Publicly listed neoclouds, by fundamentals
25 companies on the ledger sell AI compute capacity and are listed on a stock exchange. This page compares what they disclose in filings: power under contract, power online, and the value of named contracts. It carries no share prices, price targets or ratings.
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| Ticker | Type | |||||
|---|---|---|---|---|---|---|
| NNebius | NASDAQ:NBIS | GPU cloud | $31.5B | 4 GW | — | $47.4B |
| CCoreWeave | NASDAQ:CRWV | GPU cloud | $29.5B | 4.6 GW | 1.7 GW | $64.1B |
| CCerebras Systems | NASDAQ:CBRS | Inference cloud | $26.4B | 700 MW | — | — |
| DDigitalOcean | NYSE:DOCN | GPU cloud | $10.2B | 180 MW | — | — |
| IIREN | NASDAQ:IREN | GPU cloud | $7.71B | 300 MW | — | $13.1B |
| HHut 8 | NASDAQ:HUT | Capacity landlord | $6.91B | 949 MW | — | $26.6B |
| RRiot Platforms | NASDAQ:RIOT | Capacity landlord | $6.57B | 1.15 GW | — | $37.4B |
| TTeraWulf | NASDAQ:WULF | Capacity landlord | $6.33B | 839 MW | 102 MW | $38.9B |
| GGalaxy Digital | NASDAQ:GLXY | Capacity landlord | $5.55B | 526 MW | 133 MW | — |
| AApplied Digital | NASDAQ:APLD | Capacity landlord | $4.83B | 1.41 GW | 250 MW | $17.2B |
| CCore Scientific | NASDAQ:CORZ | Capacity landlord | $4.68B | 1.1 GW | 485 MW | — |
| CCipher Digital | NASDAQ:CIFR | Capacity landlord | $3.13B | 700 MW | — | $13.7B |
| CCleanSpark | NASDAQ:CLSK | Capacity landlord | $1.71B | 175 MW | — | — |
| FFermi America | NASDAQ:FRMI | Capacity landlord | $1.69B | — | — | — |
| BBitdeer | NASDAQ:BTDR | GPU cloud | $1.52B | — | — | $4.7B |
| CChronoScale | NASDAQ:CHRN | GPU cloud | $1.45B | — | — | — |
| SSharon AI | NASDAQ:SHAZ | GPU cloud | $808M | — | — | — |
| BBoost Run | NASDAQ:BRUN | GPU cloud | $466M | — | — | $997M |
| HHIVE Digital Technologies | NASDAQ:HIVE | GPU cloud | $435M | — | — | — |
| WWhiteFiber | NASDAQ:WYFI | GPU cloud | $427M | 40 MW | — | — |
| CCorvex | NASDAQ:MOVE | GPU cloud | $175M | — | — | — |
| QQumulusAI | NASDAQ:QMLS | GPU cloud | $95.8M | 7 MW | — | — |
| DDatasection | TSE:3905 | GPU cloud | — | — | — | — |
| EE2E Networks | NSE:E2E | GPU cloud | — | — | — | — |
| SSakura Internet | TSE:3778 | Sovereign cloud | — | — | — | — |
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Contract value on record = confirmed capacity and lease contracts on this ledger where the company is the provider and the source states a value. It is not the company's reported backlog; that figure, where disclosed, is on the company page.
Backlog and contracted revenue, quarter by quarter
What each company reports as revenue still to come from signed contracts. Three different measures are in use and they are not interchangeable: a revenue backlog as the company defines it, remaining performance obligations from the accounts, and contracted revenue over lease terms, which landlords quote and which can run for fifteen years or more.
