Neocloud Valuations 2026: Nebius $42.25B Leads, Crusoe $30.9B, CoreWeave $30.26B

As of the October 30, 2026 close, Nebius is the highest-valued neocloud at a $42.25 billion market cap according to StockAnalysis.com, ahead of Crusoe's $30.9 billion private round and CoreWeave's $30.26 billion market cap.

"Valuation" means three different things in this sector, and most roundups blend them. Two neoclouds are public and get repriced every trading day. Two are private and have a priced round on the record. Two more, Lambda and Fluidstack, have never put a valuation in their own announcements. This page keeps those apart, dates every number, and links each one to the page it came from.

Rechecked Oct 31, 2026. Market caps are October 30, 2026 closes.

Neocloud Valuations 2026: Key Numbers (as of October 30, 2026)

Ranked on market caps and closed rounds only. Reported talks, IPO targets and tracker estimates are excluded from the ranking. Combined value of the four ranked rows: $118.01B (our arithmetic).

What Is a Neocloud?

A neocloud is a cloud provider built for one job: renting GPU capacity to train and run AI models. There is no office suite and no consumer business attached. The product is data centers full of accelerators, the power contracts that feed them, and long-term contracts with AI labs and enterprises that pay for compute. The category exists because demand for GPU capacity outran what the general-purpose clouds could supply, and a set of specialists raised enormous sums of equity and debt to fill the gap.

That financing model is why neocloud valuations swing so hard. The companies sign multi-year contracts first, then borrow to build the capacity that will deliver them. Investors are paying for contracted revenue that has not been recognized yet, so every number on this page is partly a bet on construction schedules, chip deliveries and customer credit.

The Newest Development: Public Prices Fell, Private Marks Did Not Move

The freshest private price in the sector is Crusoe's. On September 17, 2026, the company announced the "initial closing of its anticipated $3.9 billion Series F funding round, at a $30.9 billion post-money valuation," per Crusoe. One day later, on September 18, Nscale announced that it had filed a Form S-1 for a proposed NYSE listing under the ticker NSCL, with the number of shares and the price range not yet determined.

The public side has gone the other way for CoreWeave. StockAnalysis.com puts its market cap at $30.26 billion as of October 30, 2026, and records that it "has decreased by 58.28% in one year" (StockAnalysis.com). Nebius, at $42.25 billion, is still up 41.48% over one year on the same vendor's measure (StockAnalysis.com). The private marks for Crusoe and Nscale were set before that repricing and have not been tested against it.

Our Figure: Value per Dollar of Revenue

Headline valuations hide how differently the market is paying for each dollar of revenue. We took each company's first-half 2026 revenue from its own SEC filing, doubled it to annualize, and divided the table value by it. This is Value Add VC's arithmetic, not a figure published by any of the companies or by an analyst.

The arithmetic: $30.26B ÷ ($4.653B × 2) = 3.3x; $42.25B ÷ ($0.9813B × 2) = 21.5x; $14.6B ÷ ($0.1406B × 2) = 51.9x. The spread is the story. The market prices CoreWeave, the most mature revenue base here, at a low multiple of current sales, while Nscale's private mark asks buyers to pay roughly 16 times as much per revenue dollar. Annualizing a single half-year flatters fast growers and is a rough tool, but it uses only filed numbers. Crusoe, Lambda and Fluidstack do not file revenue, so they get no multiple.

How Each Neocloud Got Its Valuation

Nebius: $42.25B market cap

Nebius reported first-half 2026 revenue of $981.3 million, up 529% from $156.0 million a year earlier, in its August 12, 2026 results. Second-quarter revenue alone was $582.3 million, up 454%. That growth rate is what supports the highest multiple among the public names. For the head-to-head on the two listed neoclouds, see our CoreWeave vs Nebius comparison.

