Jane Street Group, a trading firm, has taken an additional $1 billion stake in AI cloud services provider CoreWeave Inc. and plans to spend about $6 billion on the company’s technology offerings.

Two AI infrastructure providers, Nebius Group and CoreWeave, are competing for dominance in the GPU compute leasing market. Nebius has outperformed year-to-date, rising 70% compared to CoreWeave's 40%, though both have surged since their IPOs last March. Nebius reported fourth-quarter revenue of $227.7 million, up 547% year-over-year, and guided 2026 revenue to $33.4 billion. The company secured a $27 billion deal with Meta Platforms and received a $2 billion investment from Nvidia for joint infrastructure development. Nebius targets over 3 gigawatts of contracted power by year-end 2026. CoreWeave posted fiscal 2025 revenue of $5.13 billion with a revenue backlog of $66.8 billion. Analysts project 2026 revenue around $12.5 billion, roughly four times Nebius's estimate, positioning CoreWeave as the larger-scale player.

CoreWeave has secured a $21 billion long-term agreement with Meta Platforms to provide AI cloud capacity through December 2032, utilising Nvidia's Vera Rubin platform. This follows an existing $14.2 billion deal with Meta through 2031. Despite recent major contracts, including a $6.5 billion agreement with OpenAI in September 2025, CRWV stock remains 40% below its June 2025 highs. The company posted Q4 2025 revenue of $1.6 billion and full-year revenue of $5.1 billion, but reported a $452 million quarterly net loss. CoreWeave faces financial challenges with $29.82 billion in total debt against just $3.16 billion in cash, resulting in interest costs representing 23.5% of revenue. Whilst the stock has gained 54% year-to-date, its heavy debt reliance raises concerns about sustainability.