What is a neocloud?

How a neocloud differs from AWS, Azure and Google Cloud

Focus is the difference. Synergy Research Group says neoclouds set themselves apart with a tight focus on GPUs instead of a broad portfolio, which the neoclouds say brings many benefits[6]. Uptime Institute describes them as a new class of provider renting GPU-backed servers and virtual machines, often more cheaply than the hyperscalers[4].

McKinsey says they compete on flexible contracts, faster provisioning and specialized configurations, and can price GPUs as much as 85% below the hyperscalers[5]. It traces their rise to two forces: a global shortage of high-end chips and chipmakers’ efforts to diversify their revenue[5].

The label is the analysts’, not always the companies’. Several of these firms describe themselves in their own terms: Lambda calls itself The Superintelligence Cloud[7], and TensorWave an AI cloud that runs only on AMD chips[8].

Who the neoclouds are

Lists vary with the definition. In April 2026, Synergy named CoreWeave, Crusoe, Core Scientific, Lambda, Nebius and Nscale among the leading providers[1]. JLL counts about 190 operators and names CoreWeave, Nebius and Crusoe among the major ones[2].

Who buys from neoclouds

Often the hyperscalers themselves. Uptime Intelligence calls neoclouds the broker-dealers of AI infrastructure, selling access to large GPU clusters to enterprises and to hyperscalers building ever-larger models[16]. CoreWeave’s filings show how concentrated that can be: Microsoft made up 62% of its revenue in 2024[17] and about 67% in 2025[3]. Nebius’s largest disclosed contracts are with Microsoft and Meta[11][12], and Nscale’s Texas campus is for Microsoft[13]. AI labs buy too: CoreWeave with OpenAI[10], Fluidstack with Anthropic[15].

Where neoclouds get their data centers

Some lease. Several neoclouds rent space and power from data center developers rather than build every site. CoreWeave cited a Core Scientific deal covering more than 500 MW as proof it had secured power at scale[17], and Applied Digital said it would deliver 250 MW of critical IT load for CoreWeave at its campus in Ellendale, North Dakota[18]. Others develop sites themselves: the Census lists Crusoe as developer of the Stargate campus in Abilene, Texas. The table below lists every project in the Census tied to one of these companies.

How big the market is

Estimates differ with the definition, and all are estimates. Synergy Research Group puts neocloud revenue at $9 billion in the fourth quarter of 2025, up 223% from a year earlier, and above $25 billion for the full year[1], and forecasts it will approach $400 billion by 2031[1]. JLL counts about 190 operators worldwide[2].

The risks analysts point to

Three come up repeatedly. Customer concentration: McKinsey notes that public disclosures show some providers earning more than half their revenue from one or two customers[5]; CoreWeave’s Microsoft share is one documented example[3]. Debt: McKinsey says borrowing makes the economics more fragile, because interest costs can erase what margin is left[5]. Demand: Uptime Intelligence says neoclouds share in the upside if AI demand grows but are left with stranded assets if it stalls[16].

Neocloud projects in the Census

10 tracked projects name CoreWeave, Nebius, Nscale, Crusoe, Fluidstack or TensorWave as developer, operator or announced tenant.

Roles are as the record’s sources state them. Leased capacity inside another company’s campus often never becomes public, so this is a floor, not a full map.

Common questions

What is a neocloud?

A cloud provider built around renting GPU computing for AI. Uptime Institute describes neoclouds as providers focused on GPU-backed servers and virtual machines, often cheaper than the hyperscalers, and McKinsey calls them independent GPU-as-a-service providers.

What is the difference between a neocloud and a hyperscaler?

Scope. Hyperscalers such as AWS, Microsoft Azure and Google Cloud sell a broad portfolio of cloud services; neoclouds focus tightly on GPUs, and McKinsey says they compete on flexible contracts, faster provisioning and lower GPU prices. Hyperscalers are also among the neoclouds’ biggest customers.

