AI Data Center Build-Out
Infrastructure · Active
· Information Technology
Latest report
2026-05-01 13:33
Companies building, leasing, acquiring, or powering large-scale data centers specifically to serve AI compute demand from hyperscalers and cloud providers. Qualifies companies that are operators, REITs, or lessors of AI-optimized data center capacity, distinct from the ai_infra theme which covers GPU clusters and MLOps platforms.
Pool
86
Industries
4
Cohort
14
Cohort MCap
330.6B
Layers
5
Topology Rationale
The theme centers on creating and monetizing AI-optimized data center capacity, so the value chain starts with facility infrastructure and capacity owners/operators, then moves upstream to the silicon, interconnect, and server/storage systems that make AI halls usable. Adjacent software and edge/network platforms help consume, secure, and orchestrate that capacity, while downstream cloud and digital infrastructure operators are the direct buyers and monetizers of AI data center build-out.
Value-Chain Layers
1
AI Data Center Facilities, Power & Capacity Owners
Companies that build, equip, lease, finance, or operate AI-oriented data center facilities and the critical power/cooling systems that define usable capacity.
11 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Total Assets ($M) | Total Debt ($M) | Operating Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Vertiv Holdings Co
VRT
Q1-2026
|
critical power and thermal infrastructure vendor
Industrials
|
117.6B | 2,650 | 113 | 13,400 | 2,922 | 767 |
|
Equinix Inc
EQIX
Q1-2026
|
global colocation and interconnection data center operator
Real Estate
|
107.4B | 2,444 | 1,256 | 40,898 | 22,084 | 717 |
|
Digital Realty Trust Inc
DLR
Q1-2026
|
data center REIT leasing powered capacity
Real Estate
|
69.1B | 1,635 | — | 48,860 | 17,997 | — |
|
IREN Ltd
IREN
Q2-FY26
|
AI cloud and powered digital infrastructure operator
Financial Services
|
14.2B | 185 | 719 | 7,028 | — | 72 |
|
Hut 8 Corp. Common Stock
HUT
FY2025
|
compute, power, and digital infrastructure platform
Financial Services
|
8.0B | 235 | — | — | — | — |
|
Array Digital Infrastructure, Inc.
AD
Q3-FY2025
|
digital infrastructure platform tied to capacity development
Communication Services
|
4.1B | 47 | — | — | — | — |
|
Digitalbridge Group Inc
DBRG
Q1-2026
|
capital allocator focused on digital infrastructure assets
Financial Services
|
3.0B | 72 | — | 3,334 | 300 | — |
|
Applied Digital Corporation
APLD
Q3-2026
|
data center hosting and cloud services capacity provider
Technology
|
9.3B | 127 | 1,577 | 6,247 | 2,693 | -43 |
|
Core Scientific, Inc. Common Stock
CORZ
Q4-2025
|
colocation and contracted AI infrastructure hosting
Technology
|
6.2B | 80 | 279 | 2,348 | — | 278 |
|
Bitmine Immersion Technologies, Inc.
BMNR
Q2-FY2026
|
immersion-cooled digital infrastructure exposure
Financial Services
|
11.8B | 11 | — | — | — | — |
|
Terawulf Inc
WULF
Q1-2026
|
power-intensive compute site operator
Financial Services
|
9.9B | 32 | — | — | 5,800 | — |
2
Semiconductor, Memory & Connectivity Enablers
Chip designers, foundries, packaging houses, power IC suppliers, and interconnect vendors that set AI rack performance, power density, and deployment economics.
