AI infrastructure is having a strong session. $NEBIUS(NBIS)$ +5.2%, $IREN Ltd(IREN)$ +6.2%, $CoreWeave, Inc.(CRWV)$ +6.7%, $Keel Infrastructure Corp(KEEL)$ +6.9%.
After the pullback, AI infrastructure valuations compressed to better multiples, averaging around 3-4x market cap to end-2026 ARR.
Run-rate isn't current revenue, but it points to forward P/S for companies growing ARR extremely fast. And with long-term contracts in place, these are stable revenue sources.
The execution bar is high, with financing and construction as the key variables.
Still, demand is far outpacing supply. A 15-25% GPU price hike across major neoclouds boosts AI infrastructure companies' revenue and margins.
Which of these names are you in?
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