Lightning AI (incl. Voltage Park)
Combined company from the January 2026 merger of Lightning AI (developer platform) and Voltage Park (GPU cloud with owned H100/B200/GB300 fleet).
lightning.ai · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Profile
- Headquarters
- United States
- Founded
- Not yet recorded
- Ownership
- private
- Operating regions
- North America
- Deployment model
- gpu hour rental, ai platform software
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Hopper, NVIDIA Blackwell, NVIDIA Blackwell Ultra
- Networking
- Not yet recorded
- Storage
- Not yet recorded
- Cooling
- Not yet recorded
- Energy strategy
- Not yet recorded
- Platform / control plane
- Lightning AI Studio (developer platform)
- Business model
- On-demand H100 at $1.99/hr.
- Differentiation
- Not yet recorded
Sources: Business Wire (Lightning AI) — Lightning AI and Voltage Park Complete Merger, DatacenterDynamics — GPUaaS provider Voltage Park merges with cloud platform Lightning AI
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
No sourced capacity figures recorded.
Disclosed customer contracts
No disclosed customer contracts recorded.
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 21 Jan 2026 | merger | — | Lightning AI (incl. Voltage Park) merged with Voltage Park. Source: Business Wire (Lightning AI) — Lightning AI and Voltage Park Complete Merger |
Neocloud Observatory
Evidence-scored analysis
Category A · Pure-play Neocloud · data quality 59.6/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational Unknown
- Under construction Unknown
- Contracted Unknown
- Secured Unknown
- Announced Unknown
- Stated pipeline Unknown
- Company target Unknown
- GPUs operational
- 35,000
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
GPU platforms: H100/B200/GB300 · NVIDIA H100, B200, GB300
Financial position
- Annualised revenuereported run-rate
- $500M
- Revenue growth (YoY)
- Unknown
- Backlog
- Unknown
- Disclosed contract value
- Unknown
- Valuationpost money funding valuation
- $2.5B
- Equity raised (captured)
- Unknown
- Debt raised (captured)
- Unknown
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 39 evidence coverage 75%
- contracted revenue model: 45 (weight 0.4) — spot/on-demand oriented
- model diversity: 44 (weight 0.2) — gpu_hour_rental, ai_platform_software
- margin: unknown (weight 0.25) — no margin data
- software upside: 15 (weight 0.15) — 1 software layers
Capital Access Insufficient evidence evidence coverage 20%
- total capital raised: unknown (weight 0.3) — UNKNOWN equity+debt captured
- raised last 12m: unknown (weight 0.25) — UNKNOWN in 12m
- valuation: 47 (weight 0.2) — post_money_funding_valuation valuation $2.50B
- strategic backers: unknown (weight 0.15) — 0 investors known
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 26 evidence coverage 55%
- physical control: 35 (weight 0.3) — power/land/DC control
- software depth: 16 (weight 0.25) — 1 software layers
- contracted lock in: unknown (weight 0.25) — backlog/contract value UNKNOWN
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 0%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: unknown (weight 0.2) — 0 disclosed customers
Customer Diversification Insufficient evidence evidence coverage 0%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: unknown (weight 0.4) — 0 disclosed customer relationships
Customer Quality Insufficient evidence evidence coverage 0%
- hyperscaler or lab: unknown (weight 0.5) — 0 disclosed customers
- contracted value: unknown (weight 0.5) — disclosed contract value UNKNOWN
Execution Risk (higher = riskier) Insufficient evidence evidence coverage 0%
- build to operating ratio: unknown (weight 0.45) — 0 MW to build vs 0 MW operating
- soft pipeline share: unknown (weight 0.25) — 0 MW secured/announced/speculative
- organisational youth: unknown (weight 0.3) — founded UNKNOWN
Financial Durability 49 evidence coverage 40%
- revenue scale: 52 (weight 0.3) — annualised revenue $500M (reported run-rate)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: unknown (weight 0.2) — no backlog/revenue
- public disclosure: 40 (weight 0.1) — private
Financial Risk (higher = riskier) 18 evidence coverage 40%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: 0 (weight 0.25) — 12m capital raised / revenue 0.0x
- revenue scale inverse: 49 (weight 0.15) — revenue $500M
Geographic Position 29 evidence coverage 100%
- countries: 18 (weight 0.6) — United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position 65 evidence coverage 100%
- gpu fleet and contracted: 58 (weight 0.4) — 35,000 GPUs operational+contracted
- vendor relationship: 50 (weight 0.3) — no strategic vendor tie evidenced
- latest generation: 90 (weight 0.3) — H100/B200/GB300, NVIDIA H100, B200, GB300
Growth Momentum Insufficient evidence evidence coverage 20%
- revenue growth yoy: unknown (weight 0.4) — no growth data
- capacity momentum: unknown (weight 0.25) — 0 MW contracted/under construction
- recent major events: 0 (weight 0.2) — 0 major confirmed events in 180d
- capital raised 12m: unknown (weight 0.15) — raised UNKNOWN in 12m
Infrastructure Execution Insufficient evidence evidence coverage 0%
- delivered projects: unknown (weight 0.4) — 0/0 tracked projects (partially) operational
- operational share of hard mw: unknown (weight 0.4) — 0 of 0 hard MW operational
