NEW YORK, July 30, 2026, 10:19 EDT – CoreWeave (CRWV.O) and Nebius (NBIS.O) stocks rose as differences in cash reserves shaped separate directions for AI cloud trading.
- CoreWeave advanced 20.8%, while Nebius climbed 28.7% during open U.S. trading.
- As of March 31, both had debt close to 25% of their contracted work.
- CoreWeave reported a debt-to-cash ratio of 11.2, while Nebius was at 0.9, according to an SEC filing.
CoreWeave advanced to $73.45, as Nebius rose to $190.79 during Thursday morning trading. The gains came after a steep, credit-driven selloff on Wednesday.
Shares of Microsoft NASDAQ:MSFT surged 15.3% after reporting a 43% increase in Azure revenue. The company’s cloud outlook for the coming quarter was also above expectations. “Azure is ‘staying right there in the race,’” Aptus Capital’s Dave Wagner told Reuters. Reuters
Thursday market summary
| Company | Price | Daily change | Intraday range |
|---|---|---|---|
| CoreWeave | $73.45 | +20.8% | $61.02–$73.80 |
| Nebius | $190.79 | +28.7% | $149.00–$195.26 |
| Microsoft | $450.21 | +15.3% | $417.00–$451.62 |
The finance-feed snapshot was captured at 10:19 a.m. EDT. Prices continued to update in real time.
The report reinforced the argument for AI demand, but did not resolve the funding issue.
Regulatory filings reveal the reasons. Debt made up close to 25% of contracted business for both neocloud firms. CoreWeave’s cash reserves were much lower relative to its debt.
Credit-default swaps (CDS) function similarly to insurance for missed debt repayments. The associated report put CoreWeave’s five-year CDS spread close to 855 basis points. The model-based five-year default likelihood stood at roughly 50%. Reuters cautioned that light trading volumes in CDS markets can amplify the impact of relatively minor trades.
CoreWeave’s Q1 results clarify the credit reaction. Interest costs amounted to 25.8% of sales. Spending on capital assets totaled $7.70 billion, which is 3.7 times quarterly revenue.
Cash intensity for Q1 2026
| Metric | CoreWeave | Nebius |
|---|---|---|
| Revenue | $2.078bn | $0.399bn |
| PP&E and intangible purchases | $7.695bn | $2.473bn |
| Purchases/revenue | 3.7x | 6.2x |
| Interest expense | $0.536bn | $0.064bn |
| Interest/revenue | 25.8% | 16.0% |
| Operating cash flow | $2.984bn | $2.258bn |
| Simple free cash flow | -$4.711bn | -$0.215bn |
Simple free cash flow is calculated by taking operating cash and deducting reported capital expenditures. Nebius’s numbers for the quarter are unaudited.
Nebius required more capital relative to its present sales, but its straightforward cash shortfall was notably less.
The result requires context. Operating cash was bolstered by a $3.20 billion inflow from deferred revenue, largely comprised of customer advance payments. Nebius additionally secured $4.34 billion via convertible note issuance and $2 billion through prefunded warrants.
Funding status for Q1 2026
| Metric | CoreWeave | Nebius |
|---|---|---|
| Debt | $25.149bn | $8.450bn |
| Cash | $2.244bn | $9.298bn |
| Debt/cash | 11.2x | 0.9x |
| Contracted work | $99.400bn in backlog | $33.585bn RPO |
| Debt/contracted work | 25.3% | 25.2% |
CoreWeave reports principal debt, while Nebius includes both current and non-current debt. Ratios use data from company filings.
CoreWeave’s undrawn facilities amounted to $8.83 billion, bringing total liquidity up to $11.09 billion. The company’s debt remained 2.3 times its liquidity. Nebius maintained net cash, while its projected undiscounted leases reached $9.91 billion.
The figures for contracted work are not directly comparable. CoreWeave’s total incorporates projected revenue from its signed contracts, while Nebius provides data for its remaining performance obligations. Of this amount, just 29% was anticipated to be realized within 24 months.
Research is divided on the stock. Danil Sereda, a contributor to Seeking Alpha, maintained a Hold rating, highlighting concerns over debt and declining margins. Meanwhile, Rosenblatt analyst John McPeake set a Street-high price target of $250, which is roughly 240% greater than Thursday’s closing price.
CoreWeave announced a federal AI partnership with Leidos NYSE:LDOS. Chief Operating Officer Sachin Jain stated that federal teams require “secure, scalable platforms to operationalize” AI. The companies did not reveal the value of the contract. Final agreements have yet to be signed. investors.coreweave.com
The upcoming results are set to challenge both narratives. CoreWeave is scheduled to announce on August 11 at 5 p.m. EDT, while Nebius is due to report before the market opens on August 12. Analysts will focus on capex, interest expenses, and backlog conversion for their implications.
Risks: Broader CDS spreads have the potential to lift refinancing expenses. CoreWeave faces $11.72 billion in principal repayments scheduled through 2027. Nebius’s lease commitments may weaken its present cash position.
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