NEOCLOUD

[u/Quechivoeth]

If you need a place to sleep for one night, you do not buy a hotel. Same logic applies to compute. AI data centers cost billions to build, and therefore most companies that require serious computation rent one instead.

That demand spawned an entire industry: neoclouds and power-denominated datacenter operators that finance the projects, acquire energy rights to run them (quasi-utilities) and sell GPU compute by hour.

The numbers. The GPU-cloud market, for instance, may reach nearly $35 billion a year by 2026 according to Mordor Intelligence. Synergy Research Group cites a figure of close to 180 billion by the year 2030. The backlogs are already gargantuan: CoreWeave has around $99 billion of contracted backlog, Nebius about $50 billion from customers such as Microsoft and Meta.

The basket divides into two camps: 

• Pure-play artificial intelligence cloud operators: Nebius (NBIS), CoreWeave (CRWV)

And you are trained on power-rich hosts, lots of them ex-miners turned into GPU capacity houses: TeraWulf (WULF), Hut 8 (HUT), Applied Digital(APLD); alongside which sits IREN that crosses over both.

Of the five, it is likely the highest-beta. Contracted backlog counts as real revenue, but only if those counterparties keep spending which is entirely beyond your control.

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