The ‘neocloud’ label now covers 5 corporations with very completely different enterprise fashions. CoreWeave and Nebius are public corporations that publish quarterly outcomes and file reviews with the SEC (CoreWeave on Form 10-Q, Nebius as a international non-public issuer on Form 6-Ok). Lambda and Crusoe are non-public and heading towards IPOs. Groq has run GroqCloud on its LPU structure since 2024; after licensing that expertise to NVIDIA in December 2025, the impartial Groq refocused fully on inference-cloud infrastructure. This article compares them on what really issues to a purchaser: printed pricing, deployed and contracted energy, {hardware} roadmap, contract construction, and impartial high quality rankings.

TL;DR

• CoreWeave is the one Platinum-rated GPU cloud in SemiAnalysis ClusterMAX 2.0 and instructions premium listing pricing on H100, H200, and B200.
• Nebius is the one supplier right here publishing B300 on-demand pricing; Lambda publishes the bottom B200 on-demand fee.
• Lambda nonetheless publishes the most cost effective on-demand B200 ($6.69/GPU-hr) however has no spot tier.
• Crusoe is the one supplier right here with AMD MI300X/MI355X on its fee card.
• Groq is now an NVIDIA Cloud Partner and plans so as to add NVIDIA GPU capability alongside its LPU inference cloud.

1. Who these corporations are in 2026

CoreWeave (Nasdaq: CRWV) reported Q2 2026 income of $2.575 billion, up 112% yr over yr, with a income backlog of roughly $104 billion. That backlog excludes greater than $25 billion of recent commitments added in early Q3. Active energy reached 1.5 GW and contracted energy reached about 3.7 GW as of June 30; CoreWeave’s information middle web page now states 4.2 GW+ contracted throughout 51 information facilities. The firm accomplished the {industry}’s first bring-up and validation of NVIDIA Vera Rubin NVL72 in the course of the quarter. Net loss was $626 million, pushed by $640 million in internet curiosity expense. (CoreWeave Q2 2026 release, CoreWeave AI data centers page)

Full-year 2026 steering is $12.4–13.2 billion in income and $35–39 billion in capex. Management expects greater than 1.85 GW of lively energy by yr finish. (CNBC)

Nebius Group (Nasdaq: NBIS) reported Q2 2026 group income of $582.3 million, up 454% yr over yr. AI cloud income was $574.9 million, up 514%, with annualized run-rate income of $3.0 billion. The AI cloud phase posted a 49.7% adjusted EBITDA margin. Q2 capex was about $5.7 billion, and the corporate ended the quarter with $8.0 billion in money. Nebius raised its year-end 2026 contracted energy goal to five GW and plans to deploy greater than 1 GW per yr beginning in 2027.

Lambda is non-public. It closed a Series E of greater than $1.5 billion led by TWG Global in November 2025 and a $1 billion senior secured credit score facility (J.P. Morgan lead arranger) in May 2026. Michel Combes, former CEO of SoftBank International and Sprint, grew to become CEO in May 2026; co-founder Stephen Balaban moved to CTO. Lambda has a multibillion-dollar, multi-year settlement with Microsoft protecting tens of 1000’s of NVIDIA GPUs, together with GB300 NVL72 programs. The Information has reported an IPO goal of H2 2026, however no public S-1 exists as of this writing.

Crusoe is non-public. It raised a $1.375 billion Series E at a valuation above $10 billion in October 2025, led by Valor Equity Partners and Mubadala Capital. In July 2026, Bloomberg reported Crusoe was in talks to boost roughly $3 billion at a valuation close to $30 billion. Crusoe builds the 1.2 GW Abilene, Texas campus for Oracle and OpenAI (the primary Stargate web site). In March 2026 it introduced a separate 900 MW Abilene campus for Microsoft, bringing the total web site to about 2.1 GW. On June 9, 2026, Crusoe mentioned its contracted AI infrastructure reached 4.9 GW throughout 5 US campuses and Crusoe Cloud, with a growth pipeline above 40 GW.

