AI 算力运营商经营看板AI compute operators
CoreWeave 与 Nebius：收入增长、现金投入和融资负担。财务图表统一为单季度，金额为百万美元。CoreWeave and Nebius: revenue growth, cash investment and financing exposure. Financial charts show individual quarters in USD million.
每周四08:51（北京时间）检查新财报；数字只随已披露季度更新。Check new filings Thursdays at 08:51 (Asia/Shanghai); observations update only with reported quarters.
最新季度经营与现金流Latest quarterly operations and cash flows
| 公司Company | 报告期Period | 营收Revenue | 净利润Net income | 经营现金流Operating cash flow | 现金资本开支Cash capex | 自由现金流Free cash flow | 来源Source |
|---|---|---|---|---|---|---|---|
| CoreWeave | 2026 Q2 | 2,575.0 | -626.0 | 679.0 | 6,422.0 | -5,743.0 | 官方来源Official source |
| Nebius | 2026 Q2 | 582.3 | -190.4 | 2,246.1 | 5,657.4 | -3,411.3 | 官方来源Official source |
单位：百万美元。自由现金流＝经营现金流−现金资本开支；不包含借款、股权融资或资产出售收入。经营现金流可能受到客户预付款影响，不等同于利润。USD million. Free cash flow = operating cash flow minus cash capex; borrowing, equity issuance and asset disposals are excluded. Customer prepayments can affect operating cash flow; it is not profit.
季度营收Quarterly revenue
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CoreWeave：现金流与资本开支CoreWeave: cash flow and capex
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Nebius：现金流与资本开支Nebius: cash flow and capex
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期末现金与债务Period-end cash and debt
| 公司Company | 报告期Period | 现金及等价物Cash and equivalents | 借款账面余额Borrowing carrying value | 借款减现金Borrowings less cash |
|---|---|---|---|---|
| CoreWeave | 2026 Q2 | 5,524.0 | 35,068.0 | 29,544.0 |
| Nebius | 2026 Q2 | 8,042.1 | 8,545.7 | 503.6 |
单位：百万美元。借款取披露的流动与非流动债务，不含经营及融资租赁负债；现金不含受限现金。此处“借款减现金”不是企业价值计算或完整的净债务调整。USD million. Borrowings use disclosed current and non-current debt, excluding operating and finance lease liabilities. Cash excludes restricted cash. Borrowings less cash is not an enterprise-value calculation or a fully adjusted net-debt measure.
容量与未来合同收入Capacity and future contracted revenue
| 公司Company | 报告期Period | 已投运 MWActive MW | 已签约电力 MWContracted power MW | RPO（百万美元）RPO (USD m) | 订单积压（百万美元）Backlog (USD m) | 来源Source |
|---|---|---|---|---|---|---|
| CoreWeave | 2026 Q2 | 1,500 | 3,700 | 103,700.0 | ≈104,000 | 官方来源Official source |
| Nebius | 2026 Q2 | — | — | — | — | 官方来源Official source |
CoreWeave订单积压是公司口径，包含RPO以及其他预计可确认的合同金额，不等于当期收入或保证收入；不能与RPO相加。签约电力也不等于已投运电力。Nebius未列出可复核的同口径当期数值，以“—”表示，未把未来容量指引填入实际值。CoreWeave backlog is a company-defined measure including RPO and other expected contracted revenue. It is neither current nor guaranteed revenue and must not be added to RPO. Contracted power is not active power. Comparable verified current-period Nebius figures are unavailable here and shown as —; future capacity guidance is not substituted for actuals.
季度历史与口径Quarterly history and definitions
展开季度明细Show quarterly observations
| 公司Company | 报告期Period | 营收Revenue | 净利润Net income | 经营现金流Operating cash flow | 现金资本开支Cash capex | 自由现金流Free cash flow | 来源Source |
|---|---|---|---|---|---|---|---|
| Nebius | 2026 Q2 | 582.3 | -190.4 | 2,246.1 | 5,657.4 | -3,411.3 | 官方来源Official source |
| CoreWeave | 2026 Q2 | 2,575.0 | -626.0 | 679.0 | 6,422.0 | -5,743.0 | 官方来源Official source |
| Nebius | 2026 Q1 | 399.0 | 621.2 | 2,258.0 | 2,472.9 | -214.9 | 官方来源Official source |
| CoreWeave | 2026 Q1 | 2,078.0 | -740.0 | 2,984.0 | 7,695.0 | -4,711.0 | 官方来源Official source |
| Nebius | 2025 Q4 | 227.7 | -249.6 | 834.3 | 2,056.0 | -1,221.7 | 官方来源Official source |
| CoreWeave | 2025 Q4 | 1,571.9 | -451.7 | 1,558.9 | 4,059.8 | -2,500.8 | 官方来源Official source |
| Nebius | 2025 Q3 | 146.1 | -119.6 | -80.6 | 955.5 | -1,036.1 | 官方来源Official source |
| CoreWeave | 2025 Q3 | 1,364.7 | -110.1 | 1,689.1 | 2,389.2 | -700.2 | 官方来源Official source |
| Nebius | 2025 Q2 | 105.1 | 502.5 | -167.7 | 510.6 | -678.3 | 官方来源Official source |
| CoreWeave | 2025 Q2 | 1,212.0 | -290.0 | -251.0 | 2,453.0 | -2,704.0 | 官方来源Official source |
| Nebius | 2025 Q1 | 50.9 | -104.3 | -184.1 | 543.9 | -728.0 | 官方来源Official source |
| CoreWeave | 2025 Q1 | 982.0 | -315.0 | 61.0 | 1,407.0 | -1,346.0 | 官方来源Official source |
CoreWeave采用SEC XBRL财务数据：现金流只有年初累计值时，用本期累计减前期累计得到单季值，Q4用全年减前三季度。历史优先采用最近披露版本。Nebius采用官方财报PDF的单季栏，优先采用后续报告重列的同期数字。CoreWeave uses SEC XBRL financial facts: when only YTD cash flow is reported, the prior YTD total is subtracted to obtain the quarter; Q4 is full year minus nine months. Latest filings take precedence. Nebius uses quarterly columns from official earnings PDFs, prioritizing restated comparatives in later releases.
Nebius为集团持续经营口径，除AI云外还包括Avride、TripleTen；净利润使用持续经营净利润。其现金资本开支含设备和无形资产，CoreWeave此项为现金购置物业、厂房及设备。两家公司口径存在差异，规模和现金流不能直接视为同一业务的效率排名。Nebius reports group continuing operations, including Avride and TripleTen alongside AI cloud; net income is from continuing operations. Its cash capex includes equipment and intangible assets; CoreWeave uses cash purchases of property, plant and equipment. These scope differences prevent treating scale or cash flows as an efficiency ranking of identical businesses.