NBIS vs IREN Stock Comparison: AI Score, Valuation, Performance and Upside
Nebius is a pure-play AI cloud operator built specifically for GPU infrastructure, while IREN is a former Bitcoin miner repurposing its power and data center assets into AI cloud capacity while still carrying mining exposure. Nebius offers cleaner AI cloud exposure without a legacy business to unwind, while IREN offers a faster, asset-light path to AI capacity growth at the cost of crypto-linked earnings volatility. The choice depends on whether investors want a dedicated AI cloud story or a still-transitioning hybrid model.
Use this comparison to weigh a purpose-built AI cloud operator (Nebius) against a Bitcoin-mining-to-AI-cloud conversion story (IREN), recognizing that IREN's numbers still blend two different businesses.
NBIS holds the edge across 3 of 5 key metrics in this comparison. NBIS has delivered stronger 1-year price return (+190.37% vs +53.86%), though IREN has the better forward P/E setup (-35.33x vs -69.78x for NBIS). NBIS leads on both revenue growth (454.00%) and operating margin (-0.22%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for IREN (+126.20%) than for NBIS (+37.05%).
- Want AI cloud exposure without residual crypto-mining economics
- Are comfortable with a richly valued, high-growth pure play
- Prefer a business built from inception around AI infrastructure
- Can tolerate high volatility tied to AI capex sentiment
- Want to bet on a low-cost infrastructure conversion story from mining to AI cloud
- Are comfortable with earnings still partly tied to Bitcoin mining economics
- Believe existing power and data center assets give a speed advantage in AI capacity buildout
- Can tolerate elevated volatility from both crypto and AI capex cycles
| Metric | NBIS | IREN |
|---|---|---|
| AI score | 72.8 | 34.4 |
| AI rank | #29 | #1714 |
| Latest close | $209.18 | $35.45 |
| 1M return | +41.13% | +20.95% |
| 6M return | +99.45% | -19.87% |
| 1Y return | +190.37% | +53.86% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | NBIS | IREN |
|---|---|---|
| 1Y ago | $29.04K (+190.4%) started 2025-08-28 | $15.39K (+53.9%) started 2025-08-28 |
| 5Y ago | $104.59K (+945.9%) started 2024-10-21 | $14.5K (+45.0%) started 2021-11-17 |
| 10Y ago | $104.59K (+945.9%) started 2024-10-21 | $14.5K (+45.0%) started 2021-11-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | NBIS | IREN |
|---|---|---|
| Market cap | $56.87B | $12.67B |
| Trailing P/E | N/A | N/A |
| Forward P/E | -69.78 | -35.33 |
| Price/Sales | 41.96 | 17.92 |
| EV/Revenue | 43.90 | N/A |
| Analyst target | $286.69 | $80.19 |
| Target upside | +37.05% | +126.20% |
| Metric | NBIS | IREN |
|---|---|---|
| Revenue growth | 454.00% | -24.00% |
| Earnings growth | N/A | N/A |
| EPS growth | N/A | N/A |
| FCF margin | -709.52% | -599.42% |
| Operating margin | -0.22% | -105.61% |
| Profit margin | 3.13% | -99.38% |
| ROIC proxy | 0.60% | -23.41% |
| Return on equity | 0.60% | -23.41% |
| Dividend yield | 0.00% | 0.00% |
| Beta | 1.43 | 4.29 |
| Debt/equity | 98.60 | 187.30 |
| Current ratio | 4.03 | 3.55 |
| Quick ratio | 3.60 | 2.75 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | NBIS | IREN |
|---|---|---|---|
| 1Y | Growth | +190.37% | +53.86% |
| CAGR | +190.58% | +53.91% | |
| Sharpe ratio | 1.42 | 0.90 | |
| Max drawdown | 48.30% | 61.64% | |
| Max daily drop | 17.01% | 17.37% | |
| Max wkly drop | 32.06% | 33.51% | |
| 5Y | Growth | +945.90% | +44.99% |
| CAGR | +255.50% | +8.09% | |
| Sharpe ratio | 1.63 | 0.60 | |
| Max drawdown | 58.27% | 95.73% | |
| Max daily drop | 37.44% | 36.45% | |
| Max wkly drop | 32.06% | 42.49% | |
| 10Y | Growth | +945.90% | +44.99% |
| CAGR | +255.50% | +8.09% | |
| Sharpe ratio | 1.63 | 0.60 | |
| Max drawdown | 58.27% | 95.73% | |
| Max daily drop | 37.44% | 36.45% | |
| Max wkly drop | 32.06% | 42.49% |
| Category | NBIS | IREN |
|---|---|---|
| Company | Nebius Group N.V. | IREN Limited |
| Sector | Technology / AI Infrastructure | Technology / AI Infrastructure and Bitcoin Mining |
| Industry | N/A | N/A |
| Core business | Nebius builds and operates vertically integrated GPU cloud infrastructure and data centers across Europe and North America for AI training and inference workloads. | IREN operates large-scale data centers originally built for Bitcoin mining that it is rapidly converting to AI cloud GPU capacity, running both businesses in parallel. |
| Investor focus | Investors track AI cloud revenue growth, new hyperscaler and enterprise compute contracts, and the pace of data center capacity buildout relative to capital spend. | Investors watch the ramp of AI cloud annualized run-rate revenue, the pace of GPU deployment, and how much of the business remains tied to Bitcoin mining economics. |
- Triple-digit percentage growth in AI cloud revenue as demand for GPU capacity outstrips supply
- Multi-billion-dollar, multi-year compute agreements with large AI labs and cloud partners
- Business was purpose-built for AI cloud from the outset, without a legacy pivot
- Access to large, already-built power and data center infrastructure lowers the cost of pivoting to AI cloud
- Fast-growing AI cloud revenue with a stated multi-billion-dollar annualized run-rate target
- Large cash position supporting continued GPU capacity expansion
- Valuation embeds years of hypergrowth, leaving little room for a demand slowdown
- Heavy ongoing capital expenditure required to keep expanding data center capacity
- Geographic concentration in European and North American builds carries regulatory and power-supply variables
- Legacy Bitcoin mining exposure adds crypto-price-driven earnings volatility on top of AI cloud execution risk
- Recent impairment charges highlight the risk of asset repricing during the AI-to-crypto infrastructure transition
- Stock has shown outsized volatility alongside other capex-heavy data center peers
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.