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GPU-cloud specialist providing NVIDIA H100 and Blackwell capacity to AI labs and hyperscalers. IPO March 2025.
Largest pure-play GPU cloud (neocloud). IPO Mar 2025 at roughly $23B initial market cap. FY2024 revenue $1.92B; backlog and remaining performance obligations roughly $25B+ at mid-2025. Major customers include Microsoft (anchor tenant), Meta, IBM, and OpenAI. Operates over 250K NVIDIA GPUs across roughly 30 data centers.