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Scrutica
Graph written 2026-10-05

Supply Chain

Neocloud Landscape

Supplier–customer relationships between named firms, and how concentrated each supply layer is.

81 per cent of recorded neocloud capacity is announced

01,0002,0003,000megawatts recordedH100-equivalentsoperating, where statedCrusoe — 2 facilities, 2,800 MW recorded across 2 of 2Crusoe2 sites—IREN Limited — 4 facilities, 2,751 MW recorded across 4 of 4IREN Limited4 sites816 · 1/4 sitesCoreWeave — 12 facilities, 1,065 MW recorded across 9 of 12CoreWeave12 sites · 3 state no capacity805,245 · 8/12 sites353,714 not operatingTeraWulf — 1 facility, 510 MW recorded across 1 of 1TeraWulf1 site—Nebius — 7 facilities, 433 MW recorded across 7 of 7Nebius7 sites18,512 · 4/7 sites475,170 not operatingApplied Digital — 3 facilities, 400 MW recorded across 1 of 3Applied Digital3 sites · 2 state no capacity—846,387 not operatingTogether AI — 2 facilities, 93 MW recorded across 2 of 2Together AI2 sites4,424 · 1/2 sites90,955 not operatingLambda Labs — 1 facility, 46 MW recorded across 1 of 1Lambda Labs1 site32,000 · 1/1 siteVoltage Park — 7 facilities, 34 MW recorded across 7 of 7Voltage Park7 sites1,000 · 1/7 sites24,528 not operatingVultr — 1 facility, 5 MW recorded across 1 of 1Vultr1 site3,964 · 1/1 site

Recorded data-centre capacity by build status, megawatts rounded to whole units one figure at a time, so a row’s segments need not sum to its total. Each company here owns the AI hardware at the sites counted against it, which Epoch AI states does not make it the facility’s owner or operator.

0 MW3,000 MW
  1. Crusoe2,800 MW

    announced 2,800 MW

    2 sites
    Operating H100-equivalents: — · no site states a count

  2. IREN Limited2,751 MW

    operational 1 MW · announced 2,750 MW

    4 sites
    Operating H100-equivalents: 816 · 1/4 sites

  3. CoreWeave1,065 MW

    operational 965 MW · announced 100 MW

    12 sites · 3 state no capacity
    Operating H100-equivalents: 805,245 · 8/12 sites · 353,714 on 2 sites not operating

  4. TeraWulf510 MW

    operational 510 MW

    1 site
    Operating H100-equivalents: — · no site states a count

  5. Nebius433 MW

    operational 26 MW · announced 408 MW

    7 sites
    Operating H100-equivalents: 18,512 · 4/7 sites · 475,170 on 3 sites not operating

  6. Applied Digital400 MW

    announced 400 MW

    3 sites · 2 state no capacity
    Operating H100-equivalents: — on operating sites · 846,387 on 3 sites not operating

  7. Together AI93 MW

    operational 6 MW · announced 86 MW

    2 sites
    Operating H100-equivalents: 4,424 · 1/2 sites · 90,955 on 1 site not operating

  8. Lambda Labs46 MW

    operational 46 MW

    1 site
    Operating H100-equivalents: 32,000 · 1/1 site

  9. Voltage Park34 MW

    operational 1 MW · announced 33 MW

    7 sites
    Operating H100-equivalents: 1,000 · 1/7 sites · 24,528 on 6 sites not operating

  10. Vultr5 MW

    operational 5 MW

    1 site
    Operating H100-equivalents: 3,964 · 1/1 site

operational — 1,561 MWannounced — 6,577 MW
1,561

megawatts operating (63% estimated rather than disclosed), of 8,138 recorded across 10 fleets; the rest is announced. CoreWeave has the largest built fleet at 965 MW.

40

facilities across 4 countries, attributed by recorded AI-hardware ownership. Capacity is reported for 35.

865,961

reported H100-equivalent accelerators on 17 operating facilities, 44% estimated rather than disclosed. A further 1,790,754 are recorded on 15 facilities not yet operating (or retired) and are not added.

Bars show recorded data-centre capacity in megawatts, split by build status: solid for operational sites, half-toned for construction or expansion and outlined for announcements. Segments and company totals are rounded separately, so the displayed segments may not sum to the total.

The role drawn is AI-hardware ownership, Epoch AI’s field for who owns the accelerators inside a data center, which Epoch states is not necessarily the facility’s owner or operator.

Sites without a reported capacity are counted in each row but contribute no megawatts. The accelerator column sums operating sites only; its ratio is the operating sites that state a count, of all the operator’s sites, and counts on sites that are not operating follow it, never added.

AI-focused clouds add GPU capacity outside the hyperscalers. Announced capacity depends on future upstream supply; Chokepoints maps the production steps those projects depend on.

Neocloud relationships with public provenance

4 corrections · latest Sep 25, 2026

These public records are too incomplete to assess dependence on shared suppliers. Licensed relationships are held under subscription and are not redistributed; see the source terms. The table summarises the public graph records. The diagram adds a separate set of individually sourced relationships; its lines and the table’s counts cover different records.

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