Hyperscaler Cloud Revenue
Milestone Disclosures
- 2024-01-30Microsoft. First quarter Microsoft attributed a specific point contribution from AI services to Azure growth (approximately 6 points). (MSFT FY2024-Q2 earnings call)
- 2025-01-29Microsoft. Total Microsoft AI business reached $13B annual run-rate, up 175% year over year. (MSFT FY2025-Q2 earnings call (Satya Nadella))
- 2024-07-23Alphabet. Google Cloud crossed $10B in quarterly revenue for the first time. (Alphabet Q2-2024 earnings release)
- 2025-09-09Oracle. RPO step-up to approximately $455B on signed AI compute contracts including OpenAI. (ORCL FY2026-Q1 earnings call)
Hyperscaler Cloud RPO (Remaining Performance Obligation)
China Cloud Revenue: Alibaba vs Tencent vs Baidu
Hyperscaler AI Capex
Faded bars are 2026E sell-side consensus. AI-attributable share appears in tooltip where management disclosed it.
Management AI-Capex Disclosures
- 2025-01-29Meta Platforms (Mark Zuckerberg). “The majority of our capex going forward will be on AI infrastructure.” (META Q4-2024 earnings call)
- 2025-02-06Amazon (Andy Jassy). “The vast majority of capex spend is on AI for AWS.” (AMZN Q4-2024 earnings call)
- 2025-02-04Alphabet (Sundar Pichai, Ruth Porat). “2025 capex approximately $75B, principally driven by AI infrastructure.” (Alphabet Q4-2024 earnings call)
- 2025-01-29Microsoft (Amy Hood). “Capex is dominated by long-lived assets for AI and cloud workloads.” (MSFT FY2025-Q2 earnings call)
- 2025-06-11Oracle (Larry Ellison). “OCI capex is being driven essentially entirely by AI training compute demand.” (ORCL FY2025-Q4 earnings call)
Neocloud and Inference Platform Comparison
GPU Rental
Companies that own fleets of NVIDIA GPUs and lease compute capacity directly.
| Company | Status | GPU count (est.) | RPO / contracted | FY24 revenue | Major customers |
|---|---|---|---|---|---|
CoreWeave | PublicCRWV IPO 2025-03 | approximately 250,000 | $26B | $1.9B | Microsoft (62% of FY2024 revenue per CRWV S-1), Meta, NVIDIA, IBM, Cohere, Mistral, Anthropic (announced) |
Nebius | PublicNBIS IPO 2024-10 | approximately 22,000 | n/d | $220M | AI labs and enterprises (specific named customers not disclosed at customer level) |
Applied Digital | PublicAPLD IPO 2022-04 | approximately 10,000 (est.) | n/d | $165M | CoreWeave (announced lease arrangement), one large hyperscaler (named publicly in Sept 2024 press release) |
IREN (formerly Iris Energy) | PublicIREN IPO 2021-11 | approximately 4,300 H100 / H200 (est.) | n/d | $188M | AI customers not disclosed; bitcoin mining historically the dominant business |
Lambda Series C $480M April 2024 at approximately $1.5B valuation; Series D $480M February 2025 reportedly at $4B (Reuters). | Private | approximately 100,000 (est.) | n/d | $500M | Microsoft (announced multi-year contract 2024), AI labs |
Crusoe Energy Series D $686M December 2024 at approximately $2.8B; Series E reportedly raised 2025 at higher valuation. | Private | approximately 50,000 (est.) | $10B | n/d | OpenAI (Stargate JV), Oracle (Stargate JV), Microsoft (announced) |
Voltage Park Funded by Jed McCaleb's Navigation Fund (philanthropic vehicle); reportedly approximately $500M invested in compute capacity. | Private | approximately 24,000 (est.) | n/d | n/d | Spot-rental marketplace customers; not named |
Inference Platform
Companies that resell or layer software over third-party GPU capacity to offer model serving.
