The neocloud market now splits into five distinct business models, ranging from public firms filing SEC reports to private entities preparing for initial public offerings. CoreWeave and Nebius trade on public exchanges, while Lambda and Crusoe remain private with IPOs imminent. Groq, which launched its GroqCloud on LPU architecture in 2024, pivoted entirely to inference-cloud infrastructure after licensing its technology to NVIDIA in December 2025. This comparison focuses on published pricing, deployed and contracted power, hardware roadmaps, contract structures, and independent quality ratings.
TL;DR
- CoreWeave is the sole Platinum-rated GPU cloud in SemiAnalysis ClusterMAX 2.0 and commands premium list pricing on H100, H200, and B200.
- Nebius is the only provider publishing B300 on-demand pricing; Lambda publishes the lowest B200 on-demand rate.
- Lambda offers the cheapest on-demand B200 at $6.69/GPU-hr but lacks a spot tier.
- Crusoe is the only provider listing AMD MI300X/MI355X on its rate card.
- Groq is now an NVIDIA Cloud Partner and plans to add NVIDIA GPU capacity alongside its LPU inference cloud.
CoreWeave / Nebius / Lambda / Crusoe / Groq
CoreWeave / Nebius / Lambda / Crusoe / Groq
| Metric | CoreWeaveNASDAQ: CRWV | NebiusNASDAQ: NBIS | LambdaPrivate · IPO H2’26 (rep.) | CrusoePrivate · ~$10B+ | GroqPrivate · $3.5B |
|---|---|---|---|---|---|
| Published priceNVIDIA HGX H100 · $/GPU-hr | $6.16 node price ÷ GPUs | $3.85 HGX, on-demand | $3.99 SXM, 8x instance | $3.90 HGX, on-demand | — per-token only |
| Q2 2026 revenuelatest reported | $2.58B +112% YoY · net loss $626M | $582M +454% YoY · ARR $3.0B | n/d >$520M FY Sep-25 (The Information) | n/d private; ~$3B raise at ~$30B reported (Jul) | n/d $1B raised in 2026 (Jun + Aug) |
| Poweractive / contracted | 1.5 GW 4.2 GW+ contracted · 51 DCs | ~1 GW connected target YE26 · 5 GW contracted target | n/d 15 US DCs · KC site 24→100+ MW | ~0.2 GW Abilene energized · 4.9 GW contracted (Jun) | 54 MW → 200+ MW in 2027 · 13 DCs |
| ClusterMAX 2.0SemiAnalysis tier | Platinum Only Platinum provider, 2 ratings running | Gold Top of Gold tier | Silver No spot tier; on-demand self-serve | Gold Only AMD on the rate card | Not rated Inference API at time of rating |
| Anchor dealsdisclosed | Meta, Anthropic, OpenAI ~$104B backlog (+>$25B early Q3) | Microsoft $17.4B (to $19.4B) Meta $3B + up to ~$27B | Microsoft multibillion, GB300 NVL72 NVIDIA ~$1.5B lease-back (rep.) | Oracle/OpenAI Abilene 1.2 GW Microsoft 900 MW campus | NVIDIA licensed LPU tech (~$20B rep.) 6M+ developers on GroqCloud |
| Next-gen siliconstatus Aug 2026 | Vera Rubin NVL72: first bring-up + validation (Q2) | Vera Rubin NVL72 units received; validating | Vera CPU + Quantum-X800 CPO launch partner | Vera CPU launch support; MI355X via sales | NVIDIA LPX (Groq tech); NCP certified Aug 12; GPU capacity planned |
| Discounts & egresspublished | Reserved up to 60% off · egress free | Commit up to 35% off · network egress free (Std object egress $0.01 Source Read original → Related articles   |