CRWV vs IREN: AI Stock Comparison

• “In order to meet the demand for AI cloud infrastructure services, we and our partners may need to expand existing data centers through development projects or add new data centers through…” — 10-K risk factor (filed 2026-03-02) · source
• “If our data center providers fail to meet the requirements of our business, or if the data center facilities experience damage, interruption, or a security breach, our ability to provide…” — 10-K risk factor (filed 2026-03-02) · source

• “Our AI Cloud Services business has significant customer concentration, we are exposed to counterparty credit risk, and we may be unable to diversify our customer base.” — 10-K risk factor (filed 2026-08-27) · source
• “We may be unable to construct the data centers that support our AI Cloud Services, or to commission and deliver contracted AI Cloud Services capacity, on schedule, or at all.” — 10-K risk factor (filed 2026-08-27) · source

CoreWeave rents large NVIDIA GPU clusters to AI labs and hyperscalers. Results depend on contracted backlog, data-center delivery timelines and heavy debt-funded capex.

IREN converts its power-rich data-center sites to AI cloud services. Its 10-K flags customer concentration and on-time delivery of contracted capacity as key risks.