| Measure | Period | Earlier quarters | Source · checked | ||
|---|---|---|---|---|---|
| CCoreWeave | Revenue backlogRevenue backlog (RPO plus other committed amounts) | $132.5B | Q3 2026 | Q2 2026: $104B · Q1 2026: $99.4B · Q4 2025: $66.8B · Q3 2025: $55.6B | sec.gov Revenue backlog1 was approximately $132.5 billion as of September 30, 2026.checked 15 Nov 2026 |
| NNebius | Remaining performance obligationsRemaining performance obligations (RPO) | $38.7B | Q3 2026 | Q2 2026: $37.5B | sec.gov Remaining performance obligations (RPO) were $38.7 billion as of the end of September, up 3% from $37.5 billion reported at the end of June.checked 15 Nov 2026 |
| RRiot Platforms | Contracted revenueLong-term contracted revenue, approximately $38 billion (1,151 MW) | $38B | Q3 2026 | Q2 2026: $9.8B | sec.gov Riot has now leased 1,151 MW of critical IT capacity, representing approximately $38 billion of long-term contracted revenuechecked 15 Nov 2026 |
| AApplied Digital | Contracted revenueContracted revenue over initial base terms, approx. $36 billion | $36B$86B with extension options | FQ1 2027 | FQ4 2026: $36B · FQ2 2026: $16B · FQ1 2026: $11B | sec.gov Those leases represent approximately $36 billion of contracted revenue over their initial base terms, or approximately $86 billion if all renewal options are exercised.checked 15 Nov 2026 |
| GGalaxy Digital | Contracted revenueTotal potential contract value, CoreWeave lease, $30B+ (25-year term) | $30B | Q3 2026 | Q2 2026: $30B | |
| TTeraWulf | Contracted revenueContracted revenue, ~$27B (~$19B Justified, ~$8B Lake Mariner) | $27B | Q3 2026 | Q2 2026: $27B · Q1 2026: $13B · Q4 2025: $12.8B | |
| HHut 8 | Contracted revenueExpected aggregate base-term contract value, AI data centers, ~$26.6 billion | $26.6B | Q3 2026 | Q2 2026: $26.6B · Q1 2026: $16.8B · Q4 2025: $7B | sec.gov bringing expected aggregate base-term contract value across the Company’s AI data center portfolio to approximately $26.6 billionchecked 15 Nov 2026 |
| CCerebras Systems | Remaining performance obligationsRemaining performance obligations | $26.1B | Q3 2026 | Q2 2026: $25.4B | sec.gov $26.1 billion in remaining performance obligations as of September 30, 2026.checked 15 Nov 2026 |
| CCore Scientific | Contracted revenueContracted capacity, $24B+ (contracted revenue) | $24B | Q3 2026 | Q2 2026: $24B · Q1 2026: $10B · Q4 2025: $10B | sec.gov $24B+ contracted capacity, ~$1.8B average annualized colocation GAAP revenuechecked 15 Nov 2026 |
| IIREN | Revenue backlogRevenue backlog (RPO plus remaining leases plus other committed amounts) | $20.3B | FQ1 2027 | first reported this period | sec.gov Revenue backlog increased 22% sequentially to $20.3 billion; approximately two-thirds with investment-grade counterpartieschecked 15 Nov 2026 |
| CCipher Digital | Contracted revenueContracted revenue (base-lease term), $16.6 Bn | $16.6B$28.4B with extension options | Q3 2026 | Q2 2026: $11.4B · Q1 2026: $11.4B · Q4 2025: $9.3B | sec.gov $16.6 Bn Contracted Revenue $864 MM Proj. Avg. Annualized NOI (2, 3) 700 MW Contracted Gross HPC Capacitychecked 15 Nov 2026 |
| SSharon AI | Contracted revenueTotal Contract Value (TCV), committed spend under customer contracts | $8.8B | Q2 2026 | first reported this period | |
| BBitdeer | Revenue backlogAI Cloud revenue backlog (expected revenue under signed commitments) | $2.9B | Q3 2026 | first reported this period | sec.gov AI Cloud revenue backlog grows to approximately US$2.9 billion; approximately 332 IT MW of AI Cloud capacity securedchecked 15 Nov 2026 |
| BBoost Run | Contracted revenueTotal long-term contracted revenue (TCV) | $2.7B | Q3 2026 | Q2 2026: $1.9B | |
| DDigitalOcean | Remaining performance obligationsRemaining Performance Obligation (RPO) | $800M | Q3 2026 | Q2 2026: $894M · Q1 2026: $243M · Q4 2025: $134M · Q3 2025: $47M | sec.gov Remaining Performance Obligation (“RPO”)(2) was $800 million, of which, $345 million is expected to be recognized over the next 12 months.checked 15 Nov 2026 |
| WWhiteFiber | Remaining performance obligationsTotal remaining performance obligations (ASC 606 table in the 10-Q) | $729M | Q3 2026 | Q2 2026: $1.01B · Q1 2026: $923.7M · Q4 2025: $929.7M · Q3 2025: $9.83M | sec.gov Total remaining performance obligations $ 13,507 $ 235,060 $ 206,890 $ 192,367 $ 45,891 $ 35,267 $ 728,982checked 15 Nov 2026 |
| QQumulusAI | Remaining performance obligationsRemaining performance obligations | $515M | Q3 2026 | Q2 2026: $173.1M | sec.gov remaining performance obligations grew to $515.0 million from $173.1 million at the end of the second quarterchecked 15 Nov 2026 |
Each figure is the company's own, from the release or filing for that period. A fiscal quarter (FQ) follows the company's financial year. A jump between quarters can come from a change of definition as well as from new contracts; the company page quotes the wording of each period.
