Which AI infrastructure company, CoreWeave or Nebius Group, will lead in profitability by 2030?

**CoreWeave is poised to lead in profitability by 2030**. Here's why: 1. **Faster Revenue Growth and Backlog**: CoreWeave has a significant revenue backlog of almost $26 billion at the end of the first quarter, which is 63% higher than the previous year. This backlog, coupled with a focus on enhancing data center capacity, is expected to pave the way for outstanding growth. 2. **Strategic Acquisitions**: The upcoming $9 billion acquisition of Core Scientific will bring in an additional 1 gigawatt of data center capacity and help reduce costs from existing leases. This acquisition is expected to lower future lease liabilities by over $10 billion and lead to annual run-rate cost savings of $500 million by the end of 2027. 3. **Financial Position and Liquidity**: CoreWeave has a $9 billion market cap and $1.44 billion in cash, which provides a strong financial foundation for investing in growth opportunities. 4. **Long-term Outlook**: Analysts forecast a continuous increase in CoreWeave's revenue, which should help pave a path to profitability. The company's investments today are expected to secure more access to Nvidia's Blackwell GPU architecture, which should ultimately serve as a tailwind for more accelerated growth down the road. In contrast, while Nebius Group is also growing rapidly, it has a more conservative risk profile and a smaller growth potential compared to CoreWeave. Nebius's debt load and quarterly interest expenses are significant, and it may take a longer period of growth before profitability is achieved. Therefore, based on current trends and strategic positioning, CoreWeave is likely to lead in profitability by 2030.