Neoclouds sold off on Oct. 14 as yields on CoreWeave's 2032 bonds approached 15%. The Financial Times also reported that CoreWeave is eyeing cheap capital from insurers to finance new data centers. Shares of CoreWeave, Nebius, IREN, and Oracle dropped by 15%, 10%, 12% and 9%, respectively.
Nebius is growing at a tremendous pace. Computing deals signed with Microsoft and Meta, despite a likely low margin, build credibility about Nebius' technical capabilities, and are a first base to chase more profitable enterprise clients.
Nebius has a multibillion-dollar cash flow burn period ahead, which will require significant equity and debt raises to fund the huge capital expenditure required to build data centers and buy GPUs.
Metric | NBIS | MSFT | CRWV |
|---|---|---|---|
Price/Earnings (Normalized) | — | 29.41 | — |
Price/Book Value | 3.40 | 8.38 | 5.09 |
Price/Sales | 26.46 | 11.41 | 3.19 |
Price/Cash Flow | 86.10 | 20.39 | 6.78 |
Metric | NBIS | MSFT | CRWV |
|---|---|---|---|
Quick Ratio | 3.60 | 0.83 | 0.39 |
Current Ratio | 4.03 | 1.22 | 0.46 |
Interest Coverage | 0.98 | 55.15 | −0.03 |
Metric | NBIS | MSFT | CRWV |
|---|---|---|---|
Return on Assets (Normalized) | −2.61% | 19.01% | −3.07% |
Return on Equity (Normalized) | −6.61% | 32.28% | −35.57% |
Return on Invested Capital (Normalized) | −2.13% | 28.37% | −0.00% |
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