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CoreWeave reported the larger business in Q2 2026: $2.575 billion in revenue for the three months ended June 30, compared with Nebius Group’s $582.3 million in consolidated revenue. Those figures are not a like-for-like measure of AI cloud revenue: Nebius’s total includes its AI cloud business, Avride and TripleTen. The companies also report different GAAP and company-defined non-GAAP measures. For customers, the more useful comparison is the GPU and region they can actually access, the surrounding software and services, and the contract terms—not a claim that one provider is inherently faster or cheaper.
How do their reported financial results compare?
CoreWeave disclosed substantially higher Q2 2026 revenue than Nebius Group, but the scope of the two figures matters. Nebius reports as a group that includes businesses beyond AI cloud, so its consolidated revenue should not be read as AI cloud revenue alone.
| Measure | Nebius Group | CoreWeave | How to interpret it |
|---|---|---|---|
| Q2 2026 revenue | $582.3 million consolidated revenue for the three months ended June 30, 2026; up 454% year over year. Includes Nebius AI cloud, Avride and TripleTen. (Nebius Q2 2026 results, August 12, 2026.) | $2.575 billion for the three months ended June 30, 2026. (CoreWeave Q2 2026 results, August 11, 2026.) | CoreWeave reported the larger total. The figures do not establish a direct comparison of AI cloud-only revenue. |
| Net income or loss | Not stated in the cited Q2 figures summarized here; see Nebius Q2 2026 results, August 12, 2026, for the company’s financial tables. | $626 million net loss for the three months ended June 30, 2026. (CoreWeave Q2 2026 results, August 11, 2026.) | Keep GAAP results distinct from adjusted EBITDA. |
| Adjusted EBITDA | $236.2 million for Q2 2026. (Nebius Q2 2026 results, August 12, 2026.) | $1.510 billion for Q2 2026. (CoreWeave Q2 2026 results, August 11, 2026.) | Each company defines its own non-GAAP measure; similarly named figures are not necessarily calculated on the same basis. |
| Revenue backlog | Not stated in the cited Q2 release excerpt; see Nebius Q2 2026 results, August 12, 2026. | Approximately $104 billion at June 30, 2026. CoreWeave said this excluded more than $25 billion in net new commitments added in early Q3. (CoreWeave Q2 2026 results, August 11, 2026.) | Backlog is an estimate of future revenue recognition under commitments, subject to delivery and availability requirements. It is not recognized revenue, cash, or a guarantee of delivery. |
For historical context, CoreWeave’s 2025 Form 10-K, filed April 30, 2026, reported $5.1 billion in 2025 revenue and a $1.2 billion net loss. That annual result should not be substituted for the more recent quarterly figures.
The comparison is useful for understanding reported scale, not for declaring one company financially healthier on its own. Revenue scope differs, and adjusted EBITDA is company-defined. Investors evaluating the businesses should examine the financial statements, cash needs and risk disclosures alongside these headline measures.
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What do the cloud platforms offer?
Both companies market integrated infrastructure and software for AI workloads. Their announcements describe product direction and features, not independent evidence that one platform performs better.
Nebius AI Cloud
Nebius describes its platform as a full-stack AI cloud for work spanning data and model training through production deployment. Its March 26, 2026 announcement for Nebius AI Cloud 3.5 included serverless AI features in public preview, NVIDIA RTX PRO 6000 Blackwell Server Edition availability, a data-transfer service, updates to managed Slurm-on-Kubernetes, Kubernetes observability improvements, billing APIs and application-marketplace changes. Public-preview status is not the same as general availability; confirm current product availability and regional access before choosing a service.
CoreWeave
CoreWeave describes an AI-focused cloud stack combining infrastructure with proprietary software for model training, inference, agent development and specialized workloads. Its Q2 2026 release highlighted CoreWeave Interconnect, initially with Google Cloud, SUNK Anywhere, LOTA Cross-Cloud, and agentic AI capabilities including ARIA and Sandboxes. These are company-disclosed capabilities; their presence does not establish comparative performance or suitability for a particular application.
