Neocloud Stocks: 10 Companies and the AI Power Race
Neocloud stocks provide exposure to specialist AI cloud providers and the infrastructure supporting them.
CoreWeave (CRWV) and Nebius (NBIS) sell AI cloud services; other companies in this comparison supply power, buildings or leased data-center capacity. Those business models have different costs and risks. This guide covers nine listed companies and Crusoe, a private company included for industry context, not as a publicly traded stock.
Updated October 9, 2026: clarified public versus private companies, updated Cipher Digital's name, added primary-source links and replaced the earlier cross-company revenue-per-megawatt ranking with a comparison of business models and measurement limits. The original publication date is retained.
What is a neocloud?
A neocloud is a specialist cloud provider focused on GPU-intensive workloads such as AI training, inference and high-performance computing. Its product can include compute, networking, storage and software. A data-center landlord may support the same AI workloads while selling space and power rather than the cloud service itself. CoreWeave's explanation of GPU-as-a-service and neoclouds describes these distinctions from a provider's perspective.
For investors, the distinction changes the financial model. A cloud operator must manage hardware utilization and technology replacement; an infrastructure lessor must deliver facilities and collect rent under its contracts. A company can operate across more than one category, so these labels identify exposure rather than fixed peer groups.
Neocloud stocks and related infrastructure companies
The table is a research starting point, not a ranking of expected returns. Company names link to primary disclosures or product information; ticker links open BTI stock research. The sources describe different reporting periods and should not be treated as a synchronized financial comparison.
CompanyTickerAI exposure CoreWeaveCRWVAI cloud platform NebiusNBISAI cloud platform IRENIRENAI cloud and data-center infrastructure GalaxyGLXYHelios data-center leasing; broader digital-asset business Hut 8HUTPower and AI data-center development Applied DigitalAPLDHPC data-center development and hosting TeraWulfWULFHPC infrastructure and data-center leasing Core ScientificCORZHigh-density colocation Cipher DigitalCIFRAI data-center development and leasing CrusoePrivatePrivate AI infrastructure and cloud company Crusoe announced a Series F financing on September 17, 2026. That private funding round should not be confused with an exchange listing. Cipher's August 2026 release uses the name Cipher Digital and ticker CIFR; older material may still call the company Cipher Mining. Crusoe financing announcement; Cipher Digital Q2 update.
CoreWeave, Nebius and IREN: compare the cloud offering first
CoreWeave describes its business as a cloud platform for AI. Nebius describes an AI-centric platform providing compute, storage and tools for model development. IREN offers AI cloud services alongside colocation and build-to-suit facilities. The overlap does not make their revenue mix or economics identical. CoreWeave investor overview; Nebius company background; IREN services.
Research should establish who buys and owns the GPUs, how customer usage is billed and how much contracted demand has become delivered service. Utilization, funding costs and hardware replacement can affect cash returns even when demand is strong. A large order book is useful evidence of demand, but the timing and cost of fulfilling it still matter.
Galaxy and the infrastructure providers: contracted is not delivered
Galaxy's July 6, 2026 announcement provides a concrete example. It reported delivery of 133 MW of critical IT load in Helios Phase I, while describing 526 MW committed across Phases I through III. The full commitment and the delivered first phase are different measures. Galaxy's Helios Phase I announcement.
Hut 8, Applied Digital, TeraWulf, Core Scientific and Cipher Digital disclose data-center development, leasing or colocation activities. Their contracts and reporting differ. Use the linked company documents in the table to identify construction milestones, rent commencement, tenant obligations and financing requirements before comparing valuations.
Core Scientific's Q2 2026 release, for example, distinguishes leased customer power from capacity already being billed. Cipher's August 4 update reports the start of initial capacity delivery and rent at Black Pearl. These operational milestones help separate an announced pipeline from a revenue-generating asset. Core Scientific Q2 results; Cipher Digital Q2 update.
Why revenue per megawatt can mislead
Revenue per MW is meaningful only when the numerator, denominator and time period are consistent. Total value over a long contract is not annual recognized revenue. Gross site power includes supporting infrastructure, while critical IT load measures power available to computing equipment. A planned site and an energized facility also represent different delivery risks.
MeasureWhat to verify Contract valueBase term, renewal options, delivery conditions and cancellation terms. RevenueAnnual, quarterly or total contract period; cloud services versus rent. Power capacityGross power or critical IT load; planned, contracted, delivered or billing. Capital requiredBuildings, GPUs, networking, financing and replacement obligations. As a hypothetical example, a $10 billion contract spread evenly over ten years and 500 MW implies $1 billion per year, or $2 million per MW per year. Dividing the entire contract value by the same capacity gives $20 million per MW over the full term. Neither measure is profit, and actual recognition may not be even. Comparing those two figures without their time periods would produce a tenfold distortion.
Which risks should a neocloud stock comparison include?
- Delivery: permits, grid connections, construction and customer acceptance determine when capacity can earn revenue.
- Funding: debt service, project equity and potential share issuance affect returns to existing shareholders.
- Customer concentration: a few large contracts can create dependence on particular counterparties.
- Technology: the owner of computing hardware bears replacement and utilization risk.
- Valuation: anticipated growth may already be reflected in the share price.
BTI's comparison framework is to follow each project's path from announced capacity to contracted capacity, delivery, billing and cash generation. Then compare the cash return with the capital and risk required to obtain it. This is an analytical framework, not a prediction of which stock will outperform.
Neocloud stocks: common questions
Are all AI data-center stocks neoclouds?
No. A specialist cloud provider sells computing services, while a data-center owner may lease infrastructure to that provider. Both can benefit from AI demand, but their revenue, capital spending and contractual risks differ.
Is there one best neocloud stock?
This comparison does not establish a best stock. A defensible comparison needs current valuation, financing, customer exposure and delivery evidence. A larger power pipeline or higher contract value alone is insufficient.
Can investors buy Crusoe through a normal stock listing?
Crusoe is included here as a private-company comparison, not a listed ticker. Its September 2026 Series F announcement documents private financing; it does not offer an exchange-traded Crusoe stock.
Continue researching the AI infrastructure chain
Compare company data in the stock directory and test valuation assumptions with the stock valuation calculator. Our CRDO 2030 scenario analysis examines the connectivity supplier side of AI infrastructure, with explicit earnings and valuation assumptions. Check the news archive for subsequent company developments.
Sources were reviewed for this October 9 update. Figures retain the dates stated in their original disclosures. This guide is educational research, not a recommendation to buy or sell.
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