CoreWeave, a neocloud company, is trading at 2.2 times its expected 2028 revenue, lower than rivals Nebius and Iren, which trade at around 2.7 times. Despite being the furthest along in building a business to compete with established cloud firms, its stock has stalled over the past year. Analysts suggest that by 2028, all three companies will have begun delivering on recent customer contracts.
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