What are the top stocks in the Neoclouds / GPU-as-a-Service theme?

QuantAbundancia's Neoclouds / GPU-as-a-Service theme tracks 7 stocks ranked editorially: CRWV, NBIS, APLD, IREN, CORZ, WULF, CIFR.

Which private companies are in the Neoclouds / GPU-as-a-Service theme?

4 private leaders are tracked for IPO watch: Crusoe Energy, Nscale, Together AI, Lambda.

Do Neoclouds / GPU-as-a-Service stocks move together?

The Neoclouds / GPU-as-a-Service theme has a 252-day average correlation of 0.57 across its members - decent co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.

Theme

Neoclouds / GPU-as-a-Service

AI-native cloud operators that buy NVIDIA (and AMD) accelerators at scale and rent GPU-hours to AI labs and enterprises — the "GPU-as-a-Service" layer sitting between the chipmakers and the model builders. Distinct from the hyperscalers: neoclouds run a thin, compute-first stack optimized for training and inference density, not a full enterprise-software cloud. The public pure-plays are CoreWeave (CRWV) and Nebius (NBIS); a second cohort of bitcoin miners has pivoted their power + real estate into HPC hosting (APLD, IREN, CORZ, WULF, CIFR). The capacity leaders driving the actual buildout are still private — Crusoe, Lambda, Together AI, Nscale — several on IPO tracks. Microsoft alone has struck ~$60B of neocloud capacity commitments across CoreWeave, Nebius and Nscale. Tracked as an editorial theme rather than a 13th bubble because the listed basket beta-drifts into semiconductors + datacenter-power. Thematic ETF: Roundhill Neocloud ETF ($NCLD).

0.568avg corr (252d)

7stocks

Decent co-movement

Stocks · key Fib levels

#1
CRWVCoreWeave, Inc.
$83.49last
$96.00fib
−13.0%vs fib
The flagship listed neocloud. Purpose-built GPU cloud, largest independent NVIDIA capacity outside the hyperscalers; anchor of Microsoft's ~$60B neocloud commitments. The cleanest public pure-play on GPU-as-a-Service.
$67B backloganchored by OpenAI · META · Anthropic
- ▸~$67B contracted revenue backlog (~$88B including Anthropic)
- ▸Major commitments from OpenAI and Meta
#2
NBISNebius Group N.V.
$203.61last
$113.00fib
+80.2%vs fib
Nebius — European-rooted AI-native cloud (Yandex spinout). Full-stack GPU cloud + own datacenters; second clean listed pure-play alongside CRWV, also inside the Microsoft capacity deals.
$46B backloganchored by MSFT · META · NVDA
- ▸~$46B contracted backlog
- ▸~$19B Microsoft deal
- ▸~$27B Meta partnership through 2032
- ▸$2B equity check from NVDA
#3
APLDApplied Digital Corporation
$31.85last
- fib
Applied Digital — HPC/AI datacenter developer-operator. Pivoted from bitcoin hosting to purpose-built AI campuses; leases high-density capacity to neocloud + hyperscaler tenants.
$11B backlog400 MWanchored by CRWV
- ▸Polaris Forge 1 (North Dakota): 400 MW critical IT load
- ▸Fully contracted to CoreWeave under ~15-year leases (~$11B expected revenue)
- ▸First 100 MW delivered Q4 2025; remaining 300 MW targeted through 2027
#4
IRENIREN Limited
$41.39last
$43.00fib
−3.7%vs fib
IREN (ex-Iris Energy) — bitcoin miner converting owned power + sites into GPU cloud + AI HPC hosting. Power-first neocloud convert with a self-built datacenter footprint.
$10B backlog2.9 GWanchored by MSFT
- ▸2025-09 - ~$10B MSFT 5-year cloud contract signed (anchor customer; backlog pinned in stocks.contracted_backlog_usd_b)
- ▸2026-05-01 - Sweetwater 1 (1.4GW Texas data center) energized - first phase of the path to 4.5GW+ grid-connected
- ▸2026-05-05 - Mirantis acquired for $625M all-stock - adds AI cloud orchestration stack; direct dilution overhang on the float
- ▸2026-05 - GPU fleet ramp target 150K incl. 50K NVIDIA B300s (path toward the $3.4B ARR target by year-end 2026)
- ▸2026-05 - Cantor cut PT $82 → $61, kept Overweight. Sell-side avg PT $62.50 - spot has been running ABOVE consensus
- ▸2026-05-07 - Q3 FY26 reports AH. Estimates: -$0.22 EPS (yfinance: -$0.26), $219.69M revenue (+43.8% YoY). Last Feb quarter was a brutal revenue miss ($184.69M vs $227.33M est) - that's what nuked the stock from $61 to $30
- ▸Snapshot 2026-05-07: spot $56.85 (intra-week pull from $67.60 high), mcap ~$18.86B, P/S ~24.9x, fwd PE ~44.9x. Gross margin 68.1%, operating margin -45.8%. Cash $3.26B vs debt $3.84B, current ratio 4.96. Beta 4.18, avg vol ~34.7M, 52w range $6.76 - $76.87
- ▸Setup tension: real catalyst stack (Sweetwater + Mirantis + 150K GPUs + $10B MSFT) priced INTO the parabola from $30 → $67 in 5 weeks, with spot now above sell-side consensus. Tonight's print needs a clean revenue beat plus AI-cloud guidance to justify the multi expansion; bear-case is recent revenue-miss history + Mirantis dilution overhang. Counter-case clean: a breakout above $77 (Oct gap top) faces zero overhead supply
#5
CORZCore Scientific, Inc.
$21.66last
- fib
Core Scientific — HPC hosting at scale, anchored by a multi-year CoreWeave hosting contract. The picks-and-shovels landlord to a listed neocloud.
anchored by CoreWeave · Bitmain · Foundry Digital
- ▸**Jun 2026** - CoreWeave contract expansion announced, bringing total contracted HPC hosting capacity to ~590 MW with ~$10B aggregate revenue potential over 12-year terms
- ▸**Mar 2026** - Additional CoreWeave HPC hosting amendment adding 70 MW, total contract value stepped up versus prior disclosures
- ▸**Jun 2025** - Expanded CoreWeave HPC hosting deals to ~382 MW contracted, multi-year, anchored at Denton TX site
- ▸**Jun 2025** - Initial CoreWeave HPC hosting contract: 200 MW, 12-year, ~$3.5B aggregate revenue potential
- ▸**Jan 2024** - Emerged from Chapter 11, relisted on Nasdaq under ticker CORZ
- ▸**2023** - Initial $1.6B / 12-year CoreWeave HPC hosting framework signed pre-emergence
#6
WULFTeraWulf Inc.
$20.55last
- fib
TeraWulf — miner converting low-cost (nuclear-adjacent) power into AI/HPC hosting capacity. Power + real estate optionality more than a full GPU-cloud stack.
$12.7B backlog528 MWanchored by Core42 · Fluidstack · GOOGL
- ▸Lake Mariner: 360 MW to Fluidstack ($3.2B Google guarantee)
- ▸Abernathy JV: 168 MW over 25 years
- ▸$9.5B contracted revenue with $1.3B Google lease support
#7
CIFRCipher Mining Inc.
$21.08last
$17.00fib
+24.0%vs fib
Cipher Mining — bitcoin miner pivoting sites toward AI/HPC hosting. Earliest-stage of the miner-to-neocloud converts; optionality play on the power + land base.
$6.9B backlog600 MWanchored by Fluidstack · GOOGL · AWS
- ▸Barber Lake: 300 MW fully contracted with Fluidstack
- ▸Google backstops $1.4B with ~5% equity stake
- ▸Separate AWS $5.5B 15-year deal for another 300 MW

