Current revenue density comparison

Using the metric as revenue per active MW as of mid 2026

Coreweave is about $20.8 million
Nebius is about $8.4 million
IREN is about is about $10.4 million

Coreweave has the highest monetization of deployed capacity and the scale

I’ve also seen a lot of work being done to add on to their software stack that will likely increase their recurring revenue over time.