Public neocloud universe and positioning
The public neocloud set is small and concentrated: CoreWeave (CRWV, ~$54.5B) and Nebius (NBIS, ~$58.5B) are the only listed pure-play AI/GPU cloud providers with material revenue, and both are growing exponentially (CRWV revenue +341% over 8 quarters to $2.58B; NBIS +1,245% to $582M, +454% YoY). A second tier of public names is pivoting from bitcoin mining into AI data centers (IREN ~$16.7B, TeraWulf ~$8.9B, Applied Digital ~$8.1B, Cipher ~$7.6B, Core Scientific ~$6.0B) but their AI-cloud revenue is still early and less transparent. The private segment (Crusoe, Lambda, Together AI, etc.) is where the most differentiated capacity and frontier-lab relationships sit, and it is the most crowded. The clearest differentiated public positions are CRWV (largest backlog, ~$99B, but extreme Microsoft concentration) and NBIS (fastest growth, Meta capacity deal, lower beta).