- building now: unknown (weight 0.2) — 0 under construction
Management Execution Insufficient evidence evidence coverage 30%
- delivered capacity: unknown (weight 0.5) — 0 MW delivered to date
- milestones 180d: 0 (weight 0.3) — 0 confirmed major milestones (180d)
- disclosure discipline: unknown (weight 0.2) — private
Operational Capacity 58 evidence coverage 35%
- operational mw: unknown (weight 0.65) — operational MW UNKNOWN
- operational gpus: 58 (weight 0.35) — 35,000 GPUs operational
Power Pipeline Quality Insufficient evidence evidence coverage 20%
- weighted pipeline mw: unknown (weight 0.5) — ladder-weighted 0 MW
- hard share: unknown (weight 0.3) — no MW data
- physical power control: 35 (weight 0.2) — physical-layer control 35/100
Software Platform Maturity 44 evidence coverage 75%
- software layers: 16 (weight 0.5) — ai_platform
- software control: 100 (weight 0.25) — software-layer control 100/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships Insufficient evidence evidence coverage 0%
- vendor equity: unknown (weight 0.4) — no vendor equity evidenced
- hyperscaler ties: unknown (weight 0.4) — none evidenced
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation 0 evidence coverage 70%
- differentiators: 0 (weight 0.7) — no clear differentiator evidenced
- independent rating: unknown (weight 0.3) — not rated
Technical Strength Insufficient evidence evidence coverage 25%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: unknown (weight 0.15) — fabric UNKNOWN
- stack documentation: 24 (weight 0.25) — 2 technology layers evidenced
Vertical Integration Insufficient evidence evidence coverage 0%
- stack control: unknown (weight 1) — 3 of 12 layers evidenced; 9 UNKNOWN
Career Opportunity 54 evidence coverage 28%
- growth momentum: unknown (weight 0.2) — Growth Momentum
- capital access: unknown (weight 0.15) — Capital Access
- technical strength: unknown (weight 0.12) — Technical Strength
- software platform maturity: 44 (weight 0.12) — Software Platform Maturity
- power pipeline quality: unknown (weight 0.1) — Power Pipeline Quality
- geographic position: 29 (weight 0.06) — Geographic Position
- strategic partnerships: unknown (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 82 (weight 0.1) — 100 - financial risk
Data Quality 60 evidence coverage 41%
- dq coverage: unknown (weight 0) — 0.412
- dq avg confidence: unknown (weight 0) — 0.724
- dq primary source pct: unknown (weight 0) — 0.5
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 10
Worth Investigating? (not investment advice) 23 evidence coverage 20%
- growth momentum: unknown (weight 0.18) — Growth Momentum
- technical differentiation: 0 (weight 0.12) — Technical Differentiation
- customer quality: unknown (weight 0.12) — Customer Quality
- power pipeline quality: unknown (weight 0.12) — Power Pipeline Quality
- capital access: unknown (weight 0.12) — Capital Access
- strategic partnerships: unknown (weight 0.1) — Strategic Partnerships
- technical strength: unknown (weight 0.08) — Technical Strength
- infrastructure execution: unknown (weight 0.08) — Infrastructure Execution
- operational capacity: 58 (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential Insufficient evidence evidence coverage 15%
- power pipeline quality: unknown (weight 0.3)
- capital access: unknown (weight 0.25)
- customer quality: unknown (weight 0.2)
- operational capacity: 58 (weight 0.15)
- vertical integration: unknown (weight 0.1)
Overall Survival Probability (5y, %) 84 evidence coverage 33%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | Unknown | $650M ($567.5M–$702.5M) |
| 24 months | Unknown | $809.2M ($630M–$934.8M) |
| 36 months | Unknown | $987.4M ($692.5M–$1.2B) |
| 60 months | Unknown | $1.4B ($827.2M–$2B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 90% | 81% | 73% | 56% |
| Acquired | 6% | 12% | 17% | 27% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 3% | 5% | 7% | 12% |
| IPO | 4% | 8% | 12% | 18% |
| Acquire another company | 4% | 8% | 12% | 18% |
| Financial distress | 1% | 2% | 3% | 5% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 0% | 0% |
| Remain niche | 97% | 95% | 92% | 88% |
| Strategic pivot | 5% | 10% | 15% | 25% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy UNKNOWN No evidence captured (unknown)
- land UNKNOWN No evidence captured (unknown)
- data center LEASED Colocation. (inferred)
- power cooling UNKNOWN No evidence captured (unknown)
- gpu hardware OWNED Owned fleet. (inferred)
- network UNKNOWN No evidence captured (unknown)
- storage UNKNOWN No evidence captured (unknown)
- bare metal UNKNOWN No evidence captured (unknown)
- orchestration UNKNOWN No evidence captured (unknown)
- cloud api UNKNOWN No evidence captured (unknown)
- ai platform OWNED Lightning platform. (inferred)
- managed ai UNKNOWN No evidence captured (unknown)
Not yet sourced: power mw.operational, power mw.contracted, cash, total funding, backlog, employees, profile.founded year, customers, tech stack, stack control.
Timeline
-
21 Jan 2026 · merger
Lightning AI (incl. Voltage Park) merged with Voltage Park.
Source: Business Wire (Lightning AI) — Lightning AI and Voltage Park Complete Merger
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
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