Neoclouds capex by quarter
CoreWeave, Nebius and IREN: GPU cloud operators that report capex every quarter and guide to it. In Q3 2026 the 2 with a reading reported $14B in total. Largest: CoreWeave.
Totals add each company’s reported figure. Definitions differ by company, so the chart shows scale and direction; the reading pages give each company’s own definition. A quarter with no reading for a company shows the companies that have one.
Stacked capex by calendar quarter
USD- CoreWeave
- Nebius
- IREN
| Calendar quarter | CoreWeave | Nebius | IREN |
|---|---|---|---|
| Q1 2025 | $1.4B | $544M | no reading |
| Q2 2025 | $2.5B | $511M | no reading |
| Q3 2025 | $3.3B | $956M | no reading |
| Q4 2025 | $4.1B | $2.1B | no reading |
| Q1 2026 | $7.7B | $2.5B | no reading |
| Q2 2026 | $6.4B | $5.7B | $2B |
| Q3 2026 | $9.4B | no reading | $4.8B |
Companies
Every reading
Open in the sortable table| Company | Reported quarter | Calendar | Capex | YoY | Guidance | Announced | Source |
|---|---|---|---|---|---|---|---|
| CoreWeave | CY2026 Q3 | Q3 2026 | $9.4B | +188% | $37B to $39B (CY2026) | 10 Nov 2026 | investors.coreweave.com |
| IREN | FY2027 Q1 | Q3 2026 | $4.8B | — | — | — | iren.gcs-web.com |
| CoreWeave | CY2026 Q2 | Q2 2026 | $6.4B | +162% | — | — | investors.coreweave.com |
| IREN | FY2026 Q4 | Q2 2026 | $2B | — | — | — | iren.gcs-web.com |
| Nebius | CY2026 Q2 | Q2 2026 | $5.7B | +1008% | — | — | assets.nebius.com |
| CoreWeave | CY2026 Q1 | Q1 2026 | $7.7B | +447% | — | — | investors.coreweave.com |
| Nebius | CY2026 Q1 | Q1 2026 | $2.5B | +355% | — | — | assets.nebius.com |
| CoreWeave | CY2025 Q4 | Q4 2025 | $4.1B | — | — | — | investors.coreweave.com |
| Nebius | CY2025 Q4 | Q4 2025 | $2.1B | — | — | — | assets.nebius.com |
| CoreWeave | CY2025 Q3 | Q3 2025 | $3.3B | — | — | 10 Nov 2025 | investors.coreweave.com |
| Nebius | CY2025 Q3 | Q3 2025 | $956M | — | — | — | assets.nebius.com |
| CoreWeave | CY2025 Q2 | Q2 2025 | $2.5B | — | — | 12 Aug 2025 | investors.coreweave.com |
| Nebius | CY2025 Q2 | Q2 2025 | $511M | — | — | — | assets.nebius.com |
| CoreWeave | CY2025 Q1 | Q1 2025 | $1.4B | — | — | 14 May 2025 | investors.coreweave.com |
| Nebius | CY2025 Q1 | Q1 2025 | $544M | — | — | — | assets.nebius.com |
Other groups
- US hyperscalersAlphabet, Amazon, Meta, Microsoft and Oracle
- China cloudAlibaba, Baidu and Tencent, reported in renminbi exactly as filed.
- Other platformsApple and IBM