Groq launched GroqCloud in March 2024 round its LPU inference chip. It modified form in December 2025, when NVIDIA signed a non-exclusive license for Groq’s inference expertise in a transaction reported by CNBC at about $20 billion. Founder Jonathan Ross, president Sunny Madra, and different employees joined NVIDIA. Groq stayed impartial, and GroqCloud stored operating. Since then, Groq raised $650 million in June 2026 and a $350 million Series A in August 2026 at a $3.5 billion valuation, with deliberate NVIDIA participation. Groq now operates 13 information facilities and expects to scale from 54 MW to 200+ MW in 2027. On August 12, 2026 it joined the NVIDIA Cloud Partner program and mentioned it plans to deliver NVIDIA accelerated computing on-line “sooner or later”; that GPU capability is just not but a broadcast service. Adam Winter is CEO; Alex Davis of Disruptive is Executive Chairman.

2. Published on-demand pricing (per GPU-hour, USD)

Prices under had been learn instantly from every supplier’s pricing web page on August 21, 2026. CoreWeave lists per-node costs; per-GPU values are the node value divided by GPU depend. CoreWeave’s web page additionally reveals the similar per-GPU determine as its “inference single GPU” value. Groq doesn’t publish GPU-hour pricing; GroqCloud is priced per token, and NVIDIA GPU cluster entry is a deliberate providing dealt with by gross sales. CoreWeave spot costs fluctuate by area; the figures under are the North America charges.

What the desk reveals

CoreWeave expenses a premium and publishes probably the most full card. Its H100 fee of $6.16/GPU-hr is about 60% above Nebius and Lambda. SemiAnalysis reviews CoreWeave instructions roughly 10–15% extra per GPU-hour than Nebius, Crusoe, Lambda, and Fluidstack on managed Slurm or Kubernetes clusters, and that its pricing sits nearer to the large hyperscalers. CoreWeave can also be the one one of many 4 publishing a GB200 NVL72 on-demand value.

Nebius undercuts CoreWeave on Blackwell and is the one one with B300 on-demand. Its B200 fee of $7.15 is under CoreWeave’s $8.60, and its $7.85 B300 fee has no printed competitor on this group. Preemptible charges run roughly 45% under on-demand.

Lambda holds the most cost effective printed B200 occasion at $6.69. Its 1-Click Clusters (16 to 2,000+ GPUs, 2-week to 1-year phrases) are priced greater: $9.86, $9.36, and $8.87 per B200-hour at 16, 64, and 256+ GPUs respectively. Lambda has no spot tier. Third-party trackers notice Lambda raised its H100 SXM fee from $2.99 to $3.99 over 2025–2026 as demand outran provide.

Crusoe is the one AMD possibility and the most cost effective H200 at $4.29. Its H100 fee of $3.90 is near Nebius and Lambda. B200, GB200, and MI355X require a gross sales dialog.

List costs understate the market. Nebius disclosed that its Q2 2026 offers averaged greater than $20 million in annual contract worth per MW, that the 2026 base is priced close to $12 million per MW, and that Q3 short-term capability offers are clearing above $40 million per MW. The firm additionally ran its first capability public sale.

3. Deployed and contracted energy

4. Hardware roadmap and entry to next-gen silicon

Vera Rubin: CoreWeave says it accomplished the {industry}’s first bring-up and system-level validation of Vera Rubin NVL72 in Q2 2026. Nebius says it has obtained its first Vera Rubin NVL72 programs and is validating compute, networking, and orchestration forward of manufacturing availability. Lambda was a GTC 2026 launch accomplice for NVIDIA’s Vera CPU and Quantum-X800 InfiniBand co-packaged optics. Crusoe introduced launch assist for the Vera CPU and NVIDIA Nemotron 3 fashions. None of the 4 publishes Rubin pricing but.

Blackwell Ultra (B300 / GB300): Nebius is the one supplier with a public B300 on-demand value. CoreWeave lists GB300 NVL72 and HGX B300 as contact-sales, with a B300 spot fee of $35.84 per 8-GPU node. Lambda’s Microsoft contract consists of GB300 NVL72 programs. Nebius’s Microsoft contract was reported to cowl greater than 100,000 GB300 chips.

