What are the most valued startups in the cloud infrastructure market?
Explore our monthly updated ranking of the most valuable startups in the cloud infrastructure market.

In our updated market reports, you will find everything you need
Cloud infrastructure startups now span AI computing, cybersecurity, databases, storage, networking, observability and developer platforms.
The largest companies benefit from rising demand for AI workloads, secure cloud operations and real-time data processing.
We update this cloud infrastructure startup list every month as funding rounds, acquisitions and public market values change.
A quick summary table
| Metric | Value |
|---|---|
| Most valuable cloud infrastructure startup | Nebius, $53.9B |
| Second most valuable cloud infrastructure startup | CoreWeave, $47.4B |
| Median cloud infrastructure startup valuation | Approximately $1.1B |
| Share of cloud infrastructure value captured by the top 10 | Approximately 63% |
| Top cloud infrastructure valuation vs. median | Approximately 49 times |
| Median valuation-to-capital-raised ratio | Approximately 4 times |
| Cloud infrastructure startups valued at $1B+ | Approximately 50 |
Top startups in the cloud infrastructure market ranked by valuation
Here is an updated table that ranks the top startups in the cloud infrastructure market based on their latest reported or estimated valuations.
| # | Startup Name | What They Do | Current Valuation ($) | Valuation Confidence Level | Valuation Type | Evidence Status | Total Funding ($) | Funding Confidence Level |
|---|---|---|---|---|---|---|---|---|
| 1 | Nebius | AI infrastructure cloud platform | $53.9B | Full Confidence | Public Market Cap | Observed | $1.9B | Partial Confidence |
| 2 | CoreWeave | GPU cloud for AI workloads | $47.4B | Full Confidence | Public Market Cap | Observed | $4.1B | Strong Confidence |
| 3 | Wiz | Cloud and AI security | $32.0B | Full Confidence | Acquisition Value | Observed | $1.9B | Strong Confidence |
| 4 | VAST Data | AI data infrastructure platform | $30.0B | Full Confidence | Announced Private Round Valuation | Observed | $1.4B | Strong Confidence |
| 5 | ClickHouse | Real-time cloud analytics database | $15.0B | Strong Confidence | Announced Private Round Valuation | Observed | $1.1B | Strong Confidence |
| 6 | Nscale | AI hyperscale cloud infrastructure | $14.6B | Full Confidence | Announced Private Round Valuation | Observed | $3.7B | Strong Confidence |
| 7 | Lambda | GPU cloud for AI developers | $10.0B–$16.0B | Partial Confidence | Implied Valuation from Raise | Implied | $2.4B | Strong Confidence |
| 8 | Fluidstack | AI compute infrastructure provider | $8.0B–$18.0B | Partial Confidence | Active Raise Valuation | Estimated | $678M | Partial Confidence |
| 9 | Supabase | Open-source Postgres backend platform | $10.5B | Strong Confidence | Announced Private Round Valuation | Observed | $996M | Strong Confidence |
| 10 | Crusoe | AI cloud and data centers | $10.0B | Strong Confidence | Announced Private Round Valuation | Observed | $2.5B | Strong Confidence |
| 11 | Vercel | Frontend and AI cloud | $9.3B | Full Confidence | Announced Private Round Valuation | Observed | $863M | Full Confidence |
| 12 | Replit | AI application creation platform | $9.0B | Full Confidence | Announced Private Round Valuation | Observed | $878M | Strong Confidence |
| 13 | Together AI | Open-source AI cloud platform | $8.3B | Full Confidence | Announced Private Round Valuation | Observed | $1.2B | Full Confidence |
| 14 | HashiCorp | Infrastructure automation and security | $6.4B | Full Confidence | Acquisition Value | Observed | $1.5B | Full Confidence |
| 15 | Grafana Labs | Open-source observability and monitoring | $5.5B–$7.0B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $804M | Partial Confidence |
| 16 | Harness | AI-powered software delivery platform | $5.5B | Full Confidence | Announced Private Round Valuation | Observed | $570M | Strong Confidence |
| 17 | Cato Networks | Secure enterprise networking and SASE | $4.8B–$5.4B | Strong Confidence | Announced Private Round Valuation | Estimated | $1.2B | Partial Confidence |
| 18 | Temporal | Durable workflow execution platform | $5.0B | Full Confidence | Announced Private Round Valuation | Observed | $650M | Full Confidence |
| 19 | Netskope | Cloud security and SASE platform | $4.9B | Full Confidence | Public Market Cap | Observed | $2.0B | Partial Confidence |
| 20 | Modal | Serverless AI compute platform | $4.7B | Full Confidence | Announced Private Round Valuation | Observed | $465M | Full Confidence |
| 21 | Cockroach Labs | Distributed cloud SQL database | $4.5B–$5.5B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $633M | Full Confidence |
| 22 | Cribl | Routes observability and security data | $4.0B–$5.0B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $596M | Strong Confidence |
| 23 | Fireworks AI | Enterprise AI inference cloud | $4.0B | Full Confidence | Announced Private Round Valuation | Observed | $307M | Full Confidence |
| 24 | Chainguard | Secure software supply-chain platform | $3.5B | Full Confidence | Announced Private Round Valuation | Observed | $612M | Strong Confidence |