Crusoe: $30.9B Series F

Crusoe's Series F was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners. In the same release the company reported "over $140 billion in total contracted value" and "6GW+ of gross contracted capacity," with 1 GW delivered and operational (Crusoe). The road to that round, including the Jane Street compute deal, is in our Crusoe round coverage.

CoreWeave: $30.26B market cap

CoreWeave went public on March 28, 2025. StockAnalysis.com records that its market cap has risen from $14.22 billion at the IPO to $30.26 billion, an increase of 112.89%, even after the 58.28% one-year decline (StockAnalysis.com). Its first-half 2026 revenue was $4,653 million, up from $2,194 million, per its 10-Q. The private rounds before the listing are covered in our CoreWeave funding history, and the backlog-versus-debt debate in our CoreWeave stock analysis.

Nscale: $14.6B Series C, IPO pending

Nscale announced its Series C on March 9, 2026 at a $14.6 billion valuation, led by Aker ASA and 8090 Industries. Its S-1 shows revenue of $140.6 million for the six months ended June 30, 2026, up 1,252%, a net loss of $1,020.1 million for the same period, and "approximately $2.6 billion of active and $103.4 billion of active and contracted TCV" as of August 31, 2026. On September 25, 2026 it announced $3.36 billion of convertible notes that convert at the IPO. The IPO detail is in our Nscale IPO explainer and the filing's income statement in our Nscale revenue breakdown.

Lambda: not disclosed

Lambda announced a raise of over $1.5 billion led by TWG Global on November 18, 2025, with no valuation stated. Reporting on a larger pre-IPO round is covered, with its labels, in our Lambda IPO status page. Until a round prices on the record, Lambda stays unranked here.

Fluidstack: not disclosed

Fluidstack's own news releases do not state a valuation. Press reports of its 2026 round, and what they rest on, are in our Fluidstack valuation coverage; Jane Street's stakes across the sector are in our Jane Street AI infrastructure explainer.

Bull Case vs Bear Case

The bull case is contracted demand. Crusoe reports over $140 billion of total contracted value and Nscale's filing shows $103.4 billion of active and contracted TCV, both under long-term agreements. Revenue at the public names is compounding fast: Nebius up 529% and CoreWeave more than doubling year over year in the first half of 2026, per their filings. If the capacity gets built and the customers pay, today's multiples compress quickly.

The bear case is the gap between contracts and cash. At Nscale only about $2.6 billion of the $103.4 billion book was active as of August 31, 2026, roughly 2.5% (our arithmetic), and the company lost $1,020.1 million in the first half on $140.6 million of revenue. Contracted value depends on data centers being finished, chips arriving and customers staying solvent. CoreWeave's 58.28% one-year decline shows how the public market prices that risk once it can trade on it.

Comparison: Public Prices vs Private Marks

A market cap is a price discovered every trading day. A closed round is a price a group of investors paid on one date, usually with preferences that common shareholders do not get. Comparing Crusoe's $30.9 billion to CoreWeave's $30.26 billion is fair as a rough size check, but the CoreWeave number reflects the October 2026 selloff and the Crusoe number was set in September.

The cleanest read: the two companies that can be marked every day sit at $72.51 billion combined (our arithmetic), the two priced private rounds at $45.5 billion, and two well-funded neoclouds have no disclosed valuation at all. Nscale's first filed price range will be the next test of a private neocloud mark against public buyers.

Bottom Line

As of October 30, 2026, neocloud valuations run from Nebius at $42.25 billion down to Nscale at $14.6 billion, with Crusoe and CoreWeave nearly tied around $30 billion and Lambda and Fluidstack undisclosed. Our revenue math says the market is paying 3.3x annualized sales for CoreWeave and a private round paid 51.9x for Nscale. Watch the next hard prints: Nscale's price range, Crusoe's final Series F close, and the next quarterly filings from Nebius and CoreWeave. We will update this table when any of them lands.

By Trace Cohen, Value Add VC. Rechecked Oct 31, 2026.