CoreWeave vs. Nebius: Which Is the Better AI Neocloud Stock to Own for the Next 3 Years?

Nebius emerges as the superior AI neocloud investment over CoreWeave for a 3-year horizon. CoreWeave faces financial strain with a 0.46 current ratio and corporate bonds yielding 15% APR, requiring debt refinancing. Nebius boasts a stronger 4.03 current ratio and finances 50-60% of capex through customer prepayments. While CoreWeave currently generates more revenue ($2.6B vs $582.3M in Q2), Nebius's 454% growth rate versus CoreWeave's 112% suggests it will close the gap. Nebius's available capacity positions it better to capitalize on rising megawatt prices ($40-50M per megawatt for short-term deals), while CoreWeave's capacity is locked into long-term contracts.