The short answer: Nebius looks slightly stronger on the broader valuation read, while IREN looks cheaper on selected revenue and cash flow measures. That means this is not a simple "lowest multiple wins" comparison.
IREN gives investors the lower revenue multiple. Nebius carries the larger premium because the market appears to be pricing in a broader AI cloud and infrastructure opportunity, not just the revenue base visible today. If that expansion keeps translating into growth, the premium is easier to understand. If it slows, the stock has less room for disappointment.
Bottom line: Nebius looks like the stronger overall valuation setup, but IREN still looks cheaper on the narrower revenue-multiple lens.
Current numbers at a glance
| Metric | IREN | Nebius | Why it matters |
|---|---|---|---|
| Market cap | $20.30B | $42.46B | Nebius is larger, which is part of why investors may be paying for a broader AI platform story. |
| Revenue multiple | 31.26x | 79.49x | This individual ratio makes IREN look cheaper, but it does not decide the full valuation view. |
| EV / sales | 5.43x | n/a | IREN has a cleaner EV/sales read available here; Nebius is missing that comparable field. |
| Free cash flow yield | 1.5% | -5.3% | IREN has the cleaner cash flow read, while Nebius still has the stronger broader valuation score. |
Data note: these comparisons use the latest public market and financial snapshots available on May 10, 2026.
What the valuation gap says
Nebius trades at a much richer revenue multiple. That premium only makes sense if investors believe the company can keep expanding the AI infrastructure platform faster than the current revenue base suggests.
IREN is easier to understand through a traditional multiple lens because the revenue comparison looks less stretched. Nebius is the more premium setup, but the market may be paying for a larger runway rather than just today's financial snapshot.
Why the market values them differently
IREN looks cheaper on revenue because the market is paying less for each dollar of sales. That matters, especially for investors who want a cleaner multiple comparison, but it does not automatically make IREN the better valuation setup.
Nebius carries a richer revenue multiple, but that premium reflects a bigger AI cloud and infrastructure story. Investors may be paying for expansion into a larger market opportunity rather than only judging the company on current sales.
What would make IREN look cheaper?
IREN would look even cheaper if cash flow kept improving while the revenue multiple moved lower. A steadier operating profile would help the case a lot.
What would make Nebius look cheaper?
Nebius would look cheaper if it proved it could scale the platform without the market keeping such a high revenue multiple on the stock. Positive cash flow would matter as much as the growth rate.
The verdict
Nebius looks like the stronger overall valuation setup because the market is giving it credit for a broader AI infrastructure runway. IREN still looks cheaper on selected revenue and cash flow measures, so the answer depends on whether you trust Nebius to grow into its premium.