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Revenues from neoclouds surpassed $5 billion in the second quarter of 2025, according to new data from Synergy Research Group
In sum – what to know:
Neoclouds surpass $5B in Q2 – Revenues from AI-focused cloud providers surged 205% year over year, signaling accelerating demand for GPU-centric capacity.
Market to reach $180B by 2030 – Synergy projects 69% compound annual growth as specialized providers expand GPUaaS and GenAI platform offerings.
CoreWeave and OpenAI lead the race – Both dominate early neocloud market share, while a long tail of startups and former miners scales up capacity.
Revenues from neocloud providers surpassed $5 billion in the second quarter of 2025, up 205% year-over-year, according to new data from Synergy Research Group.
The firm projects total revenues to exceed $23 billion for the full year and approach $180 billion by 2030, representing an average annual growth rate of 69%.
Synergy defines neoclouds as new or fast-growing cloud platforms built around high-performance, GPU-centric infrastructure designed primarily for AI workloads. Their services typically include GPU-as-a-Service (GPUaaS), generative AI platform hosting, and high-capacity data center operations.
While these companies face intense competition from established hyperscalers, they are carving out a niche in high-demand AI segments. The main players currently generating significant revenue and market traction are CoreWeave, Crusoe, Lambda, Nebius, and OpenAI. The market also includes smaller or newly launched providers such as Altair, Applied Digital, Core Scientific, DataRobot, Hive Digital, Northern Data Group, and Together AI.
Many neoclouds are startups or former crypto-mining operators transitioning into high-performance computing service providers. Their primary differentiation from hyperscale cloud firms like Amazon, Microsoft, and Google lies in their tight focus on GPU-based capacity rather than a broad portfolio of IT services.
Synergy noted that neoclouds are consistently gaining ground in AI-intensive workloads where demand far exceeds supply. Thanks largely to OpenAI’s Stargate initiative, the firm expects the neocloud category to remain a major driver of the next phase of cloud infrastructure expansion.
“Currently, the [neocloud] market is heavily oriented towards the United States, which accounts for around 70% of all neocloud revenues. With time this will normalize and APAC and Europe will grow in relative importance. In most relatively mature high-tech markets the U.S. tends to account for 40-50% of the worldwide market. The neocloud market will slowly trend in that direction,” John Dinsdale, chief analyst and research director at Synergy Research Group, told RCR Wireless News.
When asked how neocloud players compare with traditional hyperscalers in terms of scale, pricing, and GPU supply, Dinsdale said that hyperscale operators offer similar services to neoclouds, plus a lot more. “The main difference with neoclouds is a tight focus on specific technology and services,” he said.
