Nebius revenue rose 454% in the second quarter of 2026.
Why this market is moving now
- NVIDIA expects third-quarter revenue of $108.0 billion and assumes no data center compute revenue from China.
- Oracle booked more than $30 billion of new AI cloud contracts in one quarter, lifting its contracted backlog to $664 billion.
- CoreWeave reached 1.5 GW of active power and about 3.7 GW of contracted power in mid-2026.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| NVIDIA's data center revenue was $89.0 billion in the quarter to 26 July 2026, up 117% on a year earlier. | 89.0 USD billion | 2026 | |
| NVIDIA expects revenue of $108.0 billion, plus or minus 2%, in the quarter to October 2026, assuming no data center compute revenue from China. | 108.0 USD billion (company outlook) | 2026 | |
| CoreWeave's revenue was $2,575 million in the second quarter of 2026, up from $1,212 million a year earlier. | 2,575 USD million | 2026 | |
| CoreWeave's revenue backlog was about $104 billion at 30 June 2026. | 104 USD billion | 2026 | |
| CoreWeave reached 1.5 GW of active power and about 3.7 GW of contracted power in the second quarter of 2026. | 1.5 GW active power | 2026 | |
| Nebius revenue was $582.3 million in the second quarter of 2026, up 454% from $105.1 million a year earlier. | 582.3 USD million | 2026 | |
| Oracle's cloud infrastructure revenue grew 121% to $7.4 billion in the quarter to 31 August 2026. | 7.4 USD billion | 2026 | |
| Oracle booked more than $30 billion of new AI cloud contracts in the quarter to 31 August 2026, lifting its remaining performance obligations to $664 billion. | 664 USD billion | 2026 | |
| Oracle delivered 850 MW of additional data center capacity in the quarter to 31 August 2026. | 850 MW | 2026 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
NVIDIA
GPU maker whose new Vera Rubin racks run at cloud partners including CoreWeave and Oracle; data center revenue was $89.0 billion in the quarter to 26 July 2026.
CoreWeave
GPU cloud provider with a revenue backlog of about $104 billion at 30 June 2026.
Nebius
AI cloud company based in Amsterdam; second-quarter 2026 revenue was $582.3 million.
Oracle
Cloud provider whose infrastructure revenue grew 121% to $7.4 billion in the quarter to 31 August 2026.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
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Frequently asked questions
How big is the GPU cloud market?
NVIDIA's data center revenue was $89.0 billion in the quarter to 26 July 2026, up 117%. Oracle's cloud infrastructure revenue was $7.4 billion in the quarter to 31 August 2026, up 121%.
How fast is GPU cloud demand growing?
CoreWeave's revenue rose to $2,575 million in the second quarter of 2026 from $1,212 million a year earlier. Nebius revenue rose 454% to $582.3 million.
Which companies lead the GPU cloud market?
Specialist providers include CoreWeave and Nebius. Oracle is a large general cloud provider whose infrastructure revenue grew 121% to $7.4 billion in its latest quarter. NVIDIA supplies the GPUs.
How much GPU cloud capacity is already contracted?
CoreWeave had a revenue backlog of about $104 billion at 30 June 2026. Oracle's remaining performance obligations reached $664 billion after more than $30 billion of new AI cloud contracts in one quarter.
How much power do GPU clouds use?
CoreWeave had 1.5 GW of active power and about 3.7 GW contracted in mid-2026. Oracle delivered 850 MW of new data center capacity in one quarter.
What is the near-term outlook for GPU demand?
NVIDIA expects revenue of $108.0 billion, plus or minus 2%, in the quarter to October 2026, without any data center compute revenue from China.
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