28 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Operating Income ($M) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
AI accelerator demand drives new data center builds
Technology
|
5.1T | 215,938 | 71.1% | 102,718 | 6,042 | 130,387 |
|
Taiwan Semiconductor Manufacturing
|
leading-edge foundry for AI compute chips
Technology
|
2.0T | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
custom silicon and networking for AI infrastructure
Technology
|
1.9T | 19,311 | 68.1% | 8,260 | 250 | 8,563 |
|
Micron Technology Inc
MU
Q2-2026
|
HBM and data center memory supplier
Technology
|
584.7B | 23,860 | 74.4% | 11,903 | 5,004 | 16,135 |
|
Advanced Micro Devices Inc
AMD
FY2025
|
data center CPU/GPU platform supplier
Technology
|
549.6B | 34,639 | 50.0% | 7,709 | 974 | 3,694 |
|
Intel Corporation
INTC
Q1-2026
|
server processors and foundry capacity
Technology
|
474.9B | 13,577 | 39.4% | 1,096 | 4,963 | -3,136 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
power and analog semis used in infrastructure
Technology
|
245.0B | 4,825 | — | 1,520 | 676 | — |
|
Arm Holdings plc American Depositary Shares
|
CPU architecture embedded in cloud servers
Technology
|
214.2B | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
analog and power signal chain exposure
Technology
|
190.1B | 3,160 | 64.7% | 1,369 | 109 | 997 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
communications and edge silicon adjacency
Technology
|
166.6B | 10,599 | 53.8% | 7,414 | 1,082 | 2,309 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data center networking and custom compute silicon
Technology
|
136.9B | 2,219 | 51.7% | 374 | 114 | 404 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power management for enterprise and data platforms
Technology
|
75.0B | 804 | 55.3% | 250 | — | — |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
communications infrastructure semiconductor supplier
Technology
|
73.0B | 3,181 | 56.2% | 793 | 79 | 1,505 |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor assembly and test for AI chips
Technology
|
67.0B | — | — | — | — | — |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
embedded and power silicon used in systems
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
power and mixed-signal semiconductor exposure
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power semiconductor supplier for high-efficiency systems
Technology
|
38.9B | 5,995 | 33.1% | 1,760 | 341 | 84 |
|
Globalfoundries Inc
|
foundry capacity for supporting infrastructure chips
Technology
|
34.4B | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity and memory expansion silicon
Technology
|
33.7B | 853 | 75.7% | 319 | 38 | 173 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed connectivity silicon for AI clusters
Technology
|
32.4B | 406 | — | — | — | — |
|
United Microelectronics
|
foundry supplier for supporting semiconductors
Technology
|
32.1B | — | — | — | — | — |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technologies exposure
Technology
|
29.6B | 4,754 | 46.2% | 1,273 | 285 | — |
|
Tower Semiconductor Ltd
|
specialty foundry for infrastructure semis
Technology
|
23.7B | — | — | — | — | — |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
analog/RF connectivity components for infrastructure
Technology
|
20.2B | 272 | 55.9% | 43 | 13 | 43 |
|
Amkor Technology Inc
AMKR
Q1-2026
|
advanced packaging and test for computing chips
Technology
|
17.5B | 1,685 | — | 145 | 225 | — |
|
Lattice Semiconductor Corporation
LSCC
FY2025
|
programmable logic for communications and computing
Technology
|
15.8B | 523 | 68.2% | — | 43 | 11 |
|
Sitime Corporation
SITM
FY2025
|
timing components for data infrastructure systems
Technology
|
13.9B | 327 | 53.6% | — | — | -67 |
|
Rambus Inc
RMBS
Q1-2026
|
memory interface and chip IP for servers
Technology
|
12.1B | 180 | — | 83 | — | 62 |
3
Server, Storage & System Hardware Deployment
Hardware vendors that turn powered white space into functioning AI compute environments through servers, storage, and integrated infrastructure systems.
8 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|---|
|
Sandisk Corp
SNDK
Q3-2026
|
datacenter flash and storage media supplier
Technology
|
157.1B | 5,950 | 78.4% | 3,038 | 45 | 2,993 | — |
|
Seagate Technology PLC
STX
FQ3-2026
|
mass-capacity storage for data center deployments
Technology
|
144.1B | 3,112 | 46.5% | 1,114 | — | 953 | 32.1% |
|
Western Digital Corporation
WDC
Q2-2026
|
enterprise storage used in data center build-outs
Technology
|
141.1B | 3,017 | 45.7% | 745 | 92 | 653 | 30.1% |
|
Dell Technologies Inc
DELL
FY2026
|
AI-optimized servers and storage systems
Technology
|
133.7B | 113,538 | 20.0% | 11,185 | 2,633 | — | — |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
cloud AI servers and storage infrastructure
Technology
|
37.5B | 9,301 | 35.9% | 1,178 | 569 | 708 | 5.1% |
|
NetApp Inc
NTAP
Q3-FY2026
|
enterprise storage and hybrid cloud data platforms
Technology
|
21.5B | 1,713 | 70.6% | 317 | 46 | 271 | 25.3% |
|
Pure Storage Inc
PSTG
FY2026
|
all-flash storage for AI data environments
Technology
|
21.4B | 3,663 | 70.4% | 880 | 264 | 616 | 3.1% |
|
Super Micro Computer Inc
SMCI
Q2-2026
|
GPU server and rack-scale AI system builder
Technology
|
15.8B | 12,682 | 6.3% | -24 | 46 | — | — |
4
AI Cloud Platforms, Network Fabric & Infrastructure Software
Platforms and software layers that consume AI capacity, orchestrate workloads, provide edge/network access, or secure the data center and cloud environment.
