AI infrastructure
Top 30 AI infrastructure companies by revenue
The 30 largest AI infrastructure companies by annual revenue: AI clouds, inference platforms, AI chips, and AI training data and evaluation.
Updated Oct 25, 202630 companies2 from Y Combinator
- 1
CoreWeave
AI cloud / neocloud
Livingston, NJ Founded 2017 Listed Mar 2025 · Nasdaq
Q2 2026[1] - 2
Databricks
Data and AI platform
San Francisco Founded 2013 Private
Q2 FY2027[2] - 3
Crusoe
AI cloud & data centers
San Francisco / Denver Founded 2018 Private
FY2026[3] - 3
Mercor
Expert marketplace for AI training data
San Francisco Founded 2023 Private
Jun 2026[4] - 5
Lambda
AI cloud
San Jose / San Francisco, CA Founded 2012 Private
FY2026[5] - 6
Surge AI
Expert data for AI training
San Francisco Founded 2020 Private
FY2024[6] - 7
Together AI
AI cloud / inference
San Francisco Founded 2022 Private
Q2 2026[7] - 7
Handshake
Expert network for AI training data
San Francisco Founded 2014 Private
Apr 2026[8] - 9
Modal
Serverless GPU compute / inference cloud
New York Founded 2021 Private
Oct 2026[9] - 9
Fireworks AI
Inference platform
Redwood City, CA Founded 2022 Private
Jul 2026[10] - 9
Scale AIY
AI training data and evaluation
San Francisco Founded 2016 Private
FY2025[11] - 12
fal
Generative-media inference platform
San Francisco Founded 2021 Private
late Sep 2026[12] - 13
Cerebras Systems
AI chips & cloud
Sunnyvale, CA Founded 2016 Listed May 2026 · Nasdaq
Q2 2026[13] - 14
Fluidstack
AI cloud / data centers
New York Founded 2017 Private
FY2026[14] - 15
Baseten
Inference platform
San Francisco Founded 2019 Private
End of Q1 2026[15] - 16
micro1
Expert marketplace for AI training data
San Francisco Founded 2022 Private
Aug 2026[16] - 16
VAST Data
AI data platform / storage
New York Founded 2016 Private
FY to Jan 2026[17] - 16
Lightning AI
AI cloud (merged with Voltage Park)
New York Founded 2019 Private
Jan 2026[18] - 19
MetaX (沐曦股份)
GPUs / AI chips
Shanghai Founded 2020 Listed Dec 2025 · SSE STAR
Sep 2026[19] - 20
Moore Threads (摩尔线程)
GPUs / AI chips
Beijing Founded 2020 Listed Dec 2025 · SSE STAR
Jun 2026[20] - 21
Snorkel AI
Expert training data as a service
Redwood City, CA Founded 2019 Private
Sep 2026[21] - 21
ProlificY
Human data platform for AI research
London / Oxford Founded 2014 Private
Apr 2026[22] - 23
Dataiku
Enterprise AI / ML platform
New York Founded 2013 Private
Sep 2025[23] - 24
RunPod
GPU cloud for developers
Mt. Laurel, NJ Founded 2022 Private
Oct 2026[24] - 25
Biren Technology (壁仞科技)
GPUs / AI chips
Shanghai Founded 2019 Listed Jan 2026 · HKEX
Jun 2026[25] - 26
Turing
AI training data and coding talent
Palo Alto Founded 2018 Private
End-2024[26] - 27
Nscale
AI cloud
London Founded 2024 Private (US IPO filed Sep 2026)
H1 2026[27] - 28
Enflame (燧原科技)
AI chips
Shanghai Founded 2018 Listed Sep 2026 · SSE STAR
Jun 2026[28] - 29
Iluvatar CoreX (天数智芯)
GPUs / AI chips
Shanghai Founded 2015 Listed Jan 2026 · HKEX
Jun 2026[29] - 30
OpenRouter
Model routing / inference marketplace
New York Founded 2023 Private
Aug 2026[30]
Method
How we built this list. Revenue from company statements, filings and credible press, researched on Oct 25, 2026.
Who is on the list
Companies that sell compute, chips, inference, model hosting or training data to AI builders. We count companies whose main business is AI: model labs, AI applications, AI infrastructure (chips, clouds, inference and training data) and embodied AI. Big tech and other incumbents are left out, along with companies they own.
Recent listings only
Companies that went public before Oct 25, 2024, more than two years before our research date, count as incumbents whose scale predates the AI boom, so they are not ranked. Private companies and companies that listed since then are.