Which companies are neoclouds?

Synergy Research Group named CoreWeave, Crusoe, Core Scientific, Lambda, Nebius and Nscale as leading neoclouds in April 2026, and JLL counts about 190 operators in all.

How big is the neocloud market?

Synergy Research Group estimates neocloud revenue topped $25 billion in 2025 and forecasts it will approach $400 billion by 2031. Both are analyst estimates.

Do neoclouds own their data centers?

Some do, and some lease. CoreWeave has contracted more than 500 MW of capacity from Core Scientific and 250 MW of IT load at Applied Digital’s North Dakota campus, while the Census lists Crusoe as developer of the Stargate campus in Abilene, Texas.

What are the risks for neoclouds?

Analysts point to customer concentration, debt and demand. McKinsey notes some providers earn more than half their revenue from one or two customers and that debt makes the economics fragile; Uptime Intelligence warns of stranded assets if AI demand stalls.

Sources

1. Neocloud Market Forecast to Approach $400B by 2031, Driven by Surging AI Infrastructure Demand
   Synergy Research Group · 2026-04-02
   3 source excerpts

   “New data from Synergy Research Group reveals that neocloud revenues are scaling at an unprecedented pace, reaching $9 billion in Q4—up 223% year-over-year—and exceeding $25 billion for full-year 2025.”

   “Focused on services such as GPU-as-a-Service (GPUaaS), generative AI platforms and high-density data center capacity, these providers are led by companies including CoreWeave, Crusoe, Core Scientific, Lambda, Nebius and Nscale.”

   “Synergy forecasts the market will approach $400 billion by 2031, representing a sustained 58% compound annual growth rate.”

2. The rise of Neocloud in the AI landscape
   JLL · 2025-08-26
   Source excerpt

   “The Neocloud ecosystem comprises approximately 190 distinct operators, with major providers including CoreWeave, Nebius, and Crusoe. These providers offer specialized GPU capabilities through Graphics Processing Units-as-a-Service (GPUaaS), essential for AI, blockchain, gaming, and scientific workloads.”

3. CoreWeave, Inc. FY25 10-K
   CoreWeave, Inc. (investor relations site) · 2026-03-02
   Source excerpt

   “We recognized an aggregate of approximately 67% of our revenue from our top customer, Microsoft, for the year ended December 31, 2025.”

4. Neoclouds: a cost-effective AI infrastructure alternative
   Uptime Institute (Uptime Institute Blog / Journal) · 2025-02-26
   Source excerpt

   “Known as neoclouds, these providers focus on offering GPU-backed servers and virtual machines, often at prices more affordable than those of the hyperscalers.”

5. The evolution of neoclouds and their next moves
   McKinsey & Company · 2025-11-19
   4 source excerpts

   “The emergence of neoclouds—independent GPU-as-a-service (GPUaaS) providers—is a direct response to two structural forces: a global scarcity of high-end compute, and the revenue diversification strategies of the largest advanced-chip producers.”

   “Neoclouds offer flexible contracts, faster provisioning, and specialized infrastructure configurations. In addition, they price GPUs as much as 85 percent less than hyperscalers do.”

   “Public disclosures show that for some players, more than half of their revenue comes from just one or two customers.”

   “The economics become even more fragile when debt financing is taken into account, because interest costs quickly erase any residual cushion.”

6. Neoclouds Currently Growing by Over 200% per Year; Will Reach $180 Billion in Revenues by 2030
   Synergy Research Group · 2025-10-13
   Source excerpt

   “neocloud companies differentiate themselves by a tight focus on GPUs rather than offering a broad portfolio of cloud services, which they claim brings many benefits”

7. Lambda Raises Over $1.5B from TWG Global, USIT to Build Superintelligence Cloud Infrastructure
   Lambda · 2025-11-18
   Source excerpt

   “Lambda, The Superintelligence Cloud, is a leader in AI cloud infrastructure serving tens of thousands of customers.”

