Overview / AI Companies / Compute providers

The compute bill is booked twice — once gross, once net of what the apps take back.

Who sells AI compute, and what they actually keep. Hyperscalers report an AI run-rate that includes revenue their own application products generate; the figure that describes the compute business is the one net of that carve-out. Both are shown. Neither is collapsed into the other.

Gross disclosed revenue, revenue net of the apps carve-out, and the gap between them — per provider, per quarter, with the evidence grade attached.

Application layer Model providers Compute providers

— —

This table needs JavaScript. Every figure here is read from the published dataset when the page loads and rendered with its quarter, its evidence grade and its source. None of it is baked into the markup, so with scripting turned off there is no table to show — and a partial one would be worse than none. The underlying data is available as site-data.json.

Swipe sideways for the full table — the provider column stays put.

How these figures are built

Directional arithmetic, not a forecast. Every figure is derived at build time from dated claims held against each provider; nothing on this page is typed into the markup.

Gross disclosed is the AI run-rate the provider itself states. For the hyperscalers that figure includes revenue their own application products generate on their own infrastructure.
Net of apps carve-out removes that application revenue, leaving the compute business. The difference between the two is shown in its own column rather than being folded into either figure.
Rows with one figure. Most AI-native providers publish a single run-rate and no carve-out split. Those rows say so; a carve-out is never invented to fill the column.
As-of is a quarter, not a date. A run-rate describes a period.
Backlog, capacity and customer concentration are shown only where they are held. The coverage line under the table says how many rows carry each, so an empty column reads as a gap in the record rather than a zero.

Prepared by Hepburn Advisory. Last updated —.