Neocloud stocks: CoreWeave, Nebius, IREN and more
A neocloud is a cloud company built to rent GPU computing power for AI, usually by the hour or on multi-year contracts. CoreWeave and Nebius are the two largest US-listed examples. IREN and WhiteFiber also rent GPUs directly, and a group of former bitcoin miners now leases power and buildings to them.
This dashboard tracks 8 of them side by side. Click any ticker for its charts, financials and valuation history.
Neocloud stocks list
Core neoclouds, which rent GPU compute:
- CoreWeave (CRWV): GPU cloud for AI labs and enterprises, with a revenue backlog of about $104B at 30 June 2026.
- Nebius (NBIS): full-stack AI cloud. AI cloud made up about 98% of Q2 2026 revenue.
- IREN (IREN): former bitcoin miner whose AI cloud revenue passed mining revenue in the June 2026 quarter.
- WhiteFiber (WYFI): GPU cloud plus HPC colocation, $28.8M revenue in Q2 2026.
AI hosting developers, which build and lease the sites:
- Applied Digital (APLD): builds and leases HPC campuses.
- Core Scientific (CORZ): ex-miner leasing colocation capacity, 395 MW billing at Q2 2026.
- TeraWulf (WULF): ex-miner. HPC leases were about 71% of Q2 2026 revenue.
- Cipher Digital (CIFR): ex-miner. HPC rent began in August 2026, after a Q2 that was still all mining revenue.
Rev Growth (TTM) vs Fwd P/E (NTM)
Rule of 40 vs P/E (TTM)
What to compare across neocloud stocks
These companies spend heavily up front and get paid over years, so the income statement alone misses a lot. The metrics that separate them:
| Metric | Why it matters for this group | Where in Chartloom |
|---|---|---|
| Revenue growth (quarterly, year over year) | Capacity coming online shows up here first | Charts, financials |
| Backlog or remaining performance obligations | Contracted revenue not yet earned. CoreWeave's was about $104B at 30 June 2026 | 10-Q via AI Summaries |
| Gross margin and adjusted EBITDA margin | Pricing power per GPU or per megawatt | Margin charts |
| Customer concentration | A few AI labs and hyperscalers sign most contracts | Risk section of AI 10-K Summaries (Pro) |
Key Valuation Metrics for Neocloud Stocks
| Company | EV / Fwd Rev | Gross Margin | Rev Growth (TTM) | Fwd Growth (NTM) |
|---|---|---|---|---|
CRWV | ||||
NBIS | ||||
IREN | ||||
WYFI | ||||
APLD | ||||
CORZ | ||||
WULF | ||||
CIFR |
Neocloud Stocks Drawdown from 52-Week High
Track how far each stock is trading below its recent peak.
Neoclouds vs hyperscalers vs AI hosting developers
A hyperscaler (Amazon, Microsoft, Google, Oracle) sells hundreds of cloud services, and GPUs are one of them. A neocloud sells mainly GPU compute and the software to run it. An AI hosting developer such as Applied Digital or Core Scientific doesn't own the GPUs at all. It provides land, power, cooling and the building, and signs long leases with neoclouds and hyperscalers.
The models carry different risks. A GPU owner has to keep chips rented before newer ones arrive, while a site developer depends on long-term tenants paying rent.
Open any ticker's charts free. To line up 3 of these side by side, use Compare (Pro, with a 14-day free trial).
Frequently Asked Questions
What is a neocloud?
A neocloud is a cloud provider built mainly to rent GPU computing power for AI training and inference. CoreWeave and Nebius are the best-known public examples.
What is the difference between a neocloud and a hyperscaler?
Hyperscalers such as AWS, Azure, Google Cloud and Oracle run broad clouds where GPUs are one product among many. Neoclouds focus on GPU compute and sign large contracts with AI labs and, often, with the hyperscalers themselves.
Which neocloud stocks are publicly traded in the US?
CoreWeave (CRWV), Nebius (NBIS), IREN (IREN) and WhiteFiber (WYFI) rent GPU compute directly. Applied Digital (APLD), Core Scientific (CORZ), TeraWulf (WULF) and Cipher Digital (CIFR) build and lease AI data center capacity.
How do CoreWeave and Nebius differ?
CoreWeave is larger by revenue ($2.575B in Q2 2026 vs Nebius's $582.3M) and reported about $104B of backlog. Nebius builds many of its own data centers and guided to $20B to $25B of capex in 2026. Compare both on their Chartloom charts pages.
Are Lambda and Crusoe publicly traded?
No. As of October 2026 both are private. Lambda has reported plans for a 2027 IPO, and Nscale has filed to list on the NYSE but isn't trading yet.
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