CoreWeave vs Nebius vs IREN

CriteriaCoreWeave (CRWV)Nebius (NBIS)IREN (Iren S.p.A.)
2026 Projected Revenue$7.0B (range $6.0–8.5B)€7.8B (~$8.6B) (range €7.0–9.5B)
2027 Projected Revenue$8.7B (range $7.5–10.5B)$7–9B€9.0B (~$10.0B) (range €8.0–10.5B)
Market Cap~$38B~$27.6B~€3.2B (~$3.8B)
Cash$1.89B cash (≈$2.97B incl. restricted)≈$4.8B≈€1.03B
Debt≈$14.0B total debt≈$4.1B total debtNet financial debt ≈ €4.0–4.2B
Data Center LocationsU.S. (NJ, TX + new U.S. hyperscale sites)EU (Amsterdam HQ) + expanding global AI DC footprintItaly / Europe (Iren data-center operations tied to Italian utility network)