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Neocloud Observatory

Leaderboards

Rankings computed from sourced observations. A company appears on a board only when the underlying value is known; reported and estimated figures are labelled in the notes. Snapshot 25 Sept 2026 · score-v1.0.

Claims vs delivered evidence

Percentile rank on claims (valuation, soft pipeline, headline contract value, announced GPUs) minus percentile rank on delivered evidence (operational MW and GPUs, revenue, delivered projects). Companies with fewer than two delivered-evidence signals are listed under evidence gaps instead: missing disclosure is not proof of non-delivery.

Most Overhyped (claims/valuation far ahead of delivered evidence)

  1. 1 Nscale Claims/valuation rank 72% vs delivered-evidence rank 28% +0.44
  2. 2 IREN Claims/valuation rank 70% vs delivered-evidence rank 59% +0.10
  3. 3 Nebius Claims/valuation rank 85% vs delivered-evidence rank 80% +0.05

Percentile of valuation, contracted+soft MW, claimed contract value, announced GPUs MINUS percentile of operational MW, revenue, reported operational GPUs, delivered projects.

Most Underappreciated (delivered evidence ahead of claims/valuation)

  1. 1 Northern Data (Taiga Cloud) Claims/valuation rank 18% vs delivered-evidence rank 50% -0.32
  2. 2 Lambda Claims/valuation rank 32% vs delivered-evidence rank 62% -0.30
  3. 3 CoreWeave Claims/valuation rank 87% vs delivered-evidence rank 92% -0.05
  4. 4 WhiteFiber Claims/valuation rank 26% vs delivered-evidence rank 28% -0.01

Same comparison, most negative gap.

Evidence Gaps (large claims, <2 delivered-evidence signals captured — investigate before judging)

  1. 1 Crusoe Claims/valuation rank 83% vs delivered-evidence rank 0% (no delivered evidence captured) +0.83
  2. 2 Firmus Technologies Claims/valuation rank 43% vs delivered-evidence rank 0% (no delivered evidence captured) +0.43
  3. 3 Fluidstack Claims/valuation rank 69% vs delivered-evidence rank 29% +0.40
  4. 4 Yotta Data Services Claims/valuation rank 36% vs delivered-evidence rank 0% (no delivered evidence captured) +0.36
  5. 5 Volta Claims/valuation rank 33% vs delivered-evidence rank 0% (no delivered evidence captured) +0.33
  6. 6 GMI Cloud Claims/valuation rank 32% vs delivered-evidence rank 0% (no delivered evidence captured) +0.32
  7. 7 TensorWave Claims/valuation rank 46% vs delivered-evidence rank 17% +0.29
  8. 8 Sharon AI Claims/valuation rank 33% vs delivered-evidence rank 4% +0.29
  9. 9 Vultr Claims/valuation rank 23% vs delivered-evidence rank 0% (no delivered evidence captured) +0.23

Excluded from 'overhyped' because missing evidence may reflect disclosure gaps rather than non-delivery.

All boards

Largest Operational AI Capacity (MW)

  1. 1 CoreWeave 1,500 MW
  2. 2 Nebius 100 MW
  3. 3 IREN 50 MW
  4. 4 WhiteFiber 20 MW

Largest Contracted/Under-construction Pipeline (MW)

  1. 1 Crusoe 6,100 MW
  2. 2 CoreWeave 3,700 MW
  3. 3 Fluidstack 360 MW
  4. 4 IREN 350 MW
  5. 5 Nscale 240 MW
  6. 6 WhiteFiber 40 MW
  7. 7 Lambda 21 MW

Largest Operational GPU Fleet

  1. 1 CoreWeave 600,000
  2. 2 Lightning AI (incl. Voltage Park) 35,000
  3. 3 Northern Data (Taiga Cloud) 22,000
  4. 4 TensorWave 8,192

Highest Annualised Revenue

  1. 1 CoreWeave $10.3B
  2. 2 Nebius $3B
  3. 3 Together AI $1.1B
  4. 4 IREN $1B
  5. 5 Lambda $700M
  6. 6 Lightning AI (incl. Voltage Park) $500M
  7. 7 Nscale $283.5M
  8. 8 RunPod $240M
  9. 9 Fluidstack $200M
  10. 10 WhiteFiber $115.5M

Highest Reported Revenue Growth (YoY)

  1. 1 NexGen Cloud (Hyperstack) 2233%
  2. 2 Nscale 1252%
  3. 3 Nebius 454%
  4. 4 Sharon AI 412%
  5. 5 CoreWeave 112%
  6. 6 Lambda 65%
  7. 7 WhiteFiber 54%

Largest Contracted Backlog / Contract Value

  1. 1 CoreWeave $104B
  2. 2 Nscale $51B
  3. 3 Nebius $20.4B
  4. 4 Crusoe $13B
  5. 5 Volta $10B
  6. 6 IREN $9.7B
  7. 7 Sharon AI $5.9B
  8. 8 Lambda $1.5B
  9. 9 Yotta Data Services $1B
  10. 10 WhiteFiber $865M

