AI-cloud capacity and financing covers the operating stack that turns power, buildings, graphics processing units, racks, networking, cooling, leases, and project finance into rented AI compute. The node includes GPU cloud sellers, high-density data-center landlords, and Bitcoin-mining site conversions because each sells the same practical output: usable AI clusters or powered data halls that customers can run. Customers are AI labs, hyperscalers, enterprises, neoclouds, and investment-grade technology tenants. Theme pressure becomes company economics only when contracted power, GPUs, data halls, leases, customer advances, or annual recurring revenue become delivered capacity, utilization, rent, colocation revenue, margin, collections, and cash flow after capex, leases, debt, depreciation, dilution, and customer concentration. CRWV and NBIS have the most direct AI-cloud revenue evidence; APLD and IREN have large contracted capacity ramps; CORZ and WULF have commenced colocation or lease revenue; CIFR and HUT have larger but more prospective campus leases; WYFI is the smaller bridge-financing route.
What the stack is: rentable AI compute and powered AI data-center capacity, assembled from data halls, utility feeds, substations, backup power, cooling, server racks, GPUs, networking, storage, cloud software, leases, customer prepayments, project debt, converts, and equity financing.
What it does: it converts customer AI demand into available clusters, colocation megawatts, or tenant-ready data halls. A megawatt is a power-capacity unit; critical IT load is the power available to servers and networking rather than the whole site.
Main pieces: land and power rights, interconnection, transformers and switchgear, backup generation, chillers or liquid-cooling systems, racks, accelerators, storage, fiber, cloud control software, service-level agreements, lease contracts, tenant-acceptance tests, debt facilities, and customer advances.
Where it sits: physically at power-connected data-center campuses, converted mining sites, colocation facilities, and cloud regions; operationally between hyperscaler or AI-lab demand and the chip, networking, cooling, utility, construction, and financing layers.
How the AI Capex Cycle uses it: model builders and platform companies rent capacity when they need GPUs, power, or data halls faster than they can build them internally. The node is paid through cloud revenue, rent, colocation fees, customer advances, or contracted recurring revenue.
Terms used later: ARR means annual recurring revenue; RPO means remaining performance obligation; billable MW means megawatts that have reached service and can be billed; TCV means total contract value; tenant acceptance means the customer has accepted capacity for service under the contract.
Report boundary: this node is a tactical report layer. It ranks the current AI-cloud capacity basket, source-backed exposure, right-rail chart route, and confirmation checks. Durable research, claim IDs, raw source registries, and sector thesis maintenance stay in the linked knowledge pages. Daily price coverage comes from read-only discovery daily_ohlc through 2026-06-12. Static setup thresholds in older page metadata were built from completed weekly bars through 2026-06-05 and are stale until the weekly setup package is refreshed.
Current Setup
Capacity-to-cash testSigned AI demand has to become live capacity, margin, and collections.
GPU cloud and AI data-center names have large contracts, but the equity read depends on delivered megawatts, accepted clusters, rent start, utilization, financing terms, and cash flow after capex.
Demand proofCRWV and NBIS have the cleanest direct AI-cloud revenue evidence.
APLD, IREN, CORZ, WULF, CIFR, HUT, and WYFI add lease, MW, ARR, TCV, or colocation paths.
Conversion gateCapacity needs customer acceptance and billing.
Watch active MW, billable MW, ARR-to-revenue conversion, rent commencement, utilization, and collections.
Primary constraintFinancing can absorb the upside before common holders see it.
Debt, converts, leases, customer advances, equity issuance, and construction delays remain live checks.
InputPower + GPUs + data halls
ContractLease, ARR, TCV, RPO
ServiceAccepted clusters + billable MW
Equity proofMargin, cash, dilution
AI-cloud capacity is the public-market test of whether AI demand can fund compute capacity outside the largest hyperscaler balance sheets. The node includes direct GPU-cloud sellers, AI data-center landlords, and power-rich miner conversions because all three models need the same proof: signed demand must become delivered MW, accepted data halls or clusters, recognized revenue, margin, collections, and financing capacity.
