# CoreWeave and Nebius stocks rise despite mounting concerns

> Two AI cloud providers beat earnings expectations but face questions about customer concentration and massive debt loads.
- Title: CoreWeave and Nebius stocks rise despite mounting concerns
- Summary: Two AI cloud providers beat earnings expectations but face questions about customer concentration and massive debt loads. CoreWeave and Nebius show explosive…
- Keywords: coreweave, nebius, neoclouds, earnings reports, openai, meta, arkady volozh, datacenter infrastructure, power supply, nvidia, lancium, debt
- Source: Futuriom — https://futuriom.com/articles/news/coreweave-nebius-shares-rise-on-reports-but-questions-persist/2026/08
- Read time: 2 min
- Topics: coreweave, nebius, neoclouds, earnings reports, openai, meta, arkady volozh, datacenter infrastructure, power supply, nvidia, lancium, debt
## Neocloud stocks surge on earnings
CoreWeave and Nebius shares soared this week after both companies beat Wall Street expectations. But the strong reports raised new questions for some investors.
## CoreWeave revenue doubles
For the quarter ended June 30, CoreWeave reported $2.58 billion in revenue, up 112% year-over-year. The company claimed a sales backlog of $108 billion, up 246%.
## CoreWeave loses $626 million
CoreWeave reported a net loss of $626 million, up 116% year-over-year. Capital expenditures hit $6.42 billion, up 162%.
## Spending far outpaces revenue
CoreWeave projects full-year 2026 capex between $35 billion and $39 billion. Revenues are guided to fall between just $12.4 billion and $13.2 billion.
## Nebius revenue jumps 454%
Nebius reported $582.2 million in revenues for the quarter ended June 30, up 454%. Net cash from operating activities was $2.25 billion.
## Nebius also loses money
Nebius posted a net loss of $190.4 million, or 68 cents per share. The company spent $5.66 billion on capex, up over 1,000% year-over-year.
## Three customers drive 72% of sales
CoreWeave's SEC filing reveals 72% of sales came from three customers, including OpenAI and Meta. No other single customer accounted for 10% or more of revenue.

> We anticipate that we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future
## Nebius relies on four big deals
CEO Arkady Volozh noted that a substantial amount of Nebius revenue came from four landmark deals of more than $1 billion each.
## Power supply remains a challenge
CoreWeave has 1.5 GW of power on hand and 4.2 GW contracted, targeting 8 GW by decade's end. Nebius expects 5 GW contracted by end of 2026.
## U.S. grids can't handle demand
Electrical grids in the U.S. won't be sufficient for AI factories' power demands. NVIDIA recently invested in Lancium, showing power is as key as GPUs.
## Competition intensifies for power
Companies like IREN and xAI are also clamoring for datacenter power and infrastructure. These pressures could force both companies into further debt.
## Both carry $46 billion in debt
CoreWeave carries over $46 billion in debt, and Nebius holds $46.7 billion. Both companies continue to lose money despite strong revenue growth.
## Key takeaway

CoreWeave and Nebius show explosive revenue growth but remain unprofitable, heavily indebted, and dangerously reliant on just a few customers.