Nasdaq announced its quarterly index rebalance: CoreWeave and Nebius will be added to the Nasdaq 100 before trading opens on June 22, alongside Astera Labs, Rocket Lab, and Teradyne. Investors reacted positively, sending CoreWeave shares up roughly 7.3% to about $102 and lifting Nebius shares about 6.3% to around $233 in Friday trading.
From Crypto Mining to AI Infrastructure Darling
CoreWeave's inclusion caps a rapid transformation. According to crypto.news, the company exited crypto mining in 2019 after the 2018 market downturn weakened mining economics, rebranding as an AI infrastructure provider. It has since become one of the most closely watched AI compute suppliers in public markets. In April, CoreWeave inked a multi-year agreement with Anthropic to support workloads for the Claude family of AI models, using CoreWeave's cloud data centers. That deal followed an $8.5 billion capital raise led by Meta Platforms, backed by deployed computing capacity and projected cash flows—a structure distinct from typical crypto miner financing.
CapEx Guidance Soars to $31 Billion as AI Demand Rages
CoreWeave recently raised the lower end of its 2026 capital expenditure forecast to $31 billion, citing higher component costs as it continues adding computing capacity. Nebius, meanwhile, positions itself as a full-stack AI cloud platform, benefiting from surging demand for compute power used to train and run advanced AI systems.
Miners in Distress: Canaan Revenue Plunges, Nasdaq Warning
Not all crypto-linked firms are riding the AI wave. Canaan, a Nasdaq-listed Bitcoin miner, achieved a record fleet efficiency of 17.9 J/TH in May, up 11% year-over-year, and mined 90 BTC while holding about 1,867 BTC and 3,952 ETH. Yet its Q1 revenue came in at just $62.7 million, down from $196.3 million in the prior quarter, with a net loss of $88.7 million. The company also received a second Nasdaq non-compliance notice as its stock price remained below the $1 minimum bid requirement, giving it until July 13, 2026 to regain compliance.
Industry projections cited by crypto.news suggest publicly listed miners could generate up to 70% of revenue from AI-related activities by end-2026, up from roughly 30% today. Some miners have already sold portions of their Bitcoin holdings to finance data center transitions. The Nasdaq 100 additions underscore how capital is concentrating around cloud capacity, AI data centers, and computing infrastructure, even as parts of the crypto mining sector continue searching for new growth paths.