Section B · Dimensions

Scale & Financial

Revenue, funding, valuation, and customer commitments across the cast. The gaps between the leaders and the smaller players are enormous.

Revenue scale (approximate annualized run-rate, 2025-2026)

  • CoreWeave: Multi-billion (public disclosure).
  • Crusoe: High hundreds of millions to low billions (estimated).
  • Nebius: Hundreds of millions, scaling rapidly (public disclosure).
  • Lambda: Hundreds of millions (estimated).
  • Together.AI: Nine-figure annualized (estimated).
  • RunPod: High-eight-figure to low-nine-figure (estimated).
  • Vast.AI: Eight-figure (estimated).
  • Hyperbolic: Mid-eight-figure (estimated).
  • TensorDock: Mid-seven to eight-figure (estimated).

The gap from CoreWeave at the top to TensorDock at the bottom is two-plus orders of magnitude.

Funding raised

  • CoreWeave: Multi-billion equity + multi-billion debt; now public.
  • Crusoe: $1B+ equity + significant debt and project finance.
  • Nebius: Public; large capital base from relisting.
  • Lambda: Several hundred million across rounds.
  • Together.AI: Several hundred million.
  • RunPod: Series A scale.
  • Hyperbolic: Series A scale.
  • Vast.AI: Minimal disclosed funding.
  • TensorDock: Seed / Series A scale.

Valuation

  • Public companies (CoreWeave, Nebius) have market-cap-determined valuations in the tens of billions.
  • Private companies' latest reported valuations range from billions (Crusoe, Together, Lambda) down to high hundreds of millions for smaller players.

Customer commitments

  • CoreWeave: $35B+ across Microsoft and Meta over multi-year terms.
  • Crusoe: Stargate-related capacity in the multi-tens to hundreds of billions exposure.
  • Nebius: $17B+ Microsoft, plus Meta and others.
  • Lambda, Together, RunPod: Many smaller commitments aggregating to substantial books but no individual marquee scale.
  • Marketplaces: No reserved commitments — pay-as-you-go.

Capital structure

  • Debt-heavy: CoreWeave, Crusoe, Nebius.
  • Equity-heavy: Together, Hyperbolic.
  • Lightly capitalized: Vast, TensorDock.

Takeaway

The financial scale gap defines the competitive boundaries. CoreWeave operates at fundamentally different scale from Vast; both are valid businesses with different strategies. The next chapter looks at hardware and infrastructure side-by-side.