| Company | Status | GPU count (est.) | RPO / contracted | FY24 revenue | Major customers |
|---|---|---|---|---|---|
RunPod Series A $20M May 2024 led by Intel Capital. | Private | n/a (resells) | n/d | n/d | Developers and small-to-midmarket inference customers |
Together AI Series B $106M March 2024 at approximately $1.25B; Series C $305M February 2025 at approximately $3.3B (Reuters). | Private | n/a (primarily inference and fine-tuning over leased fleets) | n/d | n/d | Open-source AI developers and enterprises running Llama, DeepSeek, Mistral, Qwen models |
Fireworks AI Series B $52M July 2024 at $552M post-money (Sequoia, Benchmark). | Private | n/a (resells) | n/d | n/d | Doordash, Quora Poe, Cresta, Cursor (announced inference partners) |
Replicate Series B $40M December 2023 led by a16z; valuation approximately $350M. | Private | n/a (resells) | n/d | n/d | Developers using SDXL, Llama, FLUX, Whisper variants |
Modal Series A $16M Aug 2023 led by Redpoint; Series B reportedly closed in 2025 (specific figure not public). | Private | n/a (resells, serverless) | n/d | n/d | AI startups and ML teams running batch inference and training jobs |
Pure-Play GPU Cloud Quarterly Revenue (Neocloud Trajectory)
Open Weights Inference Pricing
Llama 3 / 3.1 / 3.3 70B (medium open-weights generalist). Released 2024-04-18 (Llama 3); 2024-07-23 (3.1); 2024-12-06 (3.3).
Data and ML Platforms
| Company | Status | Revenue (FY24) | AI-attributable | Notable AI products |
|---|---|---|---|---|
Databricks Series J $10B December 2024 at $62B post-money; subsequent extension reported 2025 at higher valuation per Bloomberg. | Private | $3.0B ARR | n/d Mosaic AI plus DBRX plus Genie cited qualitatively as the principal AI bundle inside Lakehouse. | Mosaic AI (training and fine-tuning platform from the MosaicML acquisition), DBRX (open-weights model), AI Functions in SQL, Genie (natural-language analytics), Unity Catalog vector search. |
Snowflake n/a (public) | PublicSNOW | $3.6B FY2025 revenue (fiscal year ended 31 Jan 2025) | n/d Cortex AI revenue contribution is not separately broken out as of the FY2025 10-K. | Cortex AI (LLM functions inside the data warehouse), Cortex Search (vector and lexical retrieval), Cortex Agents, Document AI, Snowpark Container Services hosting. |
MongoDB n/a (public) | PublicMDB | $2.0B FY2025 revenue (fiscal year ended 31 Jan 2025) | n/d Voyage AI (embedding models) acquired February 2025 for an undisclosed sum; integrated into Atlas. | Atlas Vector Search (native vector search inside MongoDB Atlas), Voyage AI embeddings (acquired Feb 2025), Atlas Stream Processing for real-time AI workloads. |
Hugging Face Series D $235M August 2023 at $4.5B post-money; lead investors Google, Amazon, NVIDIA, Salesforce, Sound Ventures. | Private | $70M Reported ARR | $70M Revenue mix: enterprise hub subscriptions, inference endpoints, AutoTrain, compute reseller margin. | Hub (the dominant model and dataset registry), Inference Endpoints, AutoTrain, Spaces, transformers and diffusers libraries. |
Scale AI Meta acquired a 49% stake for $14.3B in June 2025; Alexandr Wang became Meta's Chief AI Officer concurrent with the deal. Scale's pre-deal valuation was $29B (Series F May 2024). | Private | $870M Reported revenue (calendar 2024) | $870M Includes federal Donovan defense AI revenue (Scale Federal) plus commercial RLHF and evaluation contracts plus Outlier consumer labeling brand. | Outlier (consumer labeling), Donovan (defense Gen AI), Scale Studio (model evaluations), Scale Data Engine. |
Vector Database Market
Pure-play vector databases
Vector-native databases built specifically for embeddings and approximate-nearest-neighbor search.