Latest annual revenue
For private companies we use the latest annual recurring revenue or run-rate from the company or credible press. For listed companies we use filings: the latest quarter ×4, or the last 12 months for companies that report every six months. When a company has published nothing for over a year, we use a third-party estimate and label it Estimate.
One currency, ranked by size
Every figure is in US dollars, converted at the IRS 2025 average exchange rates. Run-rates, bookings, forecasts and trailing revenue are different measures, so treat companies with close figures as roughly level.
- Not ranked because they listed before Oct 25, 2024: Nebius Group, Cambricon (寒武纪), Horizon Robotics (地平线), Innodata, IREN, Appen, Black Sesame Technologies (黑芝麻智能).
- Mercor, micro1 and Handshake report gross revenue, before they pay the experts on their platforms.
- Together AI's figure is bookings, and Crusoe, Lambda and Fluidstack's figures are expected 2026 revenue, so they are not exactly comparable with run-rates.
- The orange Y marks companies in the Y Combinator directory. Logos are each company's LinkedIn profile image, or its GitHub avatar when it has no LinkedIn logo.
- Exchange rates: IRS yearly average currency exchange rates.
Sources
- 1
CoreWeave CoreWeave Q2 2026 earnings release (investor relations) + earnings-call coverage (MarketBeat) Latest quarter ×4, Q2 2026 (Apr-Jun) investors.coreweave.com
Revenue of $2,575 million for the three months ended June 30, 2026 (vs $1,212M in Q2 2025); backlog ~$104B. Call: "raised revenue guidance to $12.4 billion to $13.2 billion" for FY2026 (https://www.marketbeat.com/instant-alerts/coreweave-q2-earnings-call-highlights-2026-08-11/).
- 2
Databricks Databricks press release (reposted by investor Sixth Street) Run-rate, Q2 FY2027 (quarter ending Jul 2026) sixthstreet.com
Databricks crossed a $7 billion revenue run-rate, delivering >80% year-over-year growth during its Q2; closed $5B round at $190B valuation.
- 3
Crusoe Newcomer Forecast, FY2026 (expected) newcomer.co
Crusoe "on track for $2 billion in revenue this year"; raised $3.9B at $30.9B valuation.
- 4
Mercor Dealroom news (citing person with knowledge; CEO Brendan Foody also posted on X) Gross run-rate, Jun 2026 dealroom.co
Mercor "hit over $2 billion in gross annualized revenue in June 2026"; net revenue after contractor payouts roughly $600-800M.
- 5
Lambda Tech Funding News (citing Bloomberg) Forecast, FY2026 (expected) techfundingnews.com
"Lambda is expected to generate more than $1.5 billion in revenue in 2026" (Bloomberg, people familiar); in talks to raise up to $3B at $12B+ valuation.
- 6
Surge AI Forbes Australia (Forbes billionaires profile of Edwin Chen) Full-year revenue, FY2024 forbes.com.au
Surge "brought in $1.2 billion in revenue in 2024, less than five years after its founding".
- 7
Together AI Dealroom news (Series C coverage) Bookings run-rate, Q2 2026 dealroom.co
"Together AI's annual bookings crossed $1.15 billion in Q2 2026." $800M Series C at $8.3B valuation led by Aramco Ventures.
- 8
Handshake Dealroom news (summarizing The Information) Gross run-rate, Apr 2026 dealroom.co
Handshake's gross annualized revenue from AI training rose to nearly $1 billion, up from $550M in January; total gross ARR ~ $1.15B including recruiting business.
- 9
Modal SBBIT (reporting the Series D) Run-rate, Oct 2026 sbbit.jp
Modal raised $750M at a $15.75B valuation with annual recurring revenue above $1B, up from about $50M in February 2026.
- 10
Fireworks AI Fireworks Series D announcement (republished by investor Ontario Teachers' Pension Plan) Run-rate, Jul 2026 otpp.com
"Fireworks surpasses $1 billion in annualized revenue run rate"; $1.5B Series D at $17.5B valuation.
- 11
Scale AI Forbes Full-year revenue, FY2025 / 2026 outlook forbes.com
Scale tells Forbes it tallied just shy of $1 billion in revenue last year, up from $870 million the year before, and expects to top $1 billion in revenue this year.
- 12
fal The Information (via Digg) Run-rate, late Sep 2026 digg.com
fal's "annualized revenue has doubled since March to $800 million" (The Information).
- 13
Cerebras Systems Cerebras Form 8-K earnings release (SEC EDGAR) Latest quarter ×4, Q2 2026 (Apr-Jun) sec.gov
"GAAP total revenue of $180.1 million, up 74% year-over-year; Core total revenue of $209.9 million, up 103% year-over-year."
