Nebius Group climbed 13% to $151.84, Applied Digital gained 10% and Iren rose 7.5%. CoreWeave, which buys advanced artificial-intelligence chips, installs them in data centers and leases them to companies including Microsoft and OpenAI, was the first major neocloud provider to report earnings for the latest quarter.

The company said its growth is supported by multiple funding sources, including financing backed by customer contracts and customer prepayments. Chief Executive Michael Intrator told analysts on a call that CoreWeave would not use the unsecured debt market to fund its business at current yields. The company’s unsecured bond prices have recently fallen, a sign that raising more money through debt issuance could be extremely costly or impossible.

Citi analysts called the results strong and said CoreWeave’s comments on financing and data-center issues were reassuring. They pointed to higher prepayments, no expected need for high-yield debt-market funding and limited incremental parent-level capital required through 2027. The analysts said demand commentary remained notably strong and that the results offered positive read-throughs for other neocloud companies.