8. About TensorWave | GPU Cloud Infrastructure for AI
   TensorWave · 2026-09-27
   Source excerpt

   “We are the AMD-exclusive AI Cloud for teams that are serious about training, fine-tuning, and deploying large models at scale; without getting trapped in a single-vendor ecosystem.”

9. CoreWeave Announces Pricing of Initial Public Offering
   CoreWeave · 2025-03-27
   Source excerpt

   “The shares are expected to begin trading on the Nasdaq Global Select Market on March 28, 2025 under the ticker symbol "CRWV."”

10. CoreWeave Expands Agreement with OpenAI by up to $6.5 B
    CoreWeave · 2025-09-25
    Source excerpt

    “The agreement announced today brings the total contract value with OpenAI up to approximately $22.4 billion.”

11. FORM 6-K
    Nebius Group N.V. via U.S. Securities and Exchange Commission (EDGAR) · 2025-09-08
    Source excerpt

    “the total contract value is about $17.4 billion through 2031. Microsoft may also acquire additional services and/or capacity under the Agreement, which would increase the total contract value to about $19.4 billion.”

12. Nebius signs new AI infrastructure agreement with Meta; deal to accelerate growth of Nebius’s core business in AI cloud
    Nebius · 2026-03-16
    Source excerpt

    “The agreement has a contract value of up to approximately $27 billion.”

13. Nscale Contracts Approximately 200,000 NVIDIA GB300 GPUs with Microsoft to Deliver NVIDIA AI Infrastructure Across Europe and the U.S. | Nscale
    Nscale · 2025-10-15
    Source excerpt

    “Nscale will deliver approximately 104,000 NVIDIA GB300 GPUs in a ~240MW hyperscale AI campus in Texas, supporting the phased delivery of NVIDIA AI infrastructure services to Microsoft from Q3 2026.”

14. Crusoe announces flagship Abilene data center is live
    Crusoe · 2025-09-30
    Source excerpt

    “Crusoe, the industry's first vertically integrated AI infrastructure provider, today announced that the first phase of Stargate's flagship data center campus in Abilene, Texas, is now up and running on Oracle Cloud Infrastructure (OCI) and continues to progress rapidly.”

15. Anthropic invests $50 billion in American AI infrastructure
    Anthropic · 2025-11-12
    Source excerpt

    “Today, we are announcing a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York, with more sites to come.”

16. Neoclouds: AI’s shock absorbers
    Uptime Institute (Uptime Intelligence) · 2025-10-02
    2 source excerpts

    “Neoclouds are the broker-dealers of AI infrastructure, supplying access to large clusters of GPUs to enterprises and hyperscalers looking to build ever-larger AI models.”

    “They share in the upside if demand grows, but are burdened with stranded assets if it stalls.”

17. 424B4
    CoreWeave, Inc. via U.S. Securities and Exchange Commission (EDGAR) · 2025-03-27
    2 source excerpts

    “For the years ended December 31, 2023 and 2024, our largest customer was Microsoft, which accounted for 35% and 62% of our revenue, respectively.”

    “Power is a key enabler of the AI revolution and an asset that we have managed to secure at scale, as demonstrated by our agreement with Core Scientific for more than 500 MW of capacity as of December 31, 2024.”

18. Applied Digital Announces 250MW AI Data Center Lease With CoreWeave in North Dakota :: Applied Digital Corporation (APLD)
    Applied Digital Corporation · 2025-06-02
    Source excerpt

    “Under the lease agreements, Applied Digital will deliver 250 megawatts (MW) of critical IT load to host CoreWeave's artificial intelligence (AI) and high-performance computing (HPC) infrastructure at its Ellendale, North Dakota data center campus.”

Each source was opened and checked against the excerpt shown. Company statements are identified as such. Figures are as published; where sources differ, each is shown.