Demand and contract evidence is broadening. CRWV discloses $98.8B of RPO, $99.4B of backlog, more than 1 GW of active power, and more than 3.5 GW of contracted power. NBIS has $389.7M of Q1 AI cloud revenue and $1.92B of ARR. APLD has at least 1.2 GW and $31B of base-term lease revenue in the local lane, plus a June 8 official update that added 210 MW and $5.2B. IREN, CORZ, WULF, CIFR, HUT, and WYFI all have signed ARR, lease, MW, or TCV evidence that can turn power access into revenue. The next proof point is delivered capacity and customer acceptance converting into margin and cash rather than only larger contract totals.
The setup weakens if capex, bridge debt, converts, leases, customer concentration, or project delays absorb the value of signed demand. CRWV, NBIS, APLD, IREN, CIFR, HUT, WULF, and WYFI all depend on external financing, customer advances, project debt, converts, equity issuance, or partner capital before their cash flows are mature. CORZ and WULF already have AI colocation or HPC lease revenue, but single-customer exposure, backstop mechanics, controls, equity issuance, and rent-commencement timing still decide common-equity capture. Watch Q2/Q3 filings for delivered MW, utilization, customer collections, debt terms, capex cadence, dilution, and margin conversion.
Fundamental claims route to the AI Capex Cycle theme, security lanes for all core and watch names, official company releases and filings where checked, and the funding and power companion pages. Chart evidence is right-rail API-backed from discovery daily_ohlc; old static setup thresholds from 2026-06-05 are stale versus 2026-06-12 local chart coverage.
Basket
This basket is inherited from the parent theme's AI-cloud capacity group and hand-ranked by source-backed node economics before technical timing. The merge pass kept CRWV and NBIS first because both already report direct AI-cloud revenue at scale. APLD ranks third because signed AI Factory lease value and critical IT load are unusually large. IREN and CORZ follow because IREN has large ARR under contract but still reports mostly Bitcoin revenue, while CORZ has strong billable colocation revenue but depends heavily on CoreWeave. WULF, CIFR, HUT, and WYFI stay core because each has a direct lease, colocation, AI cloud, or contracted-capacity path, but their current revenue scale, delivery timing, funding quality, or customer concentration requires a larger discount.
Direct GPU-cloud operator with the clearest backlog, power, and committed-contract evidence in this node.
Market cap$53.1B
Next earningsNot confirmed
Latest qtr revenue$2.078B
Role in stack
CoreWeave sells GPU clusters, networking, storage, and managed cloud infrastructure to AI labs, hyperscalers, enterprises, and other compute buyers. The conversion route is delivered power and GPU capacity becoming billable utilization, collections, adjusted operating income, and contract-backed financing.
Revenue mix
The local lane treats revenue as GPU cloud capacity and related infrastructure services because the current source set does not disclose a detailed product split. Customer concentration, power delivery, debt, leases, and covenant flexibility are the main caveats.
Latest qtr revenue
Q1 2026 revenue was $2.078B in CoreWeave's Q1 2026 results release. The same release disclosed $98.8B of RPO, $99.4B of backlog, more than 1 GW of active power, and more than 3.5 GW of contracted power.
Direct AI-cloud seller with reported AI cloud revenue, ARR, and customer-advance financing.
Market cap$59.0B
Next earningsNot confirmed
Latest qtr revenue$399.0M
Role in stack
Nebius sells AI cloud capacity, storage, networking, managed AI tooling, and software to AI workload customers. Economics depend on connected power, active utilization, billed AI cloud revenue, adjusted EBITDA quality, customer-prepayment durability, financing terms, and internal-control remediation.
Revenue mix
AI cloud is the company-defining business in the local lane. Q1 2026 AI cloud revenue was $389.7M, about 98% of group revenue; Avride, TripleTen, ClickHouse, and Toloka are secondary to the AI-cloud buildout.
Latest qtr revenue
Q1 2026 group revenue was $399.0M in the Nebius Q1 2026 results presentation. ARR was $1.92B, adjusted EBITDA was $129.5M, and operating cash flow depended heavily on customer advances and deferred revenue.
AI Factory landlord with unusually large contracted critical IT load and lease value.