Contracted and operating power, quarter by quarter
| Company | Power under contract | Power in operation | Source · checked |
|---|---|---|---|
| CCoreWeave | Q3 2026: 4.6 GW · Q2 2026: 3.7 GW · Q1 2026: 3.5 GW · Q4 2025: 3.1 GW · Q3 2025: 2.9 GW | Q3 2026: 1.7 GW · Q2 2026: 1.5 GW · Q1 2026: 1 GW · Q4 2025: 850 MW · Q3 2025: 590 MW | sec.gov Grew total contracted power more than 900 MW to over 4.6 GW, while further diversifying portfolio of providerschecked 15 Nov 2026 |
| NNebius | Q3 2026: 4 GW · Q1 2026: 3.5 GW · Q4 2025: 2 GW | Q4 2025: 170 MW | |
| AApplied Digital | FQ1 2027: 1.41 GW · FQ4 2026: 1.41 GW · FQ2 2026: 600 MW · FQ1 2026: 400 MW | FQ1 2027: 250 MW · FQ1 2027: 175 MW · FQ2 2026: 100 MW | sec.gov the Company has leases for approximately 1.41 GW of critical IT load across five campuseschecked 15 Nov 2026 |
| RRiot Platforms | Q3 2026: 1.15 GW · Q2 2026: 241 MW · Q1 2026: 50 MW | Q2 2026: 25 MW | sec.gov Riot has now leased 1,151 MW of critical IT capacity, representing approximately $38 billion of long-term contracted revenuechecked 15 Nov 2026 |
| CCore Scientific | Q3 2026: 1.1 GW · Q2 2026: 1.1 GW · Q1 2026: 590 MW · Q4 2025: 590 MW | Q3 2026: 485 MW · Q2 2026: 395 MW · Q1 2026: 225 MW · Q4 2025: 120 MW | sec.gov 7 STATES ~1.1 GW $24B+ IN TOTAL CUSTOMER CONTRACTED POWER IN CONTRACTED REVENUE ACROSS OUR FOOTPRINTchecked 15 Nov 2026 |
| HHut 8 | Q2 2026: 949 MW · Q1 2026: 597 MW · Q4 2025: 245 MW | not reported by quarter | sec.gov Scaled expected aggregate base-term contract value across the portfolio to approximately $26.6 billion across 949 MW of contracted AI data center capacitychecked 15 Nov 2026 |
| TTeraWulf | Q3 2026: 839 MW · Q2 2026: 839 MW · Q1 2026: 522 MW · Q4 2025: 522 MW · Q3 2025: 594 MW | Q3 2026: 102 MW · Q2 2026: 81 MW · Q1 2026: 60 MW · Q4 2025: 39 MW · Q3 2025: 23 MW | |
| CCerebras Systems | Q3 2026: 700 MW · Q2 2026: 600 MW | not reported by quarter | |
| CCipher Digital | Q3 2026: 700 MW · Q2 2026: 700 MW · Q1 2026: 700 MW · Q4 2025: 600 MW | Q3 2026: 18 MW | sec.gov $16.6 Bn Contracted Revenue $864 MM Proj. Avg. Annualized NOI (2, 3) 700 MW Contracted Gross HPC Capacitychecked 15 Nov 2026 |
| GGalaxy Digital | Q3 2026: 526 MW · Q2 2026: 526 MW · Q1 2026: 526 MW · Q4 2025: 526 MW | Q3 2026: 133 MW · Q2 2026: 133 MW | |
| BBitdeer | Q3 2026: 332 MW | not reported by quarter | sec.gov AI Cloud revenue backlog grows to approximately US$2.9 billion; approximately 332 IT MW of AI Cloud capacity securedchecked 15 Nov 2026 |
| DDigitalOcean | Q3 2026: 180 MW · Q2 2026: 155 MW | not reported by quarter | sec.gov bringing total committed capacity to approximately 180 MW, with additional capacity actively being pursuedchecked 15 Nov 2026 |
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Large neoclouds that are not listed
These providers are private or are subsidiaries. They have no ticker; valuations come from funding rounds and are dated.
| Company | Type | Status | Valuation | As of |
|---|---|---|---|---|
| CCrusoe | GPU cloud | Private | $30.9B | 17 Sep 2026 |
| FFireworks AI | Inference cloud | Private | $17.5B | 16 Jul 2026 |
| MModal | Inference cloud | Private | $15.8B | 14 Oct 2026 |
| NNscale | GPU cloud | private (S-1 filed 2026-09-18, NYSE: NSCL proposed) | $14.6B | 9 Mar 2026 |
| LLambda | GPU cloud | Private | $14.5Breported | 6 Oct 2026 |
| BBaseten | Inference cloud | Private | $13Breported | 22 Jun 2026 |
| SSambaNova Systems | Inference cloud | Private | $11Breported | Jul 2026 |
| FFirmus | GPU cloud | private (ASX IPO withdrawn 2026-10-09) | $10.5B | Aug 2026 |
| TTogether AI | Inference cloud | Private | $8.3B | 1 Jul 2026 |
| FFluidstack | GPU cloud | Private | $7.5B | Jan 2026 |
| GGroq | Inference cloud | private (Groq LLC) | $3.5B | 17 Aug 2026 |
| VVultr | GPU cloud | Private | $3.5B | 18 Dec 2024 |
Side-by-side comparisons
Pairs of providers with the same columns set next to each other, plus their named customers and largest contracts: CoreWeave vs Nebius, CoreWeave vs IREN, IREN vs Nebius, CoreWeave vs Lambda, CoreWeave vs Fluidstack, CoreWeave vs Nscale, CoreWeave vs Applied Digital, CoreWeave vs Core Scientific.
What the columns mean
Contracted is power the company says is under customer contract or secured for AI workloads. Operating is power it says is energised and in service. Companies define both differently, so compare within a company over time before comparing across companies.
Type matters for reading the numbers: a capacity landlord's megawatts are leased to a tenant that owns the GPUs, while a GPU cloud's megawatts carry its own fleet.
A listing is missing or a figure is out of date? Send the filing.