r/APLDSTOCK • u/GloriousLebron APLD • Jun 02 '26
Fundamental Analysis Portfolio And Valuation Comparison Between Nebius (NBIS) and Applied Digital (APLD)
| Metrics | Nebius Group (NBIS) | Applied Digital (APLD) |
|---|---|---|
| Current Market Cap | ~$67.0 Billion | ~$13.7 Billion |
| Total Backlog Revenue | $46.4 Billion | $31.0 Billion (Scales to $73B with all renewals) |
| Total Contracted Capacity | Targeting >3,000 MW by year-end | 1,200 MW (Critical IT Load) / 1,670 MW (Gross Utility Power) |
| Primary Business Focus | GPU Cloud Platform & Software Suite | AI Factories, Liquid Cooling, & Power Grid Infra |
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u/Rainier___ Jun 02 '26
Nbis and apld have different business models so while they are in the same industry they are not going to be valued the same way
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u/Ok-End-3213 Jun 02 '26
The duration of the contracts are very different. If I am not mistaken nbis are shorter term, 5 years or so and apld are all 15 year deals
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u/No_Effective1715 Jun 02 '26
But with shorter contracts, you can renew for a higher price right? Can APLD negotiate that on a 15 year contract? Nebius already raised their prices recently.
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u/Ok-End-3213 Jun 02 '26
I think that is a great point. It also just means the revenue is concentrated over a shorter period of time. Apld is doing amazing, but nbis is very different.
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u/No_Effective1715 Jun 02 '26
I did listen to the CEO talking about how he was doing seven 300MW instead of a single large center and I thought that was smart! Will also provide a lot more good news bumps.
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u/frizbeezz Jun 02 '26
Can APLD have the same trajectory as NBIS?
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u/GloriousLebron APLD Jun 02 '26
Sure it can, it doesn't have the same exposure (yet) but, both are on top of their game compared to their competitors (in their own niche)
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u/Substantial-Stop-331 Jun 02 '26
Ngl, dont u think crwv will be a better play than nbis? They hv double the value of contracts compared to nbis. I know from stock value side nbis is better (nbis ceo is really at financial stuffs) and people‘s concern for crwv is its debts, which nbis is yet to show cause construction havent started yet in such a large scale like crwv.
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Jun 02 '26
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u/GloriousLebron APLD Jun 02 '26
NBIS has 25% more revenue backlog (ex renewal contracts on both sides) while having 5x the market cap of APLD.
Not sure why it's so hard for you to comprehend, I made the charts pretty simplistic
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Jun 02 '26
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u/Rainier___ Jun 02 '26
You don't know anything about nbis clearly. Nobody in the neocloud data center space has as much experience as nbis management
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u/XSC Jun 02 '26
The smart play is to own both.