Market cap$12.2B
Next earningsNot confirmed
Latest qtr revenue$126.5M
Role in stack
Applied Digital leases AI Factory campuses to hyperscalers and high-density AI tenants. Theme pressure converts into base rent, tenant fit-out revenue, power pass-throughs, and site NOI after power, construction, interconnection, financing, and tenant acceptance are complete.
Revenue mix
HPC Hosting is now the main segment. Q3 FY2026 HPC Hosting revenue was $71.0M, or 56.1% of revenue; legacy data-center hosting and cloud services are secondary in the current lane.
Latest qtr revenue
Q3 FY2026 total revenue was about $126.5M based on Applied Digital's reported $71.0M HPC Hosting revenue at 56.1% of revenue. The June 8 lease release added 210 MW and $5.2B of base revenue after the local lane.
Power-connected AI Cloud ramp with large contracted ARR but Bitcoin-heavy current revenue.
Market cap$19.8B
Next earningsNot confirmed
Latest qtr revenue$144.8M
Role in stack
IREN converts power-connected sites and GPU fleets into AI Cloud capacity for Microsoft, NVIDIA-linked demand, and other AI customers. The conversion route is contracted ARR becoming recognized AI Cloud revenue, customer acceptance, utilization, and cash flow.
Revenue mix
Q3 FY2026 revenue was still Bitcoin-heavy: Bitcoin mining was $111.2M, about 76.8% of revenue, while AI Cloud Services was $33.6M, about 23.2%.
Latest qtr revenue
Q3 FY2026 total revenue was about $144.8M from IREN's Q3 FY2026 update. The AI Cloud case is supported by $3.1B of ARR under contract and a $3.7B target, but the cash-flow test still depends on GPU delivery and commissioning.
Converted mining-site colocation route with meaningful billable MW and CoreWeave concentration.
Market cap$8.8B
Next earningsNot confirmed
Latest qtr revenue$115.7M
Role in stack
Core Scientific converts former mining sites into high-density AI/HPC colocation capacity, primarily for CoreWeave today. Economics convert when billable MW scale into colocation revenue, gross margin, cash collections, and second-tenant evidence.
Revenue mix
Colocation is now the economic center. Q1 2026 colocation revenue was $77.539M, or about 67% of total revenue; self-mining and hosted mining are residual relative to the AI colocation pivot.
Latest qtr revenue
Q1 2026 total revenue was about $115.7M based on Core Scientific's Q1 2026 release and the disclosed colocation mix. The same release showed 243 MW billable to CoreWeave and 57% colocation gross margin.
Power-backed campus lease route with started HPC revenue and equity-funding sensitivity.
Market cap$12.8B
Next earningsNot confirmed
Latest qtr revenue$34.0M
Role in stack
TeraWulf leases critical IT MW at power-backed campuses such as Lake Mariner and Abernathy to Core42, Fluidstack-type tenants, and Google-supported structures. Conversion depends on additional buildings energizing, rent starting, customer obligations holding, and EBITDA improving.
Revenue mix
HPC lease revenue became the majority of Q1 revenue. Q1 2026 HPC lease revenue was $21.0M, or 62% of total revenue; digital-asset revenue was $13.0M.
Latest qtr revenue
Q1 2026 total revenue was $34.0M in TeraWulf's Q1 2026 release. Sixty critical IT MW were energized and generating revenue at Lake Mariner as of March 31, 2026.
Large contracted HPC campus developer whose reported revenue is still mostly mining-led.
Market cap$10.0B
Next earningsNot confirmed
Latest qtr revenue$35.0M
Role in stack
Cipher develops and leases power-backed HPC campuses, including Barber Lake and Black Pearl, to hyperscale and AI infrastructure tenants. Economics convert when contracted gross MW becomes tenant access, rent commencement, NOI, and financing capacity.
Revenue mix
Current reported revenue is still mostly Bitcoin mining. The HPC development book is the forward value driver and has not yet become material recognized revenue in the local lane.
Latest qtr revenue
Q1 2026 revenue was about $35M in Cipher Digital's Q1 2026 business update. The same update disclosed 700 MW of contracted gross HPC capacity, about $11.4B of contracted revenue, and about $787M of average annualized NOI over base lease terms.