Private leaders· IPO watch · not investable today

#1Crusoe EnergyDenver, CO · est. 2018
Power-first AI-factory model; ~$30B valuation in talks mid-2026.
backersFounders FundFidelityMubadalaG2 Venture PartnersNVIDIA
outlook~$10B in the Oct 2025 round; reportedly in talks mid-2026 to raise ~$3B near a ~$30B valuation. Among the most likely large neocloud IPO candidates.
$10.0B2025-10
#2NscaleLondon, UK · est. 2024
Fastest scale-up; inside the Microsoft ~$60B neocloud commitments.
backersSandton CapitalBlue OwlDellNokiaNVIDIAAker
outlook$2B Series C at $14.6B (Mar 2026), one of the fastest scale-ups in the sector. Inside the ~$60B Microsoft capacity deals; IPO plausible on continued buildout.
$14.6B2026-03
#3Together AISan Francisco, CA · est. 2022
Neocloud + inference-stack hybrid; $8.3B (Jul 2026).
backersGeneral CatalystProsperity7NVIDIAKleiner PerkinsLux Capital
outlook$800M Series C at $8.3B (Jul 2026). Fast-compounding valuation; credible late-stage IPO candidate if inference demand holds.
$8.30B2026-07
#4LambdaSan Francisco, CA · est. 2012
Earliest GPUaaS pure-play; nearest-term IPO candidate.
backersThomas TullSGWB CapitalSK TelecomNVIDIAARK Invest
outlook~$5.9B last primary round (late 2025); secondary marks near ~$9B by mid-2026. Working toward an IPO — one of the nearest-term listed-neocloud candidates.
$5.90B2025-12

Co-movement matrix (252d)

	APLD	CIFR	CORZ	CRWV	IREN	NBIS	WULF
APLD	·	0.61	0.67	0.57	0.59	0.53	0.50
CIFR	0.61	·	0.68	0.44	0.78	0.49	0.64
CORZ	0.67	0.68	·	0.69	0.64	0.61	0.55
CRWV	0.57	0.44	0.69	·	0.48	0.67	0.30
IREN	0.59	0.78	0.64	0.48	·	0.52	0.58
NBIS	0.53	0.49	0.61	0.67	0.52	·	0.39
WULF	0.50	0.64	0.55	0.30	0.58	0.39	·

About themes

Themes are editorial groupings - narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.

When a theme's avg correlation is high, the editorial story is also tradeable as a bloc. When it's low, the narrative groups stocks that don't actually move together - useful for thinking, less useful for trading.

Related research

Jul 5, 2026·7 min read

Roundhill Neocloud ETF ($NCLD): the first concentrated US bet on GPU-as-a-Service

Jun 29, 2026·8 min read

Neoclouds ranked by risk-adjusted value: CoreWeave, Nebius, IREN, Applied Digital, SharonAI

Jun 4, 2026·7 min read

Boost Run (BRUN): what it does, the $940M backlog, and the financing gap

May 31, 2026·7 min read

Vencimento de lockup de IPOs de IA: datas de CoreWeave, Circle, Cerebras e Nebius

Frequently asked questions

What are the top stocks in the Neoclouds / GPU-as-a-Service theme?: QuantAbundancia's Neoclouds / GPU-as-a-Service theme tracks 7 stocks ranked editorially: CRWV, NBIS, APLD, IREN, CORZ, WULF, CIFR.
Which private companies are in the Neoclouds / GPU-as-a-Service theme?: 4 private leaders are tracked for IPO watch: Crusoe Energy, Nscale, Together AI, Lambda.
Do Neoclouds / GPU-as-a-Service stocks move together?: The Neoclouds / GPU-as-a-Service theme has a 252-day average correlation of 0.57 across its members - decent co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.