Best Neocloud / CoreWeave vs Nebius
CoreWeave vs Nebius
The two top-rated neoclouds both sell HGX B300 at scale. They're built very differently. Here's what that means for a buyer.
CoreWeave is the bigger company, leases most of its data centers and sells mainly large reserved clusters. Nebius is smaller but growing faster, owns most of its data centers, and offers self-service GPUs as well as reserved clusters. Both offer HGX B300 and both were rated Platinum in SemiAnalysis ClusterMAX 3.0.
CoreWeave vs Nebius at a glance
| CoreWeave | Nebius | |
|---|---|---|
| Based | United States | Amsterdam, Netherlands |
| Origin | Started in crypto mining, moved to AI GPU cloud | Formed from the international businesses of Yandex in 2024 |
| Listed | Nasdaq: CRWV (IPO 28 Mar 2025) | Nasdaq: NBIS |
| Q1 2026 revenue | $2.08B, up 112% year on year | $399M, up over 600% year on year |
| Data centers | Over 1 GW active, almost all leased from partners | Over 75% of contracted capacity in its own sites |
| Sites named | Many US partner sites; first self-built site in New Jersey planned | Mäntsälä (Finland), Vineland NJ, Kansas City, plus a new Pennsylvania site |
| Anchor customers | Microsoft, OpenAI, Meta | Microsoft, Meta |
| HGX B300 | Generally available since 16 Mar 2026 | In production, self-service and reserved |
| How you buy | Mostly through sales, reserved terms | Self-service console or sales for large reservations |
| ClusterMAX 3.0 | Platinum | Platinum |
Financial and data center figures from Daloopa's analysis of company filings. B300 status from CoreWeave and Nebius. ClusterMAX 3.0 per FourWeekMBA.
Size and growth
CoreWeave is about five times larger by quarterly revenue. Nebius is growing much faster from a smaller base, driven by its Microsoft agreement (announced 9 September 2025) and Meta contracts disclosed through 2025 and 2026 (Daloopa). Both have far more contracted demand than live capacity, which is why start dates matter in any quote.
Owned vs leased data centers
This is the biggest structural difference. CoreWeave leases nearly all its power from data center partners, with no single landlord over 17% of capacity. That let it grow fast, but adds a layer between you and the building. Nebius owns most of its sites, which can mean more control over delivery dates, but fewer locations to choose from.
For a buyer, ask both: which facility will my cluster be in, is it running today, and who operates the building?
Buying experience
Nebius lets you start with a few B300 GPUs from its console, then move to a reserved cluster through sales. CoreWeave is aimed at large reserved deployments, so expect a sales process from the start. If you're testing before a big commitment, Nebius is usually quicker to try. If you need thousands of GPUs on one fabric, quote both.
Customer concentration
Microsoft was 62% of CoreWeave's revenue in 2024, falling to 45% in Q1 2026, while Meta and OpenAI now make up most of its backlog. Nebius has fewer, very large anchor deals with Microsoft and Meta. Either way, you'll be a smaller customer next to these. Get your allocation, start date and service credits in writing.
Which should you choose?
Choose CoreWeave if
- You need a very large reserved cluster
- You want the longest track record at hyperscale
- You're happy with a sales-led process
Choose Nebius if
- You want to test on self-service first
- You prefer an operator that owns its sites
- You need capacity in Europe
Most large buyers should quote both, plus at least one of Lambda or Crusoe. We can do that in one request.
Questions
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