A company, such as CoreWeave, that rents out accelerators to others and finances them largely by debt against its customers’ contracts. Chapter 10.
From The AI Compute Race. Read the book
Defined in Chapter 10 — The Lender’s Decision.
Where the book uses it
- Chapter 10 — The Lender’s Decision
Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts.
Where the record uses it
Also discussed in
- Person Intrator, Michael
Sources that use it
- Dylan Patel, interviewed by Sarah Guo, “Chips, Neoclouds, and the Quest for AI Dominance with SemiAnalysis Founder and CEO Dylan Patel,” No Priors Ep. 127, 14 August 2025 (the bottleneck line at 28:58.6–29:03.5, Patel on camera; “if one thing was solved you could increase production another 20% and then something else would be the issue”; on the auto caption and both Whisper decodes of 25 September 2026, a slice from 28:00 held in book 1’s Quote audio checks folder of that day with word tables and its md5 in the manifest, Sourcing’s pool, INBOX 684 §118, the tape being this No Priors episode and not the a16z upload of 18 August 2025, xWRPXY8vLY4, which the row cited until rev 160 and whose caption never carries the word solved). In the Sources
- Polymarket, “GPU rental prices (H100) hit___ in February?” and “GPU rental prices (H100) hit___ by April 30?”, two events created on 2 February 2026 whose markets opened on 3 February (each market resolving on whether the Silicon Data H100 Index, SDH100RT, “which tracks Neocloud rental prices,” reached a stated level by 28 February or by 30 April 2026; $337,175 and $569,716 traded by Polymarket’s own count; the February event resolved with $2.40 reached and the April event with $2.50; read from Polymarket’s gamma API records held in the Library, captured 7 October 2026). In the Sources
- Ellie Holbrook, Robert Boswall, Jeremie Eliahou Ontiveros, Nicolas Bontigui and Dylan Patel, “What is So Hard About Behind-The-Meter Power For Datacenters? Part 1,” SemiAnalysis, 10 September 2026 (the free portion of a paid post, 7,872 of 9,577 words by the publisher’s count; tallies of the firm’s own energy model: “Our Energy Model now tracks 75GW of firm, binding orders in the supply chain only for for behind-the-meter AI compute - of which ~20GW alone ordered in Q2 2026”, the doubled word the post’s; “by the end of the year, ~3GW of operational US datacenter IT capacity will be powered behind-the-meter”; “Oracle’s 1.3GW IT Project Jupiter”; the chart beneath the 75GW sentence, read as an image, titled “Datacenters Have Booked About 75 GW of Onsite Generation” and subtitled “Generation booked for behind-the-meter datacenter power, US, GW nameplate, cumulative by announcement quarter, batteries excluded”, from the model’s “edition 24 Aug 2026”, with no figure for any quarter but the last; of orders without a home, buyers who “pay deposits, yet don’t have actual datacenter sites to deploy them”; and later in the post, of the 3 GW, “3GW of Datacenter IT capacity is already running with behind-the-meter power plants”; the post’s chart of orders by quarter, read as an image, subtitled “Quarterly order capacity since 1Q25 · stripes mark capacity without a downstream project”, prints 0.4, 6.3, 5.7, 7.8, 19.3 and 22.8 GW over the quarters from 1Q25 to 2Q26 and “11.8 QTD” for the third quarter to 24 August, a box reading “74.2 GW SINCE 1Q25”, “70% PROJECT-LINKED”, “30% STILL UNALLOCATED”, and the footnote “All tracker statuses, including Announced; dated by stored deal-announcement quarter”; the chart under its two 3 GW sentences, subtitled “Quarter-end operational US IT capacity by onsite power technology”, prints “2.9 GW” over 4Q26, a box reading “0.3 → 2.9 GW” and “9.0× BY Q4 2026”, and the footnote “Q3 2026 onward reflects the Energy Model outlook.”; both images held in the Library since 12 October 2026 and read again on 13 October 2026; the chart beneath the “$100B per GW per year” sentence, read as an image, titled “On a GB300 Cluster, Revenue Per Gigawatt Climbs 8× Up the AI Stack”, measured in “$B per GW per year” and sourced to the “SemiAnalysis Tokenomics Model, SemiAnalysis Inference Simulator”, with five bars: “Neocloud 5-yr IaaS average” (“typical Oracle, CoreWeave & Nebius pricing”) $12B at 1.0×, “B300 on-demand” $29B, “SpaceX + Anthropic” $31B and “SpaceX + Google” $48B both marked “deal”, and “OpenAI / Anthropic inference API” $100B at 8.3×, the chart dating its prices nowhere) (SemiAnalysis sells subscriptions, consulting and its own models of chip, memory and datacenter supply into the markets it measures; its closing section is for paid subscribers and was not read; held in the Library since its capture of 5 October 2026). In the Sources
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “Neocloud.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/neocloud (accessed 2026-11-01).
BibTeX
@misc{dryburgh-neocloud-2026,
author = {Dryburgh, Lee S.},
title = {{Neocloud}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/neocloud},
note = {Accessed 2026-11-01}
}