| Vendor | Status | GitHub stars | Market share signal | Latest funding |
|---|---|---|---|---|
Pinecone | Private | n/a | Retool 2024 reports Pinecone as the leading pure-play vector DB by usage among surveyed AI builders (approximately one third of respondents using a pure-play indicated Pinecone). Pinecone is closed-source so GitHub-star ranking does not apply. | Series B $100M April 2023 at $750M post-money led by Andreessen Horowitz. Subsequent reports suggest no priced round since; revenue trajectory characterized as 'plateauing' by a16z and ICONIQ surveys in 2025. |
Weaviate | Private | 14k | Second-tier pure-play in Retool 2024; smaller share than Pinecone but actively used in enterprise RAG. Open-source repository commands a meaningful developer following. | Series B $50M April 2023 at approximately $200M post-money led by Index Ventures; subsequent extension reported 2024. |
Chroma | Private | 18k | Dominant choice for prototype and developer-local RAG per a16z survey; lower share in production deployments than Pinecone or Weaviate. Strong open-source repository momentum. | Series A $18M April 2023 led by Quiet Capital; Series B $48M April 2025 led by Lightspeed at approximately $300M valuation per The Information. |
Qdrant | Private | 21k | European-headquartered (Berlin) pure-play; strong open-source uptake, particularly in cost-sensitive deployments. Smaller US enterprise footprint than Pinecone. | Series A $28M January 2024 led by Spark Capital at approximately $200M post-money. |
Milvus / Zilliz | Private | 30k | Milvus is the highest-starred open-source vector database. Zilliz is the commercial vendor behind Milvus. Strong adoption in Asia and among LF AI graduates. | Series B $60M January 2022 led by Hillhouse and Prosperity7; subsequent extension reported 2023. |
Embedded vector search (inside existing databases)
Vector search added on top of an existing database or search engine. Compresses pure-play share by removing the need for a second store.
| Vendor | Status | GitHub stars | Market share signal | Latest funding |
|---|---|---|---|---|
pgvector (PostgreSQL extension) | Open-source | 12k | pgvector is the single largest compressor of pure-play vector DB market share per Retool 2024 and a16z 2024. Used by anyone running Postgres for transactional data who adds vector search rather than introducing a second database. Supported natively by AWS RDS, Aurora, Azure Database for PostgreSQL, GCP Cloud SQL, and Neon. | n/a (open-source extension; primary author is Andrew Kane). |
MongoDB Atlas Vector Search | PublicMDB | n/a | Atlas Vector Search is bundled inside MongoDB Atlas (the hosted MongoDB product). Adoption tied to broader MongoDB Atlas customer base; the Voyage AI acquisition (Feb 2025) added owned embedding models. | n/a (public; MDB) |
Snowflake Cortex Search | PublicSNOW | n/a | Cortex Search is the Snowflake-native vector and lexical retrieval offering inside the data warehouse. Usage tied to Snowflake customer base for unstructured-data analytics. | n/a (public; SNOW) |
Elastic (Elasticsearch / Lucene) | PublicESTC | 70k | Elasticsearch added dense vector indexes in 7.3 and continued to improve through 8.x; Elastic positions itself for hybrid lexical-plus-vector retrieval at enterprise scale. Strong in customers who already standardized on Elastic for log search. | n/a (public; ESTC) |
Redis (Redis Vector Search) | Private | 67k | Redis (now Redis Inc, post-2024 license shift) offers vector search inside Redis Enterprise. Strong in latency-sensitive caching plus retrieval workloads. Reverted to a more permissive license late 2024 to restore open-source mindshare. | Last announced primary funding Series G $110M April 2021 at $2B post-money. Private; reported revenue approximately $200M ARR. |
Market Dynamics
- Embedded vector search inside existing databases (pgvector, Atlas Vector Search, Cortex Search) is compressing the addressable market for pure-play vector DBs. Most enterprise teams choose the path that does not add a new database. (Retool State of AI Report 2024; a16z LLM developer survey 2024.)
- Pure-plays differentiate on workload-tier features: large-scale ANN performance, hybrid search, multi-tenancy, namespace isolation, and managed-service ergonomics. Pinecone, Weaviate, Qdrant, Zilliz all serve high-throughput RAG and agent workloads at scale. (Vendor product pages; benchmark studies (Qdrant benchmarks, ANN-Benchmarks).)
- Open-source distribution dominates pure-play adoption: Milvus, Qdrant, Weaviate, Chroma all lead with open-source. Pinecone is the notable closed-source exception and faced commercial-traction questions through 2024 and 2025. (GitHub data; The Information reporting on Pinecone.)