CoreWeave Stock Trails Nebius Following a Turbulent IPO Year
In Focus
- CoreWeave was listed publicly on March 27, 2025
- The company’s stock has risen from $40 to $85 since IPO
- Nebius stock has surged over 350% since CoreWeave’s IPO
CoreWeave stock performance is lagging that of neocloud provider, Nebius. According to Yahoo Finance, this lag isn’t due to products or market positions. Rather, it’s due to high AI spending, a concern that now affects many other tech companies.
“CoreWeave, for some time, has underperformed Nebius, not because its business model is risky compared to that of Nebius, it’s just that Nebius has a pretty clean balance sheet. It hasn’t gone as far as CoreWeave on the building of the infrastructure,” Head of Tech Research at Freedom Capital Markets, Paul Meeks noted.
CoreWeave Shares Lag Nebius Stock
CoreWeave, which invested $6 billion in an AI data center in Pennsylvania, went public on March 27, 2025. Since then, its share price has risen from $40 to more than $85. In June 2025, the stock rose to a high of about $184 before dropping by 53%. On the contrary, Nebius stock has surged by more than 350% since CoreWeave’s public listing.
The stock performance disparity has been more pronounced this month. Nebius stock surged 27% while CoreWeave rose 7.9%. CoreWeave and Nebius offer specialized high-performance computing infrastructure for AI hyperscalers like Meta Microsoft and Alphabet.
Recently, Nebius signed a $27 billion deal with Meta to supply AI computing capacity in multiple locations. Despite offering the same services, there is a stark difference in their stock performance.
“They’re wholly reliant on a few hyperscaler contracts to get investors excited,” Tech Sector Head at Hedgeye Risk Management, Felix Wang said.
A Tough Year for CoreWeave
The neocloud provider has had a tough year in the stock market. CoreWeave’s IPO performance fell short of the company’s expectations. The firm planned to raise $2.7 billion through the IPO, but had to settle for $1.5 billion. Nvidia anchored the sale with a $250 million order.
But within months, investments started flowing into tech firms that were set to benefit from rising AI spending. This caused CoreWeave shares to surge. The company also signed deals worth $4 billion to supply computing power to OpenAI. The deals enhanced investor confidence.
However, the excitement was short-lived as concerns over high AI spending, delays in completing data centers, and supply constraints emerged. As 2025 drew to a close, CoreWeave stock was trading at $71.61. The share price has not risen above $115 since then.
Nebius Faces Scrutiny Over Debt
As CoreWeave struggles with heavy AI spending, Nebius is also facing scrutiny over rising debt. In February 2026, Nebius Group announced that it would increase its capital expenditure as it prioritized data center expansion. Later, the company said it would raise $3.75 billion through a private offering of convertible senior notes.
Both CoreWeave and Nebius Group remain unprofitable. However, CoreWeave’s loss will be as much as $1.7 billion this year, compared to about $660 million for Nebius. Despite that, CoreWeave’s revenue is projected to reach $12.5 billion in 2026, which is about four times that of Nebius.