AMD: Crusoe is the one one of many 5 with AMD Instinct MI300X on its on-demand card and MI355X accessible through gross sales. CoreWeave, Nebius, and Lambda stay NVIDIA-only on their public pages. Groq’s LPU is the opposite non-NVIDIA accelerator on this group, however it’s offered per token, not per GPU-hour.

Groq LPU and NVIDIA LPX: NVIDIA introduced its LPX platform, incorporating licensed Groq inference expertise, at GTC 2026. Groq says its capital will fund fit-out of current information facilities with LPX programs and NVIDIA GPU clusters. Groq’s personal LPU stays the engine behind GroqCloud’s token API.

5. Contract construction and who the anchor clients are

Sources: Nebius 6-K on Meta agreement, Nebius 6-K on secured financing, DCD on Nebius–Meta, DCD on Lambda–NVIDIA

The Nebius–Meta construction is value studying intently. The March 2026 settlement consists of $12 billion of devoted 5-year cluster orders beginning early 2027. An additional order provides Meta entry to unsold capability on specified clusters, and obliges Meta to purchase that capability if Nebius can not promote it to others. That is successfully a ground on utilization for the lined clusters. (SEC 6-K)

6. Which supplier matches which workload

Frontier-scale coaching (10,000+ GPUs, multi-year): CoreWeave and Nebius are the 2 public suppliers right here with SEC-reported monetary scale and demonstrated NVL72 rack-scale working expertise. CoreWeave has the reliability monitor document and Platinum score. Nebius has higher dedicated pricing and is promoting 2027 capability now. Both have Vera Rubin models in hand.

Mid-size coaching and fine-tuning (16–512 GPUs, weeks to months): Lambda’s 1-Click Clusters and Nebius’s on-demand B200/B300 are probably the most accessible. Crusoe’s H200 at $4.29 is the most cost effective Hopper-class possibility for memory-heavy jobs.

Budget-sensitive experiments: Nebius preemptible H100 at $2.15 and CoreWeave spot H100 at $2.46 per GPU are the bottom printed charges right here. Lambda has no spot tier.

AMD GPU analysis: Crusoe is the one selection on this group.

Low-latency inference at excessive token quantity: GroqCloud’s per-token LPU endpoints stay the distinctive providing. Nebius Token Factory and Crusoe Managed Inference are the GPU-based options with printed per-token charges.

Buyers needing a public steadiness sheet: Only CoreWeave and Nebius publish quarterly outcomes and file with the SEC. Both corporations’ annual statements are audited; the Q2 figures used listed here are unaudited quarterly outcomes.

