Neocloud contracts · data as of Oct 7, 2026
Who Buys the Gigawatts
Tier lists of the buyers behind every neocloud of 10 megawatts or more: how much OpenAI, Anthropic, Microsoft, Meta and some 40 other buyers have contracted from CoreWeave, Crusoe, Nscale, Nebius and 30 more sellers, the landlords underneath them, and what a megawatt-year sells for at each layer.
- Five buyers hold most of it.OpenAI, Anthropic, Meta, Microsoft and Google have contracted about 13 GW, 77% of everything that can be sized. Nvidia is sixth, mostly through capacity it backstops or leases for others.Exhibit 1
- Most neoclouds are one or two customers.Microsoft and Anthropic are 85% of Nscale's $103B. Three customers were 72% of CoreWeave's second-quarter revenue. One reported Anthropic contract is most of Lambda's backlog.Exhibit 2
- Much of it is not built yet.Hut 8 has leased 949 MW and delivered none. Nscale had 30 MW running for Microsoft at the end of August, out of 680. Anthropic's 10 sellers include four known only from press reports.Exhibit 3
- The same megawatt is sold three times.Landlords lease space and power for about $2M per megawatt-year. Neoclouds sell long-term compute on it for $10–25M. By the month, it goes for $30–50M.Exhibit 4
Exhibit 1
Five buyers hold 13 of the 16.7 gigawatts that can be sized. OpenAI, Anthropic, Meta, Microsoft and Google are the S tier; Nvidia leads the A tier, mostly through capacity it backstops or leases for others.
Megawatts each buyer has contracted from 34 sellers: neoclouds, converted bitcoin miners, sovereign clouds, and labs and chip makers that rent out compute. Signed or reported by Oct 7, 2026. Options and cancelled deals are left out.
- Tier by megawatts contracted, S is the most
- At least half confirmed by a filing or a company
- Mostly press reports or estimates
- Small print: megawatts from each seller
- ≈ estimated · ≥ at least · ≤ at most
Exhibit 2
Every large neocloud leans on one or two buyers. Microsoft and Anthropic are 85% of Nscale's $103B; three customers were 72% of CoreWeave's second-quarter revenue; one reported Anthropic contract is most of Lambda's backlog.
One tier list per seller: the megawatts each buyer has contracted from it. Sellers are ordered by the megawatts that can be sized.
- 1 GW or more · 300–999 MW · 100–299 MW · 30–99 MW · 10–29 MW
- Buyer or size known only from press reports
- ≈ estimated · ≥ at least · ≤ at most
- Share delivered so far, where reported
Exhibit 3
Underneath, 15 landlords, most of them former bitcoin miners, have leased out 6.3 GW. CoreWeave is the only S-tier tenant, and a third of the megawatts belong to tenants the landlords have not named.
Landlords lease powered data-center space; the tenant brings the chips. Top: tenants across all 15 landlords. Below: one tier list per landlord, with the end user where the tenant is itself a neocloud.
- 1 GW or more · 300–999 MW · 100–299 MW · 30–99 MW · 10–29 MW
- Tenant named only by the press
- Share delivered so far, where reported
Exhibit 4
A megawatt is sold three times. Landlords lease the space and power for about $2M a year; neoclouds sell long-term compute on it for $10–25M; short-term or cancellable compute fetches $30–50M.
Annual contract value per megawatt, $M per MW-year, log scale. Each row is one contract that discloses both dollars and megawatts, or a figure a company states itself.
- Landlord lease
- Long-term compute
- Short-term or cancellable compute
- A figure the company states, not one contract
Exhibit 5
All 124 contracts, with how each was sized and where it comes from.
Every row links to its source. Hover over a link to read the sentence the figure was taken from.
How the lists were built
The unit is one contract between a seller and a buyer. Sellers are companies whose business is renting out AI capacity: GPU clouds such as CoreWeave and Nebius, converted bitcoin miners that lease powered buildings, sovereign clouds in the Gulf, and labs and chip makers that rent out their own capacity, such as SpaceXAI and Cerebras. A seller is included if it operates or has contracted at least 10 megawatts.
Each buyer goes in a tier by megawatts contracted: S for 1 GW or more, A for 300–999 MW, B for 100–299 MW, C for 30–99 MW, D for 10–29 MW. Options, letters of intent and cancelled deals are shown on the seller's card but never counted.
Sizing a contract
- Stated megawatts first. Critical IT load if a party gives it; otherwise the gross or site figure, marked as such under All contracts.
- Then GPU counts. Used for the two SpaceXAI contracts that give a count, at the ratios in SpaceX's own prospectus: about 1.3 kW per H100 and 1.9–2.0 kW per GB200 or GB300. SpaceXAI's other contracts give only a monthly fee and are sized at the price per megawatt that Google pays there, which is a rough guide.
- Then dollars. Annual contract value divided by $12M per megawatt-year for contracts signed through 2025, and by $16M for contracts signed in 2026. Where no term is disclosed, five years is assumed. Eight compute contracts that disclose both dollars and megawatts set these rates (Exhibit 4), and Nebius quotes the same $12M as its own base. Nebius and IREN both quote $20M or more for recent deals, so megawatts estimated at $16M may run high; Nebius's four mid-2026 deals are sized at its own price. Sharon AI is a check: two of its five contracts state megawatts (86 MW), the rule sizes the other three at 32 MW, and the company reports 120 MW contracted.
- Revenue share, once. CoreWeave gives no contract value for Microsoft. Its megawatts are sized from the 36% of second-quarter 2026 revenue that CoreWeave's largest customer accounted for. CoreWeave no longer names that customer; it was Microsoft in 2025 and is assumed to be still.
- Otherwise not sized. Akamai's $13.4B from Anthropic is for CPU capacity and is left unsized.
What the lists leave out
- Hyperscalers and developers. The largest capacity deals are with hyperscalers or directly with data-center developers. For scale, they are listed below, outside the tiers.
- Delivery. A contract is not a data center. Where a party reports megawatts delivered, the cards show it as a bar; most 2026 contracts have delivered nothing yet, and several depend on financing that is not arranged.
- Unnamed buyers. About 1.7 GW in the buyer list belongs to customers the seller has not named, some of whom are probably already on it.
- Recent weeks. Research closed on Oct 7, 2026. Coverage from September onward was checked against company filings and DatacenterDynamics' news index, not a full press search, so a late deal may be missing.
How it was checked
- Every source sentence shown under All contracts was matched word for word against a saved copy of the page it is cited to. Four pages that block downloads were read through a fetch tool instead.
- Each row was then re-read against its sources in a separate checking pass, and the corrections are in. Megawatts marked ≈ remain estimates.
For scale: deals outside the tiers
Sellers of 10 MW or more with no sized buyer
Sources
Each contract links to its own source under All contracts. The figures on the seller cards come from the documents below. The whole dataset, with the quoted sentence behind each figure, is in data.json.
Background
- SemiAnalysis, ClusterMAX 3.0 (Sep 2026), for the list of GPU clouds
- DatacenterDynamics, Anthropic signed $517bn in compute agreements in past 11 months (Sep 7, 2026)
- Epoch AI, Frontier Data Centers (CC BY 4.0), for site-level cross-checks
- What a Megawatt Earns and What a Megawatt Costs, the companion pages
Built by Claude. Contract figures are public filings, company statements and press reports as of Oct 7, 2026. Megawatts marked ≈ are estimates. Nothing here is investment advice.