Stack / Compute & physical / sub-layer 2

Hyperscalers

Indicators

Cloud backlog (remaining performance obligations)

concentratingleading80/95

$638Bas of 2026-05-31

Cloud segment operating margins

stablelagging75/95

39.4%as of 2026-06-30(2 obs)

Concentration among covered cloud filers (HHI)

dispersingleading60/95

0.35 indexas of 2026-03-31(3 obs)

Hyperscaler capex to AI revenue (trailing year)

dispersingleading40/95

2.51×as of 2026-06-30(16 obs)

Hyperscaler server useful lives (10-K estimates)

not yet measurablelagging65/95

5.00 yearsas of 2025-12-31

Neocloud borrowing cost (CoreWeave facility rates)

not yet measurablecoincident60/95

10.5%as of 2026-06-30(4 obs)

Venture flow

$1.1B

24-06

$686M

24-12

$100M

25-06

$1.0B

25-12

$450M

26-03

$730M

26-06

Primary-round dollars per calendar quarter: Form D amount sold where the entity files, Epoch's press-compiled rounds otherwise. Amendments replace their originals; SPVs, secondaries and debt are excluded.

Entities · 15

Entity	Role	Since	Verified	Latest observation
Alphabet Inc.CIK 0001652044	primary	—	● yes	$24.8B · cloud.revenue.q · 2026-06-30
Amazon.com Inc.CIK 0001018724	primary	—	● yes	definitive agreement to acquire DuckLabs; terms not disclosed · ducklabs.pt · 2026-08-26
CoreWeave Inc.CIK 0001769628	primary	—	● yes	DDTL 5.5 (8-K, 7 Aug 2026): Term SOFR + 5.50%, 0.00% floor; base rate + 4.50%; 0.50% undrawn fee · debt_terms_ddtl55_8k.pt · 2026-08-07
CrusoeCIK 0001924674	primary	—	● yes	Form D filed 2025-10-23 (0001924674-25-000004) · filing.pt · 2025-10-23
Firmus	primary	—	○ not yet	none
FluidstackCIK 0002104151	primary	—	● yes	Form D filed 2026-06-30 (0000906791-26-000132) · filing.pt · 2026-06-30
Lambda	primary	—	○ not yet	none
Microsoft CorpCIK 0000789019	primary	—	● yes	6.00 years · server_useful_life_years.fy · 2026-06-30
Nebius Group N.V.CIK 0001513845	primary	—	● yes	5.2% · debt_effective_rate.pt · 2026-06-30
Nscale	primary	—	○ not yet	none
Oracle CorpCIK 0001341439	primary	—	● yes	$67.4B · revenue.fy · 2026-05-31
TensorWaveCIK 0002066342	primary	—	● yes	Form D filed 2025-05-27 (0002066342-25-000003) · filing.pt · 2025-05-27
Voltage Park	primary	—	○ not yet	none
Vultr	primary	—	○ not yet	none
Meta PlatformsCIK 0001326801	secondary	—	● yes	$60.8B · revenue.q · 2026-06-30

Seed lists come from the capture brief and are verified against filings one by one. A name here is not a claim about size or funding until an observation attaches.