Power-first AI campus lease route with large contracted IT capacity but later delivery timing.
Market cap$13.4B
Next earningsNot confirmed
Latest qtr revenue$71.0M
Role in stack
Hut 8 develops power-first AI campuses under long-term leases at River Bend and Beacon Point. Conversion depends on contracted IT capacity becoming delivered, tenant-accepted data halls while non-recourse project finance protects parent equity.
Revenue mix
Q1 2026 revenue was still Compute-heavy: Compute was $66.0M of $71.0M total revenue; Power and Digital Infrastructure were small reported segments.
Latest qtr revenue
Q1 2026 total revenue was $71.0M in Hut 8's Q1 2026 release. River Bend and Beacon Point totaled $16.8B of base-term AI lease value and 597 MW of contracted IT capacity, with most delivery still ahead.
Smaller GPU cloud and colocation route where permanent financing is the main gate.
Market cap$0.95B
Next earningsNot confirmed
Latest qtr revenue$21.9M
Role in stack
WhiteFiber provides GPU cloud and colocation capacity through NC-1/Nscale, Paris AI compute, and smaller cloud services. Economics convert when capacity commences service, customers accept equipment, bills are collected, and bridge financing is refinanced into durable capital.
Revenue mix
Q1 2026 revenue was mostly cloud services: cloud revenue was $16.8M, or 76.5%; colocation was $4.8M, or 21.8%.
Latest qtr revenue
Q1 2026 total revenue was $21.9M in the WhiteFiber local lane and related SEC-filed release trail. NC-1/Nscale contracted revenue near $865M over ten years and Paris AI compute TCV above $160M are the forward milestones.
Market caps are local discovery estimates using June 12, 2026 close prices multiplied by weighted shares outstanding where available. Next-earnings fields are marked Not confirmed because bounded Nasdaq earnings pages for CRWV, NBIS, APLD, IREN, CORZ, WULF, CIFR, HUT, and WYFI showed no available earnings date when accessed on June 13, 2026. Watch routes: DLR and EQIX are mature data-center REIT comparables whose economics route through bookings, development capex, debt cost, issuance, and FFO/AFFO per share. BTDR is the tail power-to-AI option, but Q1 AI Cloud revenue was too small and the Tydal-style colocation path was not yet signed enough to rank with the core basket. Hyperscalers such as AMZN, MSFT, GOOGL, META, and ORCL route to the capex-budget node instead of this financing-sensitive capacity node.
What Confirms Or Weakens
AreaWhat confirmsWhat weakens or invalidatesWatch next
01Node thesis
Contracts become service
What confirms
Signed AI cloud, colocation, lease, ARR, RPO, or TCV evidence becomes delivered MW, live clusters, billable utilization, rent, customer collections, margin, and cash flow.
What weakens or invalidates
Contracted value rises while delivered capacity, utilization, rent commencement, gross margin, adjusted operating income, or cash conversion fails to keep pace with capex and fixed obligations.
Watch next
Q2/Q3 revenue
Delivered MW
Accepted clusters
ARR to revenue
02Economics and recovery mechanism
Revenue becomes cash
What confirms
CRWV and NBIS expand margin as capacity seasons; APLD, CORZ, WULF, CIFR, HUT, and WYFI show rent or colocation revenue covering power, depreciation, support cost, and site operations.
What weakens or invalidates
Revenue grows while GAAP losses, depreciation, power cost, service credits, construction cost, or support expense absorbs the operating leverage.
Watch next
Gross margin
Adjusted operating income
Colocation margin
Power cost
Depreciation
03Customer and contract quality
Buyer pays and accepts
What confirms
Named or investment-grade customers fund or accept capacity, prepayments remain durable, and contract terms support rent, colocation revenue, or GPU-cloud billing.
What weakens or invalidates
Major customers delay, renegotiate, cancel, need backstop support, pause workloads, or leave contract economics too opaque to assess margin and collections.
Watch next
Customer concentration
Tenant credit
Acceptance milestones
Receivable quality
04Funding and balance sheet
Capex is financeable
What confirms
Capex, project debt, converts, vendor financing, customer advances, and equity issuance fund capacity without excessive dilution, covenant stress, or refinancing pressure.