23 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Operating Margin (%) | Gross Margin (%) |
|---|---|---|---|---|---|---|---|---|
|
Microsoft Corporation
MSFT
Q3-FY2026
|
major cloud buyer and AI capacity consumer
Technology
|
3.2T | 82,886 | 30,876 | 46,679 | 15,803 | — | — |
|
Oracle Corporation
ORCL
Q3-FY2026
|
cloud infrastructure operator and AI workload buyer
Technology
|
471.2B | 17,190 | 48,250 | 23,514 | — | — | — |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
security stack protecting cloud and data infrastructure
Technology
|
147.2B | 2,594 | — | — | — | 15.3% | — |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
cyber platform layered onto cloud infrastructure
Technology
|
114.7B | 1,305 | 302 | 1,612 | 1,235 | — | — |
|
Cloudflare Inc
NET
FY2025
|
edge/cloud network platform consuming infrastructure capacity
Technology
|
74.6B | 2,168 | 316 | 603 | 261 | -9.6% | 74.5% |
|
Fortinet Inc
FTNT
FY2025
|
network security infrastructure vendor
Technology
|
63.7B | 6,800 | 365 | 2,591 | 2,212 | 30.7% | — |
|
VeriSign Inc
VRSN
Q1-2026
|
internet infrastructure services adjacency
Technology
|
24.8B | 429 | 7 | 272 | 265 | — | — |
|
Zscaler Inc
ZS
Q2-FY2026
|
cloud security platform tied to enterprise traffic
Technology
|
21.7B | 816 | — | 204 | 169 | -6.0% | 77.0% |
|
MongoDB
MDB
FY2026
|
database platform running on cloud infrastructure
Technology
|
20.8B | 2,464 | 5 | 505 | 493 | -6.0% | 72.0% |
|
CyberArk Software Ltd
|
identity security for enterprise AI/cloud estates
Technology
|
20.6B | — | — | — | — | — | — |
|
Akamai Technologies Inc
AKAM
FY2025
|
cloud infrastructure and delivery network platform
Technology
|
14.7B | 4,208 | 818 | 1,519 | — | 13.0% | — |
|
Okta Inc
OKTA
FY2026
|
identity layer supporting cloud workload adoption
Technology
|
13.5B | 761 | — | 258 | 252 | 6.0% | 78.0% |
|
Gen Digital Inc.
GEN
Q3-FY2026
|
cyber safety software adjacent to infrastructure demand
Technology
|
11.6B | 1,240 | — | 1,066 | 1,047 | 34.9% | 78.4% |
|
Nutanix Inc
NTNX
Q2-FY2026
|
hybrid cloud software for data center operations
Technology
|
11.1B | 723 | 6 | 197 | 191 | 11.6% | 87.4% |
|
Confluent Inc
CFLT
Q4-FY2025
|
data streaming software consuming cloud compute
Technology
|
11.1B | 315 | — | — | — | -31.5% | 74.7% |
|
Rubrik, Inc.
RBRK
Q4-FY2026
|
data protection software tied to infrastructure estates
Technology
|
11.0B | — | — | — | — | — | — |
|
SentinelOne Inc
S
FY2026
|
endpoint/cloud security adjacent to AI infrastructure
Technology
|
5.0B | 1,001 | 25 | 77 | 52 | -32.0% | 74.0% |
|
Fastly, Inc. Class A Common Stock
FSLY
FY2025
|
edge network services platform using distributed capacity
Technology
|
4.1B | 624 | 49 | 94 | 46 | — | 57.1% |
|
Informatica Inc
INFA
Q3-FY2025
|
data management software running atop cloud infrastructure
Technology
|
7.6B | 439 | — | — | — | 13.9% | 81.6% |
|
Netskope, Inc. Class A Common Stock
NTSK
FY2026
|
SASE platform dependent on distributed cloud capacity
Technology
|
4.0B | 709 | 26 | 38 | 12 | -92.0% | 68.0% |
|
Gitlab Inc
GTLB
FY2026
|
developer platform that drives compute and storage demand
Technology
|
3.7B | 955 | 11 | 233 | — | -7.0% | 87.0% |
|
Varonis Systems
VRNS
Q1-2026
|
data security software tied to enterprise infrastructure
Technology
|
3.2B | 173 | 6 | 55 | 49 | — | — |
|
BlackBerry Ltd
BB
Q3-FY2026
|
secure communications software adjacency
Technology
|
3.2B | 142 | 3 | 18 | 2 | — | — |
5
Cloud Hosts, Colocation Consumers & Digital Capacity Monetizers
Hosting, cloud, CDN, and digital infrastructure operators that lease, resell, or directly monetize data center capacity to end customers.
4 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Net Income ($M) |
|---|---|---|---|---|---|---|
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
GPU cloud operator leasing large-scale capacity
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | -1,167 |
|
Nebius Group N.V.
|
cloud infrastructure platform consuming AI capacity
Communication Services
|
35.7B | — | — | — | — |
|
DigitalOcean Holdings Inc
DOCN
FY2025
|
cloud hosting platform purchasing data center capacity
Technology
|
10.1B | 901 | 140 | 310 | 259 |
|
Kingsoft Cloud Holdings Ltd
|
cloud services provider monetizing third-party capacity
Technology
|
4.5B | — | — | — | — |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 13:33 | 86 | 5 |