Neocloud backlog and revenue
6 neoclouds have a sourced backlog, RPO or total contracted value. Crusoe ($140B), CoreWeave ($132.5B), Nscale ($103.4B), Nebius ($40B) lead. The largest quarterly revenue is CoreWeave at $3.7B. Each company defines backlog its own way; the note under every figure says how. Backlog is 15% of the score.
| Ownership | |||||||
|---|---|---|---|---|---|---|---|
| Crusoe | 140,0001 | — | — | 23 | 6,0001 | private | 2026-11-11 |
| CoreWeave | 132,5001 | 3,6611 | — | 13 | 4,6001 | public | 2026-11-11 |
| Nscale | 103,4001 | — | — | 46 | 1,3701 | private | 2026-11-11 |
| Nebius | 40,0002 | 582.35 | 3,0005 | 37 | — | public | 2026-11-11 |
| IREN | 20,3001 | 2281 | — | 63 | 5,0001 | public | 2026-11-11 |
| WhiteFiber | 7291 | 241 | — | 163 | 401 | public | 2026-11-11 |
| ChronoScale | — | 41.51 | — | 394 | 541 | public | 2026-11-11 |
| DigitalOcean | — | 3211 | 3761 | 174 | — | public | 2026-11-11 |
| Runpod | — | — | 3251 | 243 | — | private | 2026-11-11 |
Every neocloud on this list
Full rankingHow to read the columns
Methodology- Backlog $M
- Contracted revenue backlog, remaining performance obligations or total contracted value as the company states it, in USD millions.
- Quarterly revenue $M
- Latest reported quarterly revenue, in USD millions, from the company's results release or filing. Company-level unless the note says otherwise.
- Stated ARR $M
- Annualized run-rate revenue exactly as the company states it, in USD millions. We never annualize a quarter ourselves.
- Rank
- Position by composite score, computed at build time from the signals below with the weights on /methodology/. Ties share the higher position. Never set by hand and never for sale.
- Contracted power MW
- Power the company states as contracted, secured or committed in its portfolio, in MW. Speculative pipeline and planned campuses are excluded; the power note quotes the company's own word for it.
- Ownership
- Publicly listed, privately held, or a subsidiary of another company.