Update
$NBIS Trading at Higher ARR
OKO notes that $NBIS is trading at an 8.1x committed ARR compared to $IREN at 5.1x and $CRWV at 2.5x. Despite CoreWeave having approximately $35 billion committed, Nebius has only approximately $10 billion, with 250 MW active and 3.5 GW contracted. Nebius generates approximately $13 million in revenue per MW, while CoreWeave generates approximately $11 million per MW.