| 25 | Chronosphere | Cloud-native observability platform | $3.4B | Full Confidence | Acquisition Value | Observed | $369M | Strong Confidence |
| 26 | Snyk | Developer application security platform | $2.8B–$4.0B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $1.3B | Strong Confidence |
| 27 | Aiven | Managed open-source cloud data services | $2.4B–$3.0B | Partial Confidence | Comparables-Based Estimate | Estimated | $420M | Full Confidence |
| 28 | Voltage Park | GPU cloud infrastructure provider | $2.5B | Strong Confidence | Acquisition Value | Observed | $500M | Low Confidence |
| 29 | Illumio | Zero-trust breach containment platform | $2.2B–$2.5B | Strong Confidence | Comparables-Based Estimate | Estimated | $558M | Partial Confidence |
| 30 | Docker | Container development and deployment platform | $1.9B–$2.5B | Partial Confidence | Comparables-Based Estimate | Estimated | $541M | Partial Confidence |
| 31 | Sysdig | Runtime cloud and container security | $1.8B–$2.4B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $730M | Partial Confidence |
| 32 | Redis | In-memory data and caching platform | $1.8B–$2.2B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $356M | Strong Confidence |
| 33 | Neo4j | Enterprise graph database platform | $1.8B–$2.2B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $551M | Strong Confidence |
| 34 | Wasabi Technologies | Low-cost cloud object storage | $1.8B | Full Confidence | Announced Private Round Valuation | Observed | $429M | Strong Confidence |
| 35 | Orca Security | Agentless cloud security platform | $1.5B–$2.0B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $632M | Strong Confidence |
| 36 | SingleStore | Real-time distributed SQL database | $1.5B–$1.9B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $528M | Strong Confidence |
| 37 | WEKA | AI-native high-performance data platform | $1.5B–$1.8B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $375M | Strong Confidence |
| 38 | Coralogix | AI-powered observability and log analytics | $1.6B | Full Confidence | Announced Private Round Valuation | Observed | $550M | Strong Confidence |
| 39 | TensorWave | AMD-powered AI cloud | $1.6B | Full Confidence | Announced Private Round Valuation | Observed | $493M | Full Confidence |
| 40 | Tailscale | Secure peer-to-peer business networking | $1.4B–$1.7B | Strong Confidence | Announced Private Round Valuation | Estimated | $275M | Full Confidence |
| 41 | Upwind Security | Runtime-first cloud security platform | $1.5B | Full Confidence | Announced Private Round Valuation | Observed | $430M | Partial Confidence |
| 42 | Couchbase | Distributed NoSQL database platform | $1.5B | Full Confidence | Acquisition Value | Observed | $251M | Strong Confidence |
| 43 | Render | Developer application cloud platform | $1.5B | Full Confidence | Announced Private Round Valuation | Observed | $257M | Full Confidence |
| 44 | Nasuni | Enterprise cloud file storage | $1.2B–$1.5B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $219M | Strong Confidence |
| 45 | CAST AI | Automated cloud and Kubernetes optimization | $1.0B–$1.2B | Strong Confidence | Announced Private Round Valuation | Observed | $181M | Partial Confidence |
| 46 | Qumulo | Hybrid cloud file storage | $1.0B–$1.4B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $346M | Full Confidence |
| 47 | Netlify | Web application deployment platform | $900M–$1.4B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $202M | Partial Confidence |
| 48 | Yugabyte | Distributed cloud-native SQL database | $900M–$1.3B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $291M | Full Confidence |
| 49 | Imply | Real-time Apache Druid analytics | $900M–$1.2B | Partial Confidence | Comparables-Based Estimate | Estimated | $215M | Full Confidence |
| 50 | Anyscale | Distributed AI application platform | $800M–$1.2B | Partial Confidence | Comparables-Based Estimate | Estimated | $260M | Strong Confidence |
| 51 | Neon | Serverless Postgres database platform | $1.0B | Full Confidence | Acquisition Value | Observed | $131M | Strong Confidence |
| 52 | RunPod | AI developer GPU cloud | $1.0B | Full Confidence | Announced Private Round Valuation | Observed | $122M | Partial Confidence |
| 53 | MinIO | S3-compatible object storage software | $850M–$1.1B | Partial Confidence | Comparables-Based Estimate | Estimated | $126M | Full Confidence |
| 54 | Aqua Security | Cloud-native application security platform | $800M–$1.1B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $325M | Strong Confidence |
| 55 | DataStax | Cassandra and AI data platform | $750M–$1.1B | Low Confidence | Comparables-Based Estimate | Estimated | $305M | Partial Confidence |
| 56 | Backblaze | Cloud backup and object storage | $918M | Full Confidence | Public Market Cap | Observed | $105M | Full Confidence |
| 57 | Railway | Developer-focused application cloud | $700M–$1.1B | Strong Confidence | Implied Valuation from Raise | Implied | $124M | Strong Confidence |
| 58 | Hammerspace | AI data orchestration platform | $500M–$800M | Partial Confidence | Announced Private Round Valuation | Implied | $157M | Strong Confidence |
| 59 | Timescale | PostgreSQL time-series database platform | $550M–$800M | Low Confidence | Comparables-Based Estimate | Estimated | $181M | