How nebius and iren business are different? Are they overlap

Nebius and IREN have distinct business focuses and operate in different areas within the AI infrastructure market, although there is some overlap due to their shared involvement in AI and data center industries.

1. **Business Focus and Market Positioning**:
- **Nebius** is primarily focused on providing AI-centric infrastructure solutions, including cloud platforms, GPU clusters, and tools for developers. It is also developing businesses like Toloka AI, TripleTen, and Avride, which operate under their own brands. Nebius differentiates itself with its proprietary cloud software architecture and in-house hardware design, positioning itself as a "neocloud" with a strong software heritage from Yandex.
- **IREN** is a vertically integrated data center business that powers AI, Bitcoin, and computing applications, utilizing 100% renewable energy. IREN's infrastructure includes significant investments in GPU capacity, particularly with the recent purchase of 4,200 NVIDIA Blackwell GPUs, which doubles its total GPU fleet to approximately 8,500. IREN's business model combines low-cost renewable energy with Bitcoin mining to create a dual-revenue stream, pivoting from ASICs to GPUs and delivering white-labeled AI platform compute.
2. **Overlapping Areas**:
- Both Nebius and IREN are involved in the AI infrastructure market, with Nebius providing AI-centric infrastructure and IREN offering AI-ready data centers. This leads to some overlap in their services, particularly in the area of GPU-based AI computing.
- Their geographic expansions, including plans to build new data centers, also indicate a shared commitment to global coverage for AI demand.
3. **Key Differences**:
- **Business Scope**: Nebius is more focused on the development of AI infrastructure with a software-centric approach, while IREN is involved in both AI and Bitcoin mining, creating a diversified revenue model.
- **Market Strategy**: Nebius has positioned itself as a cloud superpower with a unique, self-funded expansion pipeline, emphasizing its neocloud architecture. IREN, on the other hand, has a dual-revenue model that combines Bitcoin mining with AI infrastructure, leveraging its renewable energy advantages.
- **Financial Structure**: Nebius has reported significant revenue growth and positive Adjusted EBITDA, raising ARR guidance for 2025, indicating a strong financial trajectory. IREN has shown strong revenue growth and a balanced capital structure, with recent financing moves to support its AI cloud expansion.

In conclusion, while Nebius and IREN both play roles in the AI infrastructure market, their business approaches, market strategies, and financial structures differ significantly. Nebius is more focused on AI-centric infrastructure development, while IREN offers a dual-revenue model combining AI and Bitcoin mining. Their shared interest in AI and data center development leads to some overlap, but their distinct business focuses set them apart in the market.