CoreWeave, Inc. vs IREN Limited, two Cloud Infrastructure stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Strip the tickers and these are two power-and-property developers racing to become AI landlords. CoreWeave already operates at scale, a mild negative 6.9% operating margin on real GPU revenue, but its balance sheet is the aggressive one: 6.8 turns of debt to equity and a 0.31 current ratio, expansion funded to the last covenant. IREN runs the opposite shape, no debt and a 3.7 current ratio, with an income statement much further from working, a negative 161% operating margin. Both burn free cash against their prices, 20.9% and 9.4% deficits. The pair prices the same bet with different failure modes: CoreWeave fails if lenders blink, IREN fails if the buildout outlasts its equity. Neither price includes much room for the demand curve to rest.
Comparison updated 2026-07-10.
| Metric | CRWV | IREN |
|---|---|---|
| Price | $96.42 | $46.75 |
| Market cap | $50.8B | $15.6B |
| Sector | Cloud Infrastructure | Cloud Infrastructure |
| Stage | Growth | Growth |
| P/E | — | 71.9 |
| P/B | 10.68 | 5.86 |
| P/S | 8.16 | 20.61 |
| EV/EBITDA | 27.0 | 137.0 |
| Revenue growth | +140.6% | +104.0% |
| Operating margin | -6.9% | -161.3% |
| Net margin | -25.6% | -65.2% |
| Return on equity | -33.5% | -18.5% |
| Return on assets | -2.9% | -6.8% |
| Return on invested capital | -0.3% | -8.1% |
| FCF yield | -20.9% | -9.4% |
| Debt / equity | 6.81 | 0.00 |
| Current ratio | 0.31 | 3.72 |
| Altman Z (solvency) | 0.35 | 2.21 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.