Neocloud GPU-as-a-service (GPUaaS) Providers: Case Studies and Analysis

"Neocloud providers' heavy investment in AI infrastructure (paid for by debt and equity funding) has led to rapid revenue growth, but it remains to be seen how many of them can transition to becoming profitable businesses."

This report explains and analyses the strategies and offerings of 14 GPU-as-a-service (GPUaaS) providers. It focuses on neocloud GPUaaS providers, which we define as providers that offer GPUaaS but not 'traditional' cloud computing solutions. The report examines the approaches that these neocloud providers have taken in order to generate significant revenue growth from the explosion of interest in AI. It also provides recommendations for these providers.

Questions answered in this report:

• What is the history of the various neocloud providers?
• At what scale are the neocloud providers operating?
• How are neocloud providers deploying the AI infrastructure that underpins their GPUaaS offerings?
• What AI accelerators are the neocloud providers offering?
• What solutions/capabilities do neocloud providers offer beyond 'pure' GPUaaS?
• How are neocloud providers differentiating their offerings?
• What types of customer are neocloud providers targeting?

Case studies included in this report:

• Cirrascale
• CoreWeave
• Crusoe Energy Systems (Crusoe)
• Denvr Dataworks
• Firmus Technologies (Firmus)
• Highreso
• Lambda
• Nebius
• TensorWave
• Together AI
• Vast.ai (technically a GPU marketplace rather than a neocloud provider)
• Voltage Park
• Vultr (not technically a neocloud provider because it has a 'traditional' cloud computing offering)
• WhiteFiber