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 4 of 5 key metrics in this comparison. NBIS leads on both 1-year return (+49.73%) and forward P/E quality (-68.09x vs -149.43x for IREN), a relatively favorable combination of momentum and valuation. 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 (+96.58%) than for NBIS (+40.47%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- 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 scorei | 64.8 | 27.3 |
| AI ranki | #53 | #2286 |
| Latest closei | $188.41 | $30.39 |
| 1M returni | -9.14% | -26.91% |
| 3M returni | +9.69% | -12.75% |
| 6M returni | +13.95% | -36.29% |
| 1Y returni | +49.73% | -55.30% |
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 | $14.97K (+49.7%) started 2025-10-15 | $4.47K (-55.3%) started 2025-10-15 |
| 5Y ago | $94.2K (+842.1%) started 2024-10-21 | $12.43K (+24.3%) started 2021-11-17 |
| 10Y ago | $94.2K (+842.1%) started 2024-10-21 | $12.43K (+24.3%) started 2021-11-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | NBIS | IREN |
|---|---|---|
| Market capi | $55.48B | $15.6B |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | -68.09 | -149.43 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 41.95 | 24.82 |
| Analyst targeti | $286.69 | $77.84 |
| Target upsidei | +40.47% | +96.58% |
| Metric | NBIS | IREN |
|---|---|---|
| Revenue growthi | 454.00% | -26.70% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | -709.52% | -596.78% |
| Operating margini | -0.22% | -102.47% |
| Profit margini | 3.13% | -99.38% |
| ROIC proxyi | 0.60% | -23.41% |
| Return on equityi | 0.60% | -23.41% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | 0.00% |
| Dividend growth streaki | N/A | N/A |
| Betai | 1.43 | 4.30 |
| Debt/equityi | 98.60 | 187.30 |
| Current ratioi | 4.03 | 3.55 |
| Quick ratioi | 3.60 | 2.66 |
Over the past year, NBIS and IREN have moved moderately in the same direction (correlation of 0.63), based on daily returns.
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 | Growthi | +49.73% | -55.30% |
| CAGRi | +49.78% | -55.32% | |
| Volatilityi | 109.09% | 106.80% | |
| Sharpe ratioi | 0.86 | -0.27 | |
| Sortino ratioi | 1.41 | -0.41 | |
| Max drawdowni | 48.30% | 61.64% | |
| Current drawdowni | 34.28% | 60.23% | |
| Avg drawdowni | 19.71% | 38.50% | |
| Ulcer Indexi | 22.77% | 40.53% | |
| Max daily dropi | 17.01% | 17.37% | |
| Max wkly dropi | 32.06% | 33.51% | |
| 5Y | Growthi | +842.05% | +24.29% |
| CAGRi | +210.03% | +4.53% | |
| Volatilityi | 112.97% | 117.53% | |
| Sharpe ratioi | 1.52 | 0.57 | |
| Sortino ratioi | 2.53 | 0.92 | |
| Max drawdowni | 58.27% | 95.73% | |
| Current drawdowni | 34.28% | 60.23% | |
| Avg drawdowni | 19.54% | 61.28% | |
| Ulcer Indexi | 24.58% | 65.66% | |
| Max daily dropi | 37.44% | 36.45% | |
| Max wkly dropi | 32.06% | 42.49% | |
| 10Y | Growthi | +842.05% | +24.29% |
| CAGRi | +210.03% | +4.53% | |
| Volatilityi | 112.97% | 117.53% | |
| Sharpe ratioi | 1.52 | 0.57 | |
| Sortino ratioi | 2.53 | 0.92 | |
| Max drawdowni | 58.27% | 95.73% | |
| Current drawdowni | 34.28% | 60.23% | |
| Avg drawdowni | 19.54% | 61.28% | |
| Ulcer Indexi | 24.58% | 65.66% | |
| Max daily dropi | 37.44% | 36.45% | |
| Max wkly dropi | 32.06% | 42.49% |
| Category | NBIS | IREN |
|---|---|---|
| Company | Nebius Group N.V. | IREN Limited |
| Sector | Communication Services | Financial Services |
| Industry | Internet Content & Information | Capital Markets |
| 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
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