Sources

1. CoreWeave, “CoreWeave Reports Strong Second Quarter 2026 Results,” Aug 11, 2026 — https://buyers.coreweave.com/information/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx
2. CNBC, “CoreWeave (CRWV) Q2 earnings report 2026,” Aug 11, 2026 — https://www.cnbc.com/2026/08/11/coreweave-crwv-q2-earnings-report-2026.html
3. CoreWeave pricing web page — https://www.coreweave.com/pricing
4. Nebius, “Nebius reviews second quarter 2026 monetary outcomes” (PDF), Aug 12, 2026 — https://belongings.nebius.com/belongings/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
5. Nebius, “Letter to shareholders Q2 2026” (PDF), Aug 12, 2026 — https://belongings.nebius.com/belongings/a6ecfd85-a6cb-4967-8ef7-9a25bd261f9c/SHLQ226.pdf
6. Nebius pricing web page — https://nebius.com/costs
7. Nebius Group Form 6-Ok (Meta settlement), Mar 2026 — https://www.sec.gov/Archives/edgar/information/1513845/000110465926027886/tm268879d1_6k.htm
8. Nebius Group Form 6-Ok (secured financing), Jul 2026 — https://www.sec.gov/Archives/edgar/information/0001513845/000110465926084452/tm2620683d1_ex99-1.htm
9. Lambda pricing web page — https://lambda.ai/pricing
10. Lambda, “$1 Billion Senior Secured Credit Facility,” May 7, 2026 — https://lambda.ai/weblog/lambda-closes-1-billion-senior-secured-credit-facility
11. Lambda, “Leadership Team” announcement, May 2026 — https://lambda.ai/weblog/lambda-assembles-leadership-team-to-power-gigawatt-scale-ai-infrastructure
12. Lambda, Microsoft settlement, Nov 3, 2025 — https://lambda.ai/weblog/lambda-announces-multibillion-dollar-agreement-with-microsoft-to-deploy-ai-infrastructure-powered-by-tens-of-thousands-of-nvidia-gpus
13. Crusoe pricing web page — https://www.crusoe.ai/cloud/pricing
14. Crusoe, Series E announcement — https://www.crusoe.ai/sources/newsroom/crusoe-announces-series-e-funding
15. Crusoe, 900 MW Microsoft campus, Mar 27, 2026 — https://www.crusoe.ai/sources/newsroom/crusoe-announces-new-900-mw-ai-factory-campus-in-abilene-texas-to-support-microsoft-ai-infrastructure
16. Groq, NVIDIA licensing settlement, Dec 2025 — https://groq.com/newsroom/groq-and-nvidia-enter-non-exclusive-inference-technology-licensing-agreement-to-accelerate-ai-inference-at-global-scale
17. Groq, $650M elevate, Jun 22, 2026 — https://groq.com/newsroom/groq-raises-usd650m-to-scale-its-ai-inference-cloud-business
18. Groq, $350M Series A, Aug 17, 2026 — https://groq.com/newsroom/groq-closes-usd350-million-series-a-building-the-world-s-leading-ai-inference-cloud
19. CNBC, NVIDIA–Groq deal, Dec 24, 2025 — https://www.cnbc.com/2025/12/24/nvidia-buying-ai-chip-startup-groq-for-about-20-billion-biggest-deal.html
20. SemiAnalysis, “ClusterMAX 2.0,” Nov 2025 — https://e-newsletter.semianalysis.com/p/clustermax-20-the-industry-standard
21. SemiAnalysis ClusterMAX CoreWeave assessment — https://www.clustermax.ai/cloudreview/coreweave
22. DCD, Nebius–Meta and capability targets — https://www.datacenterdynamics.com/en/information/nebius-signs-3bn-deal-with-meta-says-current-available-capacity-is-sold-out-as-it-targets-25gw-by-end-of-2026/
23. DCD, Lambda pre-IPO funding report — https://www.datacenterdynamics.com/en/information/lambda-in-talks-to-raise-350m-in-pre-ipo-funding-report/
24. TechCrunch, Groq $350M pivot — https://techcrunch.com/2026/08/17/groq-raises-350m-to-fuel-its-pivot-from-ai-chips-to-neocloud/
25. SiliconANGLE, Crusoe $3B talks — https://siliconangle.com/2026/07/03/ai-data-center-builder-crusoe-reportedly-raising-3b-30b-valuation/
26. CoreWeave, AI information facilities web page (51 DCs, 4.2 GW+ contracted) — https://coreweave.com/ai-data-centers
27. Crusoe, “Contracted AI Infrastructure Capacity Approaches 5 Gigawatts,” Jun 9, 2026 — https://www.crusoe.ai/sources/newsroom/crusoes-contracted-ai-infrastructure-capacity-approaches-5-gigawatts-across-data-centers-and-cloud
28. Groq, “Groq Becomes an NVIDIA Cloud Partner,” Aug 12, 2026 — https://groq.com/newsroom/groq-becomes-an-nvidia-cloud-partner
29. Nebius Group Form 6-Ok, pricing of $5.0B convertible notes, Aug 20, 2026 — https://www.sec.gov/Archives/edgar/information/0001513845/000110465926098924/tm2623617d1_6k.htm
30. Newmark, $7.1B development mortgage for Abilene JV — https://www.nmrk.com/insights/press-releases/newmark-facilitates-7-1-billion-construction-loan-to-develop-ai-data-center
31. Warren, Wyden, Blumenthal letter to DOJ/FTC, Feb 4, 2026 — https://www.warren.senate.gov/imo/media/doc/final_-_warren_wyden_blumenthal_letter_to_the_department_of_justice_and_the_federal_trade_commission_on_big_tech_reverse_acqui-hires.pdf

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