Question 1

What would NBIS be worth at CoreWeave's valuation?

Accepted Answer

About $30.88 a share, 81% below today. CoreWeave trades at 2.6 times sales against Nebius's 14.2. Nebius grows faster from a smaller base, which is the usual reason for a higher multiple.

Question 2

Which comparison actually fits Nebius?

Accepted Answer

The other GPU landlords: CoreWeave, IREN, Applied Digital and Cipher. They rent out the same hardware to the same customers. On that group Nebius sits mid-pack at 14.2 times sales, cheaper than Cipher at 19.5 and IREN at 15.0, more expensive than CoreWeave at 2.6. Microsoft and Alphabet are mature businesses growing in the high teens, so their multiples answer a different question.

Question 3

Why does NBIS show two different P/S ratios?

Accepted Answer

Trailing revenue is $1.36B, which puts Nebius at 33.3 times sales. The company guides to $3.0–3.4B for 2026, which puts it at 14.2. Revenue grew about 507% over the past year, so the trailing figure describes a company that no longer exists. Most finance sites publish only the trailing one.