Why CoreWeave Is The Best Neocloud Buy

What does Wall Street have against CoreWeave? Shares of the neocloud have been stalled for the past 12 months, even as the stocks of rivals such as Amsterdam-based Nebius and Australia-based Iren have soared. That’s despite the fact that CoreWeave is the furthest along in building a business to compete with more established cloud firms.

CoreWeave is now trading at just 2.2 times its expected 2028 revenue, well below both Nebius and Iren, which are both trading at around 2.7 times, according to analyst estimates compiled by S&P Global Market Intelligence. We’re looking at 2028 revenue because by then all three will have begun delivering on recent contracts they have signed with customers.