CoreWeave’s $5.1B Revenue Surge vs. Nebius’ Profitable Growth Highlights Stark Debt Divide in AI Infrastructure Stocks

TL;DR: CoreWeave posted $5.1 billion in revenue for FY 2025, a 167.9% rise, but remains unprofitable with over $20 billion of debt, while Nebius Group generated $529.8 million, up 479%, earned $101.7 million net income and carries debt roughly equal to equity.

CoreWeave Inc. (CRWV 1.86%) provides massive GPU clusters for AI training, serving mainly large tech firms. Nebius Group (NBIS 2.34%) operates a global data‑center platform that bundles hardware with software tools for a broader range of industries. Both companies supply the computing power needed to build and run modern AI models.

In FY 2025 CoreWeave’s revenue reached $5.1 billion, reflecting a 167.9% year‑over‑year increase. The company posted a net loss of about $1.2 billion, yielding a negative net margin of 22.7%. Its balance sheet showed more than $20 billion of debt and a debt‑to‑equity ratio of 4.5x. On May 18 CoreWeave added a $3.1 billion loan facility to fund further data‑center expansion. The stock rose 1.86% in the latest session, giving it a market cap of roughly $9.8 billion.

Nebius Group reported FY 2025 revenue of $529.8 million, up 479% year‑over‑year. Net income came in at $101.7 million, producing a 19.2% net margin. Its debt‑to‑equity ratio stood at about 1.1x, with a current ratio of 3.1x indicating strong short‑term liquidity. The shares gained 2.34% recently, translating to a market cap of approximately $2.2 billion.

The divergence stems from differing growth strategies: CoreWeave prioritizes rapid scale through large‑scale partnerships, notably Microsoft, which supplied roughly two‑thirds of its 2025 revenue. This concentration fuels top‑line expansion but adds customer‑risk and leaves the firm heavily leveraged. Nebius pursues a more diversified client base and integrates software services, allowing it to convert revenue growth into profit while keeping leverage modest.

Investors should watch how CoreWeave manages its debt service amid slowing AI hardware demand and whether Nebius can sustain margin improvement as it expands its platform internationally.