4 2025 sharply widened its net loss.
Room
Revenue
Adjusted operating income
Adjusted net loss
capital expenditure
Fourth quarter of 2024
$747 million
$121 million
$(36) million
2.4 billion dollars
First quarter of 2025
$982 million
$163 million
$(150) million
1.9 billion dollars
Second quarter of 2025
$1.21 billion
$200 million
$(131) million
2.9 billion dollars
Third quarter of 2025
1.36 billion dollars
$217 million
$(41) million
1.9 billion dollars
Fourth quarter of 2025
1.57 billion dollars
$88 million
$(284) million
8.2 billion dollars
Data source: CoreWeave.
However, this year is expected to be a turning point. Armed with deals with OpenAI and Meta that are together valued at more than $46 billion, CoreWeave expects to generate between $12 billion and $13 billion in revenue in 2026, up from $5.1 billion in 2025.
“We remain in the early stages of building the most transformative infrastructure in history,” said CEO Michael Intrator.
Nebius is based in the Netherlands. It used to have deep ties to Russia, as the company was previously known as Yandex and operated a Russian Internet company. But Russian companies were subject to sanctions after Moscow’s invasion of Ukraine, and Nasdaq suspension of trading in Yandex shares. The company divested its Russian assets, renamed Nebius and became a cloud infrastructure company.
That has been a winning formula. Nebius shares are up 202% in 2025 and are up another 18% this year. Since the stock resumed trading on the Nasdaq in 2024, Nebius shares have risen more than 400%.
In addition to its Meta agreement, Nebius has an agreement valued at up to $19.4 billion to provide microsoft with computing power from a New Jersey data center. These deals are helping Nebius expand rapidly. The company had just 170 megawatts of connected data center capacity at the end of 2025, but plans to end 2026 with between 800 MW and 1 gigawatt of connected capacity.
But the company is also in the red, as it faces the same pressures as CoreWeave in purchasing GPUs and equipping its cloud data centers with full-stack AI. Revenue in the fourth quarter was $227.7 million, up 547% from a year ago, but the company posted a net loss of $173 million. Nebius revealed that it spent just over $2 billion in the fourth quarter alone on capital expenditures, and $4.06 billion for the full year.
Both are neocloud companies that provide AI computing capacity. In that sense, they are very similar. Nebius has all the ingredients to go the way of CoreWeave, but CoreWeave continues to lead the way in both execution and scale. Investors are betting that it will be able to match or even surpass CoreWeave at some point, but the company isn’t there yet.
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Patrick Sanders has positions at Nebius Group. The Motley Fool has positions and recommends Meta Platforms and Microsoft. The Motley Fool has a disclosure policy.
Nebius shares rose 15% on its target deal. Is this the next CoreWeave or something better? was originally published by The Motley Fool