Largest Valuation (market cap or funding round — type shown)

  1. 1 Nebius $59.5B
  2. 2 CoreWeave $44.2B
  3. 3 Crusoe $30.9B
  4. 4 Fluidstack $18B
  5. 5 IREN $16.5B
  6. 6 Nscale $14.6B
  7. 7 Together AI $8.3B
  8. 8 Lambda $5.9B
  9. 9 Vultr $3.5B
  10. 10 Lightning AI (incl. Voltage Park) $2.5B

Most Equity Raised (captured)

  1. 1 Crusoe $5.9B
  2. 2 Nscale $3.3B
  3. 3 Fluidstack $3.1B
  4. 4 Lambda $2B
  5. 5 Nebius $1.7B
  6. 6 Together AI $800M
  7. 7 TensorWave $350M
  8. 8 Vultr $333M
  9. 9 Firmus Technologies $217.8M
  10. 10 RunPod $120M

Most Debt (reported total, else captured facilities)

  1. 1 CoreWeave $35.6B
  2. 2 Firmus Technologies $6.6B
  3. 3 IREN $3.6B
  4. 4 Nebius $3.2B
  5. 5 Nscale $433M
  6. 6 Vultr $329M

Strongest Technical Stack

  1. 1 Nebius 97
  2. 2 CoreWeave 96
  3. 3 Crusoe 83
  4. 4 Lambda 83
  5. 5 Together AI 65
  6. 6 Ori (Radiant / Brookfield) 53
  7. 7 IREN 38

Strongest Software Platform

  1. 1 CoreWeave 100
  2. 2 Nebius 90
  3. 3 Crusoe 84
  4. 4 Together AI 60
  5. 5 Lambda 55
  6. 6 RunPod 55
  7. 7 Lightning AI (incl. Voltage Park) 44
  8. 8 NexGen Cloud (Hyperstack) 44
  9. 9 Yotta Data Services 44
  10. 10 Fluidstack 33

Most Vertically Integrated

  1. 1 Crusoe 93
  2. 2 Nebius 89
  3. 3 Nscale 82
  4. 4 IREN 78
  5. 5 CoreWeave 73
  6. 6 Together AI 72
  7. 7 Lambda 70
  8. 8 Fluidstack 52

Most Geographically Distributed (countries)

  1. 1 Nebius 7
  2. 2 Nscale 4
  3. 3 GMI Cloud 3
  4. 4 IREN 3
  5. 5 Fluidstack 2
  6. 6 CoreWeave 1
  7. 7 Crusoe 1
  8. 8 CUDO Compute 1
  9. 9 Firmus Technologies 1
  10. 10 Genesis Cloud 1

Highest Customer Concentration Risk

  1. 1 IREN 96
  2. 2 Northern Data (Taiga Cloud) 96
  3. 3 Volta 96
  4. 4 WhiteFiber 96
  5. 5 Yotta Data Services 96
  6. 6 Nebius 80
  7. 7 Sharon AI 79
  8. 8 CoreWeave 61

Strongest Capital Position

  1. 1 CoreWeave 87
  2. 2 Nebius 84
  3. 3 Crusoe 79
  4. 4 Nscale 73
  5. 5 IREN 72
  6. 6 Fluidstack 72
  7. 7 Firmus Technologies 70
  8. 8 Volta 65
  9. 9 Together AI 59
  10. 10 Vultr 57

Best Career Opportunity

  1. 1 CoreWeave 80
  2. 2 Nebius 78
  3. 3 Crusoe 75
  4. 4 Together AI 57
  5. 5 Lightning AI (incl. Voltage Park) 54
  6. 6 Nscale 53
  7. 7 IREN 52
  8. 8 Firmus Technologies 50
  9. 9 Lambda 49
  10. 10 NexGen Cloud (Hyperstack) 49

Highest Investigation Score

  1. 1 CoreWeave 80
  2. 2 Crusoe 74
  3. 3 Nebius 71
  4. 4 Nscale 63
  5. 5 IREN 58
  6. 6 Together AI 51
  7. 7 Firmus Technologies 51
  8. 8 Fluidstack 49
  9. 9 Lambda 42
  10. 10 Sharon AI 41

Highest Survival Probability

  1. 1 CoreWeave 95
  2. 2 Nebius 95
  3. 3 Crusoe 90
  4. 4 Together AI 86
  5. 5 Lightning AI (incl. Voltage Park) 84
  6. 6 IREN 79
  7. 7 Firmus Technologies 79
  8. 8 Lambda 75
  9. 9 Vultr 74
  10. 10 Genesis Cloud 71

Highest Scale Potential

  1. 1 CoreWeave 87
  2. 2 Crusoe 78
  3. 3 Nscale 70
  4. 4 Nebius 68
  5. 5 IREN 64
  6. 6 Fluidstack 63
  7. 7 Lambda 46
  8. 8 TensorWave 42
  9. 9 Volta 41
  10. 10 WhiteFiber 31

Methodology: forecast ledger · HYBSIS methodology. Scores are 0–100 and left empty below 34% evidence coverage.