Share price
Market value and debt
Backlog
Backlog = signed contracts not yet billed ("remaining performance obligations" in SEC filings). CoreWeave: from its quarterly XBRL filings. Nebius: read from the text of its quarterly 6-K statements and annual report. Nebius first reported it for end of 2025. Separately, Nebius said in July 2026 it has "more than $40 billion of additional contracted revenue" (press release). That claim is not the same measure, so it is not in the chart.
Plans and guidance as of 20 Oct 2026, after Q2 results (written by hand)
CoreWeaveguidance raised on 11 Aug
2026 guidance
- Revenue $12.4–13.2B. Q3: $3.45–3.6B.
- Adj. operating income $0.96–1.15B. Q3 interest expense: $0.86–0.94B.
- Capex $35–39B.
- Revenue run rate (ARR) at year end $18.5–19.5B.
Capacity
- Active power 1.5 GW (+0.5 GW in Q2).
- Contracted power 4.2 GW on 11 Aug. About 6 GW including land options.
Customers
- Backlog $104B (30 Jun), plus >$25B signed after the quarter ended.
- Meta about $35B total (new $21B deal, Apr 2026, through 2032). OpenAI about $22B. Anthropic multi-year deal (value not disclosed).
Funding
- Debt about $35B (30 Jun). In 2026: >$10B of bonds and convertibles in Q2, $3.5B notes (Jun), $3.7B convertible (Sep), and a program to sell up to 35M new shares.
Watch
- 14–17 Oct: stock −25% in one week. Bond yields near 15%. Default swaps priced about 60% odds of default in 5 years.
- 19 Oct: Goldman upgraded to Buy. JPMorgan called the debt fears overdone.
- Q3 results: date not announced, expected 10–16 Nov.
Nebiusguidance kept on 12 Aug, power target raised
2026 guidance
- Revenue $3.0–3.4B (Q2: $582M, +454% vs a year ago).
- Adj. EBITDA margin about 40%.
- Capex $20–25B. Customer prepayments >$9B in 2026.
- ARR at year end $7–9B (Q2: $3.0B).
Capacity
- Contracted power target at year end 5 GW (was >4 GW in May).
- Connected power target at year end 0.8–1 GW.
- From 2027: build >1 GW per year. New 2026 sites: UK, Estonia, Finland. Large US sites: New Jersey, Missouri, Alabama and more.
Customers
- Total commitments >$40B.
- Microsoft $17.4–19.4B through 2031 (all capacity now delivered). Meta $3B (2025) plus up to $27B over 5 years ($12B firm), starting early 2027 on Nvidia Vera Rubin.
- Q2: 4 new deals of >$1B each (for example Cohere, Reflection).
Funding
- Cash about $8B (30 Jun). In 2026: $4.0B convertible (Mar), about $2.8B in share sales, $0.78B GPU-backed loan (Jul), about $5.75B convertible (Aug).
Watch
- Palantir partnership (Sep). Bought Inferize (1 Oct). Stock fell with CoreWeave in mid-October.
- Q3 results: date not announced, expected 10–11 Nov.
Key ratios
TTM = trailing twelve months (last 4 quarters). Run-rate = last quarter × 4. "n/m" = not meaningful (a loss or negative base). Market cap uses today's price and the latest reported share count.
Ratios over time
Financials
All numbers
Source: Yahoo Finance (prices, reported financials, earnings dates) and SEC filings (backlog, and CoreWeave quarters before Q2 '25). US$, as reported. Updated every night at 23:15 (Amsterdam time), after the US market close. Nebius net income and EBITDA include large one-off gains and losses on stakes it holds (for example ClickHouse); read operating income for the core business. "Adj. EBITDA" is Yahoo's normalized figure and can differ from the company's own adjusted EBITDA. Nebius does not file backlog data in XBRL, so its backlog is read by hand from its reports.