The 10 Biggest Neocloud Companies in 2026
Ranked by revenue, GPU count, and last-round valuation. Updated for Q1 2026.
Three years ago, you could fit every meaningful neocloud company on a napkin. In 2026, the category has its own equity research coverage, its own M&A logic, and its own ETF (the AIQ doesn't count — we mean an actual NCI tracker is coming). Here's where the ten biggest players stand right now.
Methodology
Ranking weights three factors equally: 2025 GAAP revenue (or comparable estimate for private companies), deployed GPU count (H100-equivalent), and last private/public valuation. Numbers are pulled from S-1/10-K filings where available, otherwise from disclosed press releases or analyst consensus. Estimates marked "est." use SemiAnalysis or 451 Research midpoints.
1. CoreWeave (CRWV)
Revenue: $8.6B run-rate. GPUs: ~340,000 H100-equivalent. Market cap: $83.1B. The category-defining IPO. CoreWeave has the largest contracted revenue backlog of any AI infrastructure company — most of it from Microsoft, Meta, and a handful of frontier labs. The risk most analysts flag is concentration; the asset most flag is the OpenAI five-year, $11.9B compute commitment.
2. Nebius Group (NBIS)
Revenue: $1.4B (2025) → $3.8B (2026 guide). GPUs: ~80,000 H100/H200. Market cap: $16.7B. Spun out of Yandex N.V. and listed on NASDAQ in late 2024, Nebius has the cleanest growth chart in the public neocloud peer set — quarterly revenue growth has been 40%+ for six straight quarters. Big regional advantage in Europe.
3. Lambda Labs
Revenue: $720M est. GPUs: ~55,000. Last valuation: $12.4B (Series D, 2025). The developer favourite. Lambda's on-demand product is what most independent AI researchers actually use, and its reserved-capacity product is what most well-funded startups choose first. IPO consistently expected in 2026.
4. Crusoe Energy
Revenue: $580M est. GPUs: ~42,000. Last valuation: $11.0B (Series E, 2025). The only neocloud with a real energy story — Crusoe converts flared natural gas at oil fields into power, which gives it sub-$0.04/kWh blended costs in a category where everyone else pays $0.07–$0.12. Bought Polestar's old battery JV in 2025 to extend into grid-scale storage.
5. Together AI
Revenue: $410M est. GPUs: ~30,000. Last valuation: $8.9B (Series C, 2025). Together is the inference-first neocloud — it makes most of its money serving Llama, Mixtral, and a long tail of open-weight models via a per-token API, not via raw GPU rental. That's structurally higher-margin and has made Together the closest neocloud to a pure software comparable.
6. Vast.ai
Revenue: $290M est. GPUs: ~28,000 (marketplace). Last valuation: $6.2B. Marketplace model — Vast doesn't own most of the GPUs it rents. Margins are thinner, but capital intensity is too. The bet is that the AI compute market eventually looks more like Airbnb than Marriott.
7. RunPod
Revenue: $220M est. GPUs: ~22,000. Last valuation: $5.1B. RunPod's superpower is product velocity — its serverless GPU product is the closest thing the category has to "Vercel for GPUs." Disproportionately popular with the indie-AI / open-source crowd.
8. Paperspace (DigitalOcean)
Revenue: $185M est. GPUs: ~18,000. Now a business line inside DOCN. The acquisition closed in 2023 and has scaled faster than DigitalOcean's standalone droplet business — Paperspace is the GPU rail for DO's developer base and a meaningful contributor to DO's renewed growth.
9. Fluidstack
Revenue: $140M est. GPUs: ~14,000. Last valuation: $3.6B. The European pure-play. Fluidstack has the largest GPU footprint inside the EU and is the default choice for AI startups that need EU data residency. Reportedly raising a Series C at $5B+ in mid-2026.
10. Voltage Park
Revenue: $90M est. GPUs: ~10,000 H100. Non-profit-structured (technically). Voltage Park sells at near-cost to academic researchers and frontier labs, which makes it the cheapest place on earth to do a long training run if you can get on the schedule.
Who's just below the cut
Honourable mentions: Modal Labs (serverless inference, $4B last round), Replicate (model-hosting, $2.7B), Cudo Compute (distributed marketplace), Sustainable Metal Cloud (Singapore, immersion cooling), Yotta (India), Northern Data (Germany — disputed neocloud status).
What the 2027 list will probably look like
Expect three changes: (1) at least two more public-market listings — Lambda and Crusoe are the most likely; (2) at least one neocloud acquired by a hyperscaler at a punitive multiple; (3) the appearance of sovereign neoclouds — France's Mistral-aligned effort, the UAE's G42-backed buildout, and Japan's Sakura/SoftBank programme.