What weakens or invalidates
Capex moves above guidance, bridge financing rolls forward, facility terms tighten, interest expense rises, or new equity is required before cash flow improves.
Watch next
CRWV capex and interest
NBIS converts and advances
APLD project finance
WULF and CIFR issuance
WYFI permanent financing
05Policy, power, and deployment
Capacity reaches the customer
What confirms
Contracted power, critical IT load, and data-center leases become energized buildings, accepted data halls, live GPU clusters, and revenue recognition on schedule.
What weakens or invalidates
Power, interconnection, construction, GPU, networking, memory, cooling, permitting, or customer-acceptance delays keep signed demand from becoming billable capacity.
Watch next
Active MW
Billable MW
Customer acceptance
Site readiness
Component cost
06Stale condition
Data must be refreshed together
What confirms
Discovery daily_ohlc remains current, the report API returns weekly chart packages in basket order, and linked security lanes still cover the latest filings and official contract updates.
What weakens or invalidates
A new earnings release, 10-Q, 6-K, debt facility, lease, customer commitment, customer loss, construction update, or discovery refresh arrives before this page is updated.
Watch next
Refresh source lanes
Refresh setup levels
Recheck API chart dates
Update metadata
Source Trail
Canonical Thesis
AI Capex Cycle defines the AI infrastructure chain, the AI-cloud capacity node, and the capex-to-cash proof burden.
Information Technology supports the broader cloud, data-center systems, semiconductor, networking, server, software, and enterprise-AI demand backdrop.
Next earnings dates were checked on Nasdaq earnings pages for CRWV, NBIS, APLD, IREN, CORZ, WULF, CIFR, HUT, and WYFI on 2026-06-13. Each page showed no available earnings date, so every Basket card uses Not confirmed.
Latest-quarter revenue fields use total reported revenue for the latest period in the cited company release or local source lane: CRWV Q1 2026, NBIS Q1 2026, APLD Q3 FY2026, IREN Q3 FY2026, CORZ Q1 2026, WULF Q1 2026, CIFR Q1 2026, HUT Q1 2026, and WYFI Q1 2026.
Market-cap metrics use local discovery estimates queried on 2026-06-13: June 12, 2026 daily_ohlc close multiplied by weighted shares outstanding where available, otherwise share-class shares outstanding. They are sizing context, not independent valuation research.
Discovery And Chart Provenance
The chart API reads daily_ohlc from the local discovery store and returns weekly packages using first open, maximum high, minimum low, final close, and summed volume.
python -m discovery.cli status TICKER --json was run for CRWV, NBIS, APLD, IREN, CORZ, WULF, CIFR, HUT, and WYFI. All nine core tickers have local daily_ohlc rows through 2026-06-12.
Old static setup rows were based on completed weekly bars through 2026-06-05. Because local chart data now extends through 2026-06-12, those static setup thresholds are stale and must be refreshed before being used as current trading evidence.
Lineage status previously showed source freshness lagging table coverage for some names. Treat the canonical daily_ohlc table as the chart source and reconcile lineage freshness before using provider-run timestamps as live-provider freshness.
Right-rail selected-security charts are API-backed through /api/securities/TICKER/chart?frequency=weekly&window=3y&as_of=latest. Chart order follows the ranked basket: CRWV, NBIS, APLD, IREN, CORZ, WULF, CIFR, HUT, WYFI.
Known Gaps
CRWV, NBIS, and WYFI have short public trading histories, so 100W EMA evidence is missing or less mature for those charts.
Next earnings dates are unavailable in the bounded Nasdaq checks. Refresh official IR event calendars and Nasdaq/NYSE calendars before treating earnings timing as confirmed.
Contract-level economics, customer concentration, covenants, collateral packages, service credits, customer-acceptance tests, power-delivery dates, and customer-collection detail remain under-disclosed across several rows.
Some non-CRWV security lanes are May 31 first-pass lanes rather than node-specific June refreshes. Reopen the company lanes after the next filings, earnings calls, lease filings, financing documents, or delivery updates.