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CoreWeave vs Nebius: financing and capacity snapshot
Side-by-side facts from company IR and SEC filings covered in HPC Daily. This is not a ranking or recommendation. Numbers are company-disclosed; definitions differ across releases.
As of 2026-09-19 · CRWV / NBIS
Recent convertible / capital raises
| Metric | CoreWeave (CRWV) | Nebius Group (NBIS) |
|---|---|---|
| Latest convert (priced or closed) | Priced Sep 18, 2026: $3.7B aggregate 2.875% convertible senior notes due Apr 1, 2033 (upsized from Sep 17 proposed $3.0B). Settlement targeted Sep 22, 2026 subject to closing. +$500M 13-day option. Initial conversion ~$97.85 (~22.50% premium to Sep 17 close $79.88). Est. net proceeds ~$3,644.5M (~$4,137.0M if option full); ~$498.8M for capped calls (cap $199.70). | Closed Aug 24, 2026: ~$5.75B two-tranche convert after full $750M greenshoe — $3.45B of 0.50% notes due Feb 15, 2030 and $2.3B of 4.50% notes due Feb 15, 2034. Concurrent exchange of $400M of 2.00% 2029s and $400M of 3.00% 2031s for ~15.8M Class A shares. Proceeds earmarked for data-center construction, GPUs, full-stack AI cloud. |
| Other equity / ATM overhang | Sep 17, 2026: Equity Distribution Agreement for up to 35,000,000 Class A shares (ATM). Company expected no ATM sales until at least 30 days after the convertible purchase-agreement date. | Same window as convert close: shareholders approved a five-year authority to issue up to 20% more Class A and waive pre-emptive rights (AGM). |
Contracted capacity / pricing color (as disclosed)
| Metric | CoreWeave (CRWV) | Nebius Group (NBIS) |
|---|---|---|
| Power / capacity metric | As of Aug 11, 2026 (restated Sep 17 IR): about 4.2 GW contracted power, up from about 3.7 GW as of Jun 30, 2026. Early Q3: more than $25B net new customer commitments not in Jun 30 revenue backlog. | Sep 9, 2026 Citi TMT fireside (company calendar): management discussed auction pricing color and said 5 GW financing was still mostly ahead — not a closed capacity figure in that appearance. |
| Recent pricing / commercial print | Sep 17, 2026 IR: Q3 short-dated (roughly 3–6 month) customer contracts at about $40M per MW (annualized revenue ÷ power for related clusters). | No matching $/MW short-dated print in the Sep 2026 IR window covered here. Sep 8, 2026: Palantir named Nebius preferred sovereign AI infrastructure partner (no MW or contract value in the release). |
Product / campus notes (recent)
| Metric | CoreWeave (CRWV) | Nebius Group (NBIS) |
|---|---|---|
| Recent ops / product claim | Sep 16, 2026: multi-rack NVIDIA Vera Rubin NVL72 bring-up on CoreWeave Cloud plus AI Object Storage features. No MW/ARR/site terms in that release. | Partnership framing with Palantir for sovereign stack placement inside Palantir’s perimeter after integration — still no MW or dollars in the primary release. |
How to read the gap
- CoreWeave’s latest card is a priced U.S. convert plus a same-week short-dated $/MW print and a restated contracted-power figure.
- Nebius’s latest large financing print in this set is the closed $5.75B two-tranche convert (late August); September color was partnership + conference commentary, not a new priced convert.
- Do not add the two convert sizes into a single ‘capital raised’ score — different dates, structures, coupons, and use-of-proceeds language.
Sources
- CoreWeave prices $3.7B convert (Sep 18) · HPC Daily story
- CoreWeave ~$40M/MW short-dated Q3 (Sep 17) · HPC Daily story
- CoreWeave proposed convert + ATM (Sep 17) · HPC Daily story
- Nebius closes ~$5.75B convert (Aug 24) · HPC Daily story
- Nebius–Palantir preferred partner (Sep 8) · HPC Daily story
Facts only from primary IR/SEC items already covered by HPC Daily. Definitions of contracted power, ARR, and convert proceeds differ by issuer. Not investment advice.