Data centers & GPU clouds
Severe bottleneckColocation REITs, hyperscale-grade campuses, and GPU-as-a-service operators leasing compute to AI labs and enterprises.
Power-dense AI capacity is land-, permit-, and time-constrained. Whoever can deliver hundreds of MW on a multi-year timeline holds pricing power against frantic AI demand.
Companies
12
8 pub · 4 priv
Public mcap
$322.66B
Public revenue
$24.59B
Wtd YoY
126%
Wtd GM
58%
Wtd OM
-6%
Avg fund
51
Avg tech
77
Market structure
Current TAM
$320.00B
5y TAM
$750.00B
5y CAGR
18.0%
Companies
12
Margin structure
Utility-like
Concentration
Moderate
Capex intensity
Extreme
Commoditization
Low
Drivers
What grows the pie
- ↑Hyperscaler capex
- ↑Neocloud growth
- ↑Sovereign AI infra
Constraints
What can break the thesis
- ↓Power availability
- ↓Permitting and grid interconnect
- ↓Land near substations
Upstream dependencies
Companies in Data centers
Ranked by composite score| Company | Mkt Cap | Growth | FCF% | Val | 1Y | Tech | Fund | AI | Score | View |
|---|---|---|---|---|---|---|---|---|---|---|
| NBISNebius GroupSA Long | $48.70B | 621.5% | -698.1% | 531x | 81 | 53 | 78 | 67 | High-growth Infrastructure Bet | |
| DLRDigital Realty | $68.20B | 16.7% | 51.7% | 61x | 69 | 67 | 65 | 66 | Strategic Compounder | |
| CRWVCoreWeaveSA Long | $55.26B | 111.6% | -137.5% | -162x | 63 | 50 | 92 | 63 | High-growth Infrastructure Bet | |
| EQIXEquinix | $105.04B | 12.1% | 28.6% | 55x | 75 | 65 | 65 | 62 | Strategic Compounder | |
| APLDApplied Digital | $11.29B | 139.3% | -468.9% | -56x | 81 | 48 | 55 | 59 | Watchlist Only | |
| PRIV-SWCHSwitch (DigitalBridge)Private | $0.00 | 10.0% | 8.0% | — | — | — | 53 | 55 | 57 | Watchlist Only |
| CORZCore Scientific | $7.37B | 44.9% | 49.3% | 74x | 83 | 62 | 60 | 57 | High-growth Infrastructure Bet | |
| PRIV-CRSOCrusoe EnergyPrivate | $6.00B | 250.0% | -35.0% | — | — | — | 54 | 80 | 56 | Watchlist Only |
| PRIV-XAIxAIPrivate | $50.00B | 500.0% | -300.0% | — | — | — | 52 | 75 | 55 | Watchlist Only |
| PRIV-LMBDLambda LabsPrivate | $5.00B | 100.0% | -30.0% | — | — | — | 53 | 60 | 53 | Watchlist Only |
| IRENIris Energy | $18.84B | 0.0% | -305.3% | -39x | 79 | 33 | 45 | 51 | Watchlist Only | |
| CIFRCipher Mining | $7.97B | -28.8% | -1405.0% | 29x | 81 | 30 | 35 | 40 | Watchlist Only |