- 14
Fluidstack Dealroom news (citing Forbes) Forecast, FY2026 (projected) dealroom.co
Investor memo projects 2026 revenue of $660 million, more than double the expected 2025 figure of $200 million; $1.5B round led by Jane Street at >$18B valuation.
- 15
Baseten Dealroom news (summarizing The Information) Annualized, End of Q1 2026 (Mar 2026) dealroom.co
Baseten's annualized revenue "surged from $200 million to $600 million during Q1 2026".
- 16
micro1 TechCrunch Gross run-rate, Aug 2026 techcrunch.com
Micro1 reached a $500 million gross annual run rate, up from $100 million over the past eight months (person familiar with the company); net annual run rate ~$150-200M.
- 17
VAST Data Wamda (reporting the Series F release) Run-rate, FY ended Jan 2026 wamda.com
VAST ended fiscal 2026 with more than $500 million in Committed Annual Recurring Revenue (CARR), over $4 billion in cumulative bookings and positive free cash flow.
- 18
Lightning AI Voltage Park / Lightning AI merger release Run-rate, Jan 2026 voltagepark.com
Since 2024, the combined company has grown from $18M to over $500M in ARR.
- 19
MetaX (沐曦股份) Caiwen News (9M 2026 preliminary results) Trailing 12 months, Sep 2026 (preliminary) caiwennews.com
MetaX expects 9M 2026 revenue of RMB 254,139.91万-310,615.44万 and net profit RMB 5.87-7.17亿 (turnaround). FY2025 revenue RMB 16.44亿 (https://wallstreetcn.com/articles/3768472).
- 20
Moore Threads (摩尔线程) Cailian Press (H1 2026 report coverage) Trailing 12 months, Jun 2026 m.cls.cn
H1 2026 revenue RMB 17.36亿, +147.42% YoY, exceeding FY2025 revenue of RMB 15.05亿 (NCSTI https://www.ncsti.gov.cn/kjdt/scyq/zgckxc/zgcdt/202608/t20260814_253471.html).
- 21
Snorkel AI TechCrunch Run-rate, Sep 2026 techcrunch.com
Snorkel's run-rate has crossed $350 million, from roughly $20 million a year earlier, driven by the data-as-a-service business launched in Sep 2025.
- 22
Prolific Sacra (estimate) Estimate, Apr 2026 sacra.com
Sacra estimates Prolific at ~$350M annualized revenue in April 2026, including revenue share paid to contractors.
- 23
Dataiku Sacra (estimate) Estimate, Sep 2025 sacra.com
Sacra estimates that Dataiku hit $342.5M in ARR in September 2025, up from $300M at the end of 2024.
- 24
RunPod RunPod press release Run-rate, Oct 2026 runpod.io
Runpod Surpasses $325 Million in ARR - nearly threefold growth since January ($120M).
- 25
Biren Technology (壁仞科技) Caiwen News (HKEX interim results coverage) Trailing 12 months, Jun 2026 caiwennews.com
Biren H1 2026 revenue RMB 12.36亿, +1997.6% YoY. FY2025 revenue RMB 10.35亿, +207.2% (https://www.thepaper.cn/newsDetail_forward_32863736).
- 26
Turing Turing press release (Business Wire) Full-year revenue, End-2024 businesswire.com
Turing Annual Revenue Runrate Nearly Triples to $300M in Profitable Year; CEO: "We've gone from $100 to $300 million in ARR in a single year".
- 27
Nscale Reuters via The Star (IPO filing coverage) Latest half-year ×2, H1 2026 (Jan-Jun) thestar.com.my
Nscale "posted a net loss of $1.02 billion on revenue of $140.6 million in the six months ended June 30"; largest customer 52% of revenue.
- 28
Enflame (燧原科技) Wallstreetcn (H1 2026 / 9M guidance coverage) Trailing 12 months, Jun 2026 wallstreetcn.com
Enflame expects 9M 2026 revenue of RMB 23-30亿 (+325.78% to +455.36%); H1 2026 revenue RMB 11.20亿 (+279.08%), already above FY2025 revenue of RMB 9.90亿; Tencent was 83.79% of 2025 sales.
- 29
Iluvatar CoreX (天数智芯) 10jqka (HKEX interim results coverage) Trailing 12 months, Jun 2026 stock.10jqka.com.cn
Iluvatar CoreX H1 2026 revenue RMB 9.46亿, +191.64%. FY2025 revenue RMB 10.34亿, +91.6% (https://m.chinaventure.com.cn/news/108-20260331-390736.html).
- 30
OpenRouter Sacra (estimate) Estimate, Aug 2026 sacra.com
Sacra estimates OpenRouter reached $160M in annualized revenue in August 2026, up from $50M at the end of 2025.