CoreWeave has just reported the quarter ended September 30. Nebius's latest reported quarter ended June 30, and its September-quarter results are scheduled for November 12 before the market opens. This is a dated comparison of capital intensity, financing and completed charts, not a matched-quarter growth contest.
The evidence basis
CoreWeave's Q3 2026 revenue was $3.661 billion, GAAP operating income was $207 million, and GAAP net loss was $709 million. Net interest expense was $846 million. Its company-defined adjusted EBITDA was $2.256 billion. Nebius's latest Q2 2026 report showed $582.3 million of consolidated revenue, including businesses beyond AI cloud, a $190.4 million GAAP loss from continuing operations, and $236.2 million of company-defined adjusted EBITDA. Nebius reported $119.1 million of gross interest expense; that is not the same caption as CoreWeave's net interest expense. The reporting quarters, revenue mix and non-GAAP definitions differ, so dividing one number by the other would create a misleading rank.
Cash, equipment and financing
CoreWeave reported Q3 operating cash flow of $1.975 billion and purchases of property and equipment of $9.441 billion. Nebius reported Q2 operating cash flow of $2.246 billion, which included a $1.197 billion increase in deferred revenue, and $5.657 billion of property, equipment and intangible purchases. These are separate periods and purchase definitions; neither operating-cash-flow figure is free cash flow or a stable run rate.
At their respective period ends, CoreWeave reported $4.122 billion of unrestricted cash plus $2.282 billion of restricted cash, and $46.873 billion across four recourse and nonrecourse balance-sheet debt lines. Nebius reported $8.042 billion of unrestricted cash plus $1.056 billion of restricted cash, and $8.546 billion of current and noncurrent debt. Restricted cash has a different use from unrestricted cash. The debt sums exclude lease liabilities and do not measure every obligation. They show different financing structures at different dates, not a simple winner.
Separate completed-session charts
NASDAQ:CRWV closed November 10 at $48.73, down 0.51% from November 9, below its $74.13 50-day and $89.71 200-day simple averages. NASDAQ:NBIS closed at $134.00, down 5.27%, below its $198.90 50-day and $178.82 200-day averages. The share-price scales are unrelated to enterprise value or valuation. Both daily closes came before CoreWeave's after-close release and before Nebius's scheduled report. A daily reclaim of an average requires a completed close above and a later daily retest and close above; neither line is a guaranteed floor.
What changes the comparison
Nebius's November 12 report can update the financial side with a September-quarter period. Look for its reported revenue mix, GAAP result, cash generation, capital spending, deferred-revenue movement and financing disclosures before drawing a matched-quarter conclusion. CoreWeave's future deliveries, financing costs and capital spending will test how its $132.5 billion backlog translates into recognized revenue and cash. That backlog is not already earned revenue. Until both September quarters are available, the defensible verdict is that both businesses are expanding capital-intensive AI infrastructure under different funding structures, with both November 10 charts below their daily averages. Neither has a responsible head-to-head winner on this freeze.
See CoreWeave Stock of the Day. Market research only, not a recommendation to buy or sell.
Sources: CoreWeave Q3 SEC earnings exhibit; Nebius Q2 SEC earnings exhibit; Nebius Q3 release schedule. Charts: TradingView NASDAQ:CRWV captured through the completed November 10 daily session; TradingView NASDAQ:NBIS November 10 snapshot.