Compute clouds and the money behind them

Google Cloud rents its TPU AI chips and Gemini models to businesses.

25% of AI chip supply (Epoch AI)

Its Azure cloud rents AI computing to OpenAI and others, and it buys extra capacity from GPU clouds.

20M+ users (2025)

AWS is the biggest cloud, and it rents out its Trainium chips alongside Nvidia GPUs.

5% of AI chip supply (Epoch AI)

GPU cloud

Up to 1.2 GW campus under way in Missouri

Runs large cloud data centres and rents AI computing, with OpenAI as its biggest customer.

Capital spending up 162% to $55.7B in fiscal 2026. Free cash flow minus $23.7B

the biggest GPU cloud

Quarterly revenue $2.6B, up 112%. $104B backlog. Still loss-making

Builds AI servers from Nvidia and AMD chips for enterprises, clouds and governments.

Full-year fiscal 2027 guidance raised to $192B (Sep 2026)

GPU cloud

About $760M annualised in 2025 (Sacra estimate)

Hosts and fine-tunes open AI models on rented GPUs for companies.

About $1B annualised (Sacra estimate, Feb 2026)

AI data centres and cloud

Raised $3.9B at a $30.9B valuation (Sep 2026)

Builds AI servers for big cloud firms, mainly Nvidia GB300 systems.

NT$809.2B in Q1 2026, up 66.6%

Builds AI servers and racks from Nvidia and AMD parts, fast and to order.

$10.2B in the quarter to March 2026, up 122.7%. Full-year outlook at least $40B (Feb 2026)

Designs and builds AI server racks for large cloud customers, part of the Wistron group.

NT$276.5B in Q1 2026, up 62%

The biggest contract electronics maker, and the main assembler of Nvidia's AI server racks.

Cloud and networking (mostly AI servers) was 51% of Q2 2026 revenue, the first time above half

Builds AI servers for enterprises and clouds, including Nvidia-based systems.

Builds AI servers for enterprises and some cloud customers.

Infrastructure investor that owns power and data centre assets, and runs a $100B AI infrastructure program.

AI infrastructure program of up to $100B, with $10B equity target and $5B committed (launched with Nvidia and KIA)

private credit fund

Took 80% of Meta's Hyperion data centre joint venture

buy the bonds

BlackRock took $3B of the Hyperion bonds

US data centre operator owned by Blackstone, and one of the largest in the country.

Blackstone bought QTS for about $10B in 2021

Alternative asset manager that lends against GPU fleets and data centres, often through leases.

Committed $3.5B toward a $5.4B deal for Nvidia chips leased to xAI (reported)

World's largest asset manager, which buys AI infrastructure debt and owns GIP, a buyer of data centres.

Bought $3B of the Hyperion bonds (US press reports)

Largest alternative asset manager, with a large data centre platform through QTS and others.

Data centre platform about $185B including projects under construction (Q2 2026, internal valuation)

Abu Dhabi AI investment fund, backing Stargate and AI data centres in the US, UAE and Europe.

Reported to have closed nearly $50B from investors in July 2026, targeting $100B

Japanese investor with a large OpenAI stake and a role in the Stargate project.

Completed a $41B investment in OpenAI for about an 11% stake (Dec 2025)

Vehicle that buys Nvidia GB200 chips and leases them to an xAI subsidiary, financed by Apollo.

Apollo committed $3.5B toward a $5.4B deal (reported)

arranges the debt

Arranged over $27B for Hyperion

Data centre developer, and Blue Owl's data centre arm, seeking a large loan to fund its builds.

Asia operations could sell for more than $30B (Bloomberg, May 2026, not finalised)

BlackRock-owned infrastructure investor that is part of the group buying Aligned Data Centers with MGX.

Part of a group buying Aligned Data Centers, reported at about $40B

US bank that lends to data centre builders, including construction loans alongside private funds.

Sovereign wealth fund that co-backs Brookfield's AI infrastructure program.