The "neocloud" label now covers five companies with markedly different business models. CoreWeave and Nebius are public, publishing quarterly results and filing with regulators. Lambda and Crusoe are private and heading toward IPOs. Groq had run GroqCloud on its own LPU architecture since 2024; after licensing that technology to Nvidia in December 2025, it refocused entirely on inference-cloud infrastructure.
The comparison covers what actually matters to a buyer: published pricing, deployed and contracted power, hardware roadmap and independent quality ratings.
Hourly rates
| Provider | H100 per hour | Power | ClusterMAX 2.0 |
|---|---|---|---|
| CoreWeave | $6.16 | 1.5 GW active · 4.2 GW contracted | Platinum |
| Nebius | $3.85 | ~1 GW connected target | Gold |
| Crusoe | $3.90 | 4.9 GW contracted | Gold |
| Lambda | $3.99 | 15 facilities | Silver |
| Groq | per-token only | 54 MW · 13 facilities | not rated |
The spread is striking: for the same chip, the gap between cheapest and most expensive approaches sixty percent. CoreWeave's premium is not accidental — SemiAnalysis says it commands 10 to 15 percent over the others on managed clusters, and it is the only provider rated Platinum across two ratings.
Each provider has exactly one edge
- Nebius — the only provider publishing on-demand B300 pricing.
- Lambda — publishes the lowest B200 on-demand rate at $6.69 an hour, but offers no spot tier.
- Crusoe — the only one with AMD silicon on its rate card, and the lowest H200 price.
- Groq — now an Nvidia Cloud Partner, planning to add Nvidia GPU capacity alongside its LPU inference cloud.
Scale and growth are pulling apart
On revenue, CoreWeave reported $2.58 billion for the second quarter, up 112 percent year over year, against a net loss of $626 million. Nebius grew 454 percent to $582 million and reported annual recurring revenue of $3 billion. Both are growing; their starting points are very different.
On power the ranking shifts. Crusoe leads with 4.9 gigawatts contracted and reports a pipeline above 40 gigawatts. CoreWeave has 1.5 gigawatts active and more than 4.2 gigawatts contracted, spread across 51 facilities. Groq is smallest at 54 megawatts across 13 facilities, targeting more than 200 megawatts in 2027.
What capacity actually clears at
The most revealing figure in the report is not list pricing but what capacity actually changes hands for. Nebius's short-term deals clear above $40 million per megawatt, against roughly $12 million on its annual base. That gap shows how badly urgent demand distorts price. Four of its second-quarter deals averaged more than a billion dollars each, and 70 percent of that was prepaid.
The prepayment share summarizes how this market works: buyers pay before they consume, because the scarce thing is not the chip but the electricity the chip plugs into.