Overview
- Nvidia CEO Jensen Huang named CoreWeave and Nebius at the Goldman Sachs conference last Thursday, saying they secure scarce land, power and data-center shells that cloud giants can no longer find.
- Nvidia has put roughly $2 billion into each company and expanded hardware and capacity agreements that aim to accelerate deployments of multiple gigawatts of AI data-center capacity.
- CoreWeave reported Q2 revenue of $2.58 billion and a $104 billion revenue backlog but showed heavy cash burn, large interest costs and roughly $33–36 billion of debt that raise near-term funding needs.
- Nebius grew faster in Q2 to $582 million with about a 50% AI-cloud adjusted EBITDA margin and has obtained cheaper, asset- and contract-backed financing that lenders priced at SOFR plus 2.5%.
- The key risk now is financing: lenders are already charging materially different spreads, and higher Fed-driven rates or any drop in contracted utilization could force more expensive refinancing or slow builds.