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Open original source ↗In the race to ramp up, Nebius $NBIS and CoreWeave $CRWV have similar gross debt to annualized Q2 revenue, at 3.7x and 3.4x, respectively.
The difference lies in how much liquidity each has to offset debt – Nebius has net debt of 0.2x annualized revenue, compared to CoreWeave’s 2.9x, giving it higher flexibility to build capacity.
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