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For either provider, compare the exact GPU model and quantity, region, software environment, storage and networking requirements, service availability, support, data-transfer charges, and on-demand versus reserved terms. No directly comparable public price schedule for equivalent configurations or independent head-to-head performance results is established by the cited company materials.
How much capacity is active, and how much is planned?
Power figures describe different stages of infrastructure readiness. Active power is not interchangeable with contracted power, which may require additional time, capital and execution before it supports customer workloads.
| Capacity measure | Nebius | CoreWeave |
|---|---|---|
| Active power | Not stated for a comparable reporting date in the cited Q2 2026 material summarized here. (Nebius Q2 2026 results, August 12, 2026.) | 1.5 GW at June 30, 2026. (CoreWeave Q2 2026 results, August 11, 2026.) |
| Contracted power | Not stated for a comparable reporting date in the cited Q2 2026 material summarized here. (Nebius Q2 2026 results, August 12, 2026.) | Approximately 3.7 GW at June 30, 2026. (CoreWeave Q2 2026 results, August 11, 2026.) |
CoreWeave’s 2025 Form 10-K reported more than 850 MW of active power and approximately 3.1 GW of contracted power at December 31, 2025. Those year-end figures have a different date from the Q2 2026 disclosure. Avoid treating contracted capacity as currently operating compute, or comparing it with active power as if the measures meant the same thing.
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How do their infrastructure models differ?
Nebius’s partner-capacity approach
In its July 15, 2026 infrastructure-partnership announcement, Nebius described a model in which partners finance, own and operate infrastructure in their facilities, while Nebius supplies the architecture and cloud software and services and brings capacity to customers. This lets partners participate in deployments using the Nebius platform, while assigning site ownership and operations to the partner under the announced model. It does not, by itself, establish how quickly a particular site will come online or the economics of any individual arrangement.
CoreWeave’s buildout and capacity footprint
CoreWeave reports a large infrastructure buildout drawing on a diversified footprint of capacity providers. Its 2025 Form 10-K identifies access to power, component supply, capital requirements, customer concentration, competition and execution as risks. These factors can affect the timing and cost of turning commitments into available service.
The difference is not simply “asset-light” versus “asset-heavy”: both businesses face delivery and infrastructure execution risks, and the Nebius partner model changes who owns and operates some facilities. Company announcements describe intended arrangements and management plans; they do not eliminate deployment or demand uncertainty.
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Which provider should a customer choose?
The available disclosures do not establish a universal winner on price, performance or availability. A useful evaluation is a controlled, workload-specific comparison rather than a comparison of company feature lists.
- Define the workload. Specify training, inference or another use case; model size; expected utilization; data location; and the required software stack.
- Match the infrastructure. Request the same GPU class and quantity in the regions you can use, then verify actual availability and expected provisioning time.
- Compare the full service. Check networking, storage, data transfer, orchestration, observability, support and any cross-cloud requirements—not only the GPU name.
- Model the contract. Compare on-demand and reserved terms, minimum commitments, duration, service availability conditions, transfer charges and the process for scaling or ending capacity.
- Test with representative work. If possible, run the same workload and software configuration on both services and measure the metrics that matter to your application. Do not infer the outcome from marketing descriptions.
What should investors take away?
CoreWeave’s reported Q2 2026 revenue, active power and backlog indicate a larger disclosed operating scale than the figures established for Nebius in the cited releases. The comparison has limits: Nebius’s revenue is group-wide, the companies’ adjusted EBITDA definitions are not interchangeable, and CoreWeave’s backlog is contingent on delivery and availability rather than current recognized sales. CoreWeave’s contracted power is also distinct from its active power.
Nebius’s product releases and partner-capacity approach show a different route to expanding its AI cloud offering, but product announcements and capacity arrangements are not proof of realized demand, delivered capacity or returns. For either company, evaluate financial statements and risk disclosures alongside operating metrics, and keep announced plans separate from deployed infrastructure.
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