Just like the hyperscalers, CoreWeave’s backlog continues to grow at a rapid pace.
Nebius raised their capex guide too, but unlike CoreWeave, they mentioned the impetus for the capex increase was primarily higher demand.
Meta has effectively written Nebius a put on $15 billion of capacity. If the market stays hot and Nebius can sell to higher-margin customers, Meta may get none of that $15 billion capacity.
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Although I am yet to write any Deep Dive on any neocloud, I still like to pay close attention to what they are saying during their earnings calls. Both CoreWeave (CRWV) and Nebius (
