CoreWeave reported Q2 2026 revenue of $2.58 billion, marking a 112% year-over-year increase. Its contracted backlog totals $104 billion, with an additional $25 billion secured in early Q3, including a deal with Meta worth up to $21 billion. The company operates 1.5 GW of power capacity and has 3.7 GW contracted.
Nebius reported Q2 2026 revenue between $575 million and $582 million, reflecting over 450% growth. The company has agreements with Microsoft valued at $17.4 billion to $19.4 billion and targets an annualized revenue run-rate of $3 billion. It aims to bring 800 MW to 1 GW of capacity online by the end of 2026.
Both firms received $2 billion investments from Nvidia. CoreWeave faces $33 billion to $35 billion in debt and plans capital expenditures of $30 billion to $35 billion for 2026. Nebius anticipates over $9 billion in customer prepayments to support its expansion.
Rothschild Redburn downgraded both companies to Sell, citing debt and valuation concerns. Analyst price targets were set at $54 for CoreWeave and $84 for Nebius, diverging from the broader market consensus.
