TLDR
- Nvidia CEO Jensen Huang called out CoreWeave and Nebius by name at Goldman Sachs conference, saying both are “doing fantastically”
- CoreWeave posted Q2 revenue of $2.58 billion, up 112% year over year, with a $104 billion backlog
- Nebius grew Q2 revenue 454% year over year to $582 million, with a 50% AI-cloud EBITDA margin
- Nvidia has committed $2 billion to each company, targeting over 5 gigawatts of AI infrastructure by 2030
- CoreWeave carries $33.8 billion in debt and a $626 million Q2 net loss, while Nebius cut its adjusted net loss by 64%
Nvidia CEO Jensen Huang gave a public endorsement of two AI cloud companies at the Goldman Sachs Communacopia + Technology Conference last week. He named CoreWeave and Nebius Group as companies that are solving a key problem in AI infrastructure: finding land, power, and data center space.
Huang said the bottleneck in AI is no longer chips. It is physical infrastructure. Power grids, land, and finished buildings are now the hard part.
“They secure land, power, and shell for us that the CSPs have already exhausted,” Huang said, referring to the two so-called neocloud companies.
Nvidia expects around 70% year-over-year revenue growth next year, even though unconstrained demand is growing at more than 100%. Neoclouds help close that gap.
CoreWeave: Big Revenue, Big Debt
CoreWeave reported Q2 revenue of $2.58 billion, up from $1.21 billion a year earlier. Its revenue backlog hit $104 billion, up 246% year over year.
CoreWeave, Inc. Class A Common Stock, CRWV
Nvidia invested $2 billion in CoreWeave in January, buying shares at $87.20 each. The two companies are also working together to support more than 5 gigawatts of AI factories by 2030.
The financials are not all positive. CoreWeave reported a $626 million net loss in Q2 and carried roughly $33.8 billion in debt as of June 30. The company also raised its 2026 capital spending forecast to between $35 billion and $39 billion.
CoreWeave stock has gained about 18% in 2026 so far, which trails Nebius by a wide margin.
Nebius: Faster Growth, Healthier Bottom Line
Nebius grew Q2 revenue by 454% year over year to $582 million. Its AI-cloud adjusted EBITDA margin reached 50%, and contracted power capacity guidance climbed above 4 gigawatts.
Nvidia committed $2 billion to Nebius in March through a pre-funded warrant covering 21.1 million shares.
Nebius also has contracted demand from major tech companies. SEC filings show a potential $27 billion five-year infrastructure deal with Meta Platforms and up to $17.4 billion in Microsoft GPU-cloud commitments through 2031.
Nebius reduced its adjusted net loss by 64% to $33.2 million in Q2. Its stock has surged 146% in 2026.
The neocloud infrastructure market generated $25 billion in revenue in 2025 and is projected to reach $400 billion by 2031, according to Synergy Research Group. That is a compound annual growth rate of 58%.
Bank of America estimates the combined backlog of Microsoft, Oracle, Amazon, and Google alone stood at $2.3 trillion at the end of Q2.
Both companies are positioned in a fast-growing market. CoreWeave offers more backlog visibility. Nebius offers faster growth and a stronger bottom line. Analysts expect both to grow at a strong pace over the coming years.
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