Neocloud funding and debt
19 neoclouds publish what they have raised, $38.1B across the figures below. CoreWeave ($10.3B), IREN ($5.4B), Lambda ($4.4B), Crusoe ($3.9B) lead, mostly through convertible notes and GPU-backed debt. The capital note identifies the disclosed total, round or facility counted; these figures are not uniformly cumulative. Capital is 15% of the score.
| Ownership | |||||||
|---|---|---|---|---|---|---|---|
| CoreWeave | 10,3011 | 13 | public | Platinum | 4,6001 | 132,5001 | 2026-11-11 |
| IREN | 5,3601 | 63 | public | Underperforming | 5,0001 | 20,3001 | 2026-11-11 |
| Lambda | 4,4261 | 114 | private | Silver | — | — | 2026-11-11 |
| Crusoe | 3,9001 | 23 | private | Bronze | 6,0001 | 140,0001 | 2026-11-11 |
| Nebius | 3,5002 | 37 | public | Platinum | — | 40,0002 | 2026-11-11 |
| Nscale | 3,3603 | 46 | private | Unavailable | 1,3701 | 103,4001 | 2026-11-11 |
| Firmus | 2,0002 | 74 | private | Silver | 9001 | — | 2026-11-11 |
| Fluidstack | 8301 | 313 | private | Unavailable | — | — | 2026-11-11 |
| Together AI | 8002 | 94 | private | Bronze | 2,0001 | — | 2026-11-11 |
| GMI Cloud | 6681 | 86 | private | Silver | — | — | 2026-11-11 |
| Latitude.sh | 5941 | 153 | — | Participation Ribbon | — | — | 2026-11-11 |
| Core42 | 5502 | 104 | subsidiary | Participation Ribbon | — | — | 2026-11-11 |
| TensorWave | 5001 | 55 | private | Silver | 2,0003 | — | 2026-11-11 |
| Verda | 4501 | 123 | private | Bronze | — | — | 2026-11-11 |
| WhiteFiber | 3101 | 163 | public | Underperforming | 401 | 7291 | 2026-11-11 |
| Massed Compute | 3001 | 272 | private | Underperforming | — | — | 2026-11-11 |
| Lightning AI | 1081 | 143 | private | Unavailable | — | — | 2026-11-11 |
| Runpod | 1001 | 243 | private | Participation Ribbon | — | — | 2026-11-11 |
| Hyperbolic | 301 | 133 | private | Participation Ribbon | — | — | 2026-11-11 |
Every neocloud on this list
Full rankingHow to read the columns
Methodology- Capital raised $M
- Equity and debt raised, in USD millions: the total when the company states one, otherwise the rounds and facilities named in the capital note.
- 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.
- Ownership
- Publicly listed, privately held, or a subsidiary of another company.
- ClusterMAX
- Tier in SemiAnalysis ClusterMAX 3.0 (23 Sep 2026), the public hands-on rating of GPU clouds. Medal tiers run Platinum, Gold, Silver, Bronze; Participation Ribbon sits between Bronze and Underperforming. Underperforming and Unavailable are the two groups SemiAnalysis lists under "Not Recommended": Unavailable covers providers it could not test or judged too small to rate. Empty when the provider is not listed.
- 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.
- Backlog $M
- Contracted revenue backlog, remaining performance obligations or total contracted value as the company states it, in USD millions.