Editor’s Note: AI Evolution is a new series I’m doing that goes out at 12:00 PM Eastern Time, with a focus on AI related breakthroughs and macro developments that are key to the industry’s future. I’m not sure of the cadence rate of these articles yet but they are meant to be short and easy to read/skim about pivotal can’t miss moments in AI development and AI history useful for a wide range of readers including investors, executives, AI news fanatics and venture capitalists.
Good Afternoon,
The incredible Capex by BigTech have created massive Neo Clouds that specialize in AI Infrastructure with GPU-as-a-Service business models at the most physical level of compute. The biggest of these Neo Clouds with the top financing and biggest customers are going to become massively powerful companies.
Many of the more innovative and well funded Neo Clouds have yet to go public. On September 17th, 2026 Crusoe confirmed it raised a $3.9 Billion Series F round. Companies like Crusoe and Nscale yet to go public have a lot of momentum to catch up larger Neo Clouds like CoreWeave and Nebius.
Crusoe is now the most backed private neocloud in terms of equity, enabling it to get significant debt for expansion. They are a vertically integrated company independent from grid readiness that has overcome early reliance in customer concentration with OpenAI, now serving Microsoft, Meta, Oracle and Jane Street. They are backed not just by Peter Thiel’s Founders Fund but by several of the world’s top Sovereign Wealth Funds and major Tech corporations.
