Nebius vs CoreWeave: net debt 0.2x vs 2.9x revenue explains the stock divergence
Beth_Kindig · x · 2026-10-10
I/O Fund compares the two fastest-growing AI infra companies: Nebius stock is up 160% in 2026 while CoreWeave is up just over 10%, despite CoreWeave's far larger scale — $2.58B Q2 revenue (+112% YoY), a $104B backlog, plus $25B+ in new Q3 commitments. Nebius grew 454% YoY off a $582M base.
- Gross debt to annualized revenue is similar: 3.7x (Nebius) vs 3.4x (CoreWeave)
- The gap is liquidity: Nebius holds $8B cash with net debt of just 0.2x revenue vs CoreWeave's 2.9x, giving it more flexibility to fund capacity buildout
- The takeaway: the stock divergence reflects balance-sheet structure, not just the income statement.
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