IREN vs NBIS: AI Stock Comparison

• “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

• “Technological developments in generative AI and inference, such as the development of AI models that require less computation power than earlier models, may result in decreased or differing…” — 20-F risk factor (filed 2026-04-30) · source
• “If there is insufficient customer demand to utilize the compute capacity we build, we would not realize the expected returns on our expansion efforts and our businesses, future operating…” — 20-F risk factor (filed 2026-04-30) · source

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.

Nebius runs GPU cloud capacity in Europe, the U.S. and new markets. Recent capacity deals (NEOM framework Oct 21, Texas lease Oct 29) show its build-out pace.