Investing.com -- Nebius Group NV (NBIS) offers stronger growth and a cleaner balance sheet. CoreWeave Inc (CRWV) offers greater operating scale and a cheaper valuation, but carries substantially more leverage.
Financial metrics are as of Jun 30, 2026, unless otherwise stated. Prices and Fair Value Upside are as of Oct 29, 2026, 10:48 AM EDT.
CRWV has the operating lead. Its revenue rose from $229M in 2023 to $5.13B in 2025. EBITDA reached $2.44B in 2025.
NBIS has the acceleration lead. Revenue increased from $9.80M in 2023 to $529.80M in 2025. Its gross margin expanded to 68.6%, while EBITDA remained negative at -$193.80M.
That creates the central trade-off: CRWV has proven scale, while NBIS has more explosive forward growth.
CRWV’s debt was $51.61B, against a 0.5x current ratio, as of Jun 30, 2026. NBIS had $10.20B of debt and a 4.0x current ratio.
That difference matters because AI infrastructure requires constant spending on GPUs, power and data centers. A slowdown can leave debt fixed while utilization falls.
The broader financing risk was highlighted in Is Debt at AI Companies Becoming a New Risk? on Sep 30, 2026. The article noted that GPU depreciation, customer concentration and refinancing could amplify losses. Read more
At current metrics, NBIS trades at 1,127x trailing P/E and 187.3x EV/EBITDA. CRWV has negative trailing earnings, but its EV/EBITDA is far lower at 21.3x.
The valuation model shows NBIS at -7.7% Fair Value Upside, versus +36.9% for CRWV. Analyst-target upside is more optimistic for both, but those figures were dated Jun 30, 2026.
A Sep 3 analysis warned that NBIS’s valuation depends on capacity arriving on schedule. Read more
NBIS fits the higher-quality growth profile: faster expansion, better liquidity and lower leverage. Its risk is execution and valuation.
CRWV fits the value-on-infrastructure profile: stronger current EBITDA and a cheaper multiple. Its risk is debt, refinancing and hardware economics.
The price action reinforces the distinction. As of Oct 29, 2026, NBIS was up 38.24% over one year, while CRWV was down 55.43%. The market is rewarding NBIS’s growth narrative and punishing CRWV’s balance-sheet risk.
Bottom line: NBIS has the better business trajectory; CRWV has the more attractive valuation. The deciding variable is whether growth or leverage gets repriced first.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Our Fair Value model runs 17 proven valuation methods on NBIS and returns one number: what the stock is worth today, and how far the current price sits from it.Same calculation on thousands of other stocks — so you can see instantly whether NBIS is the best value on the table, or whether something cheaper is hiding in plain sight.