超大规模者

Google Cloud revenue rose 82% YoY to $24.8B in Q2 2026. Capex guide lifted to $195–205B; TPU v7 is the largest non-merchant accelerator estate.

AWS grew 37% in Q2 2026 to a $169B annualised run-rate — its fastest in 18 quarters. Capex guidance was raised to $220B in July.

Guided to roughly $190B of CY26 capex, of which about $25B is attributed to higher component pricing — memory inflation showing up directly in a hyperscaler budget.

该集团中积压订单与收入之比最高，现在是一家连续债务发行人——RPO 由少数人工智能租户主导。

三年人工智能基础设施计划；自家平头哥硅片搭配国产DRAM。

最大的中国买家；出口管制将其推向国产 HBM 和 CXMT DRAM。

资本支出增长速度慢于同行；管理层多次指出加速器供应限制。

SpaceX absorbed xAI in February 2026 at a ~$250B mark; the combined entity is valued near $1.25T. xAI contributed ~$818M of SpaceX's ~$4.69B Q1 2026 revenue, and Colossus capex sits on SpaceX's own balance sheet.

Capex guide $130–145B with no cloud revenue offset — the purest memory-demand line in the group. Q2 operating margin fell to 31% from 43% a year ago.

该集团中数据中心占地面积最小，但按单位计算是最大的移动 LPDDR 买家。

Q1 2026 revenue $2.08B (+112% YoY) with a $99.4B contracted backlog and 3.5GW of total contracted power, but a $740M net loss — the backlog is debt-funded and rate-sensitive.

收购 Eigen AI 和 Clarifai 后，以推理为主导的转型；欧洲电力合同将其与美国电网队列隔离。

Targeting $3.4B ARR by end-CY26 off a 140k GPU expansion, with >4.5GW of secured grid-connected power after the 1.6GW Oklahoma campus. Owns its power, the scarcest input after HBM.

垂直整合的电源加计算；在非常大的单租户园区中锚定建设合作伙伴。

Hit ~$760M annualised at end-2025 (+79% YoY) and was valued at $5.9B in its $1.5B Series E; killed the on-prem hardware line and now sells to frontier labs and hyperscalers.

托管主导的经济性：利润率低于纯 GPU 云，但电力有保障且合同期限较长。

北欧水力发电能力；主权人工智能合同给它带来了异常长期的积压。

Inference-weighted mix;对代币价格通货紧缩而不是 GPU 租赁率敏感。

具有轻资产暴露的聚合器模型；书籍前沿实验室培训集群。

更宽的边缘占用空间、更小的集群尺寸 - 购买中层加速器和每个 GPU 更多的 DDR5。

Run-rate revenue crossed $47B in May 2026 and it raised $65B at a $965B post-money — now the largest pure-play lab by both revenue and valuation. Reportedly paying SpaceX ~$1.25B/month for xAI-cluster capacity.

~$25B annualised as of February 2026 with a 33% gross margin; inference costs projected at $14.1B and cash burn near $27B for 2026. Filed confidentially for an IPO in June 2026.

Absorbed by SpaceX in February 2026 at a $250B mark; the combined group is valued near $1.25T. Standalone AI revenue is still the smallest of the frontier three, but Colossus capex is self-funded.

效率第一的培训秘诀；每个代币内存需求的最明显的下行风险。

欧洲主权人工智能锚；较小的型号比 HBM 更能拉动 DDR5 推理能力。

Kimi 长上下文模型的 KV 缓存较多——每个服务令牌的 DRAM 异常高。

与国家相关的部署；受限于国产加速器和长鑫存储提供的 DRAM。

专注于本地部署和私人部署；销售给购买自己内存的客户。

早期收入，相对于员工数量来说非常大的预留培训足迹。

未产生收入但保留的计算规模显示在供应商订单簿中。