On September 30, when a caller asked about Nebius Group N.V. (NASDAQ:NBIS) during the Mad Money episode, Jim Cramer remarked:
I actually like CoreWeave more than I like Nebius… Nebius is a very good company, but we talked to Michael Intrator this morning, and I feel really really good, Michael being the CEO of CoreWeave, I feel really really good about CoreWeave. And Nebius, it’s had such a move; I find it troubling.
Both the stocks made it to our list of 11 AI Stocks That Will Go to the Moon. The No. 1 stock is riding the memory boom and still has more than 60% upside.
CoreWeave Has Greater Scale and Backlog
Both companies are expanding rapidly to meet demand for AI computing infrastructure, with their financial profiles differing in scale, growth, valuation, and financing. CoreWeave, Inc. (NASDAQ:CRWV) generated $2.575 billion of second-quarter revenue, up 112% year over year, compared with $582.3 million for Nebius Group N.V., which increased 454%. Nebius’ AI cloud revenue rose 514% to $574.9 million. You can find out more about NBIS that was included in our article, Retail Investors Think These 2 Stocks Could Be The Next NVIDIA And Sandisk.
CoreWeave ended June with approximately $104 billion of revenue backlog. The company then added more than $25 billion of net new customer commitments early in the third quarter and increased total contracted power to approximately 4.2 gigawatts as of August 11, from approximately 3.7 gigawatts at the end of June. On September 17, it said it had signed short-dated customer contracts of approximately three to six months during the third quarter at pricing of approximately $40 million per megawatt, calculated as annualized revenue divided by the power required to service the related clusters.
Nebius reported adjusted EBITDA of $236.2 million in the second quarter, compared with an adjusted EBITDA loss of $21 million a year earlier. CoreWeave reported $1.51 billion of adjusted EBITDA but still posted a $626 million net loss.
Nebius Trades at a Much Higher Valuation
As of September 23, Yahoo Finance showed Nebius at 46.08x forward earnings, 46.30x trailing sales and 47.03x enterprise value to revenue. CoreWeave, Inc. had no meaningful P/E because it remained unprofitable, but traded at 5.97x sales and 12.38x enterprise value to revenue. That puts Nebius Group N.V.’s enterprise-value-to-revenue multiple at nearly four times CoreWeave’s and its price-to-sales multiple at more than seven times CoreWeave’s.
For broader context, January 2026 data from NYU Stern’s Aswath Damodaran showed 64 U.S. computer-services companies trading at an average 1.24x price-to-sales and 1.48x EV-to-sales. The benchmark is a broad industry reference rather than a direct comparison with AI cloud providers.
If you are looking for stocks that are cheaper in terms of dollar value, check out 10 Best AI Stocks to Buy Under $25
Bear Case: Capital Intensity
Nebius Group N.V. recorded $8.13 billion of purchases of property and equipment and intangible assets during the first half of 2026, compared with $981.3 million of revenue. The company also closed a $5.75 billion convertible senior-notes offering in August, with proceeds available for its expansion plans.
CoreWeave, Inc.’s financing burden is also substantial. As of June 30, its total indebtedness was $35.6 billion, while six-month interest expense reached approximately $985 million and net cash used in investing activities was about $14.9 billion. The financing requirements continued after the second quarter. It established an at-the-market program for up to 35 million Class A shares on September 17, then completed an upsized $4.2 billion offering of 2.875% convertible senior notes due 2033 on September 22.
The risks are different. CoreWeave is carrying a much larger debt and financing burden as it expands infrastructure, while Nebius is committing substantial capital to growth despite generating a much smaller current revenue base and trading at a far higher revenue multiple.
While CRWV has a huge role in the future of AI, it did not make it to our list of Top 10 AI Stocks That Will Skyrocket.
Hedge Fund Positioning and Short Interest
As per Insider Monkey, which tracks more than 1,000 hedge funds, there were 86 funds holding stakes in Nebius in Q2, up from 60 in Q1. CoreWeave had 71 hedge fund holders, compared with 63 in the first quarter. As of September 15, reported short interest ranged from roughly 18.5% to 23.2% of Nebius’ float and from about 15% to 17.6% of CoreWeave’s float. Cramer’s preference seems to come down to a trade-off: CoreWeave, Inc. has substantially greater revenue scale and backlog at a much lower sales valuation, but carries a heavier financing burden. Nebius Group N.V. is growing faster and has moved into adjusted EBITDA profitability, but its much higher valuation comes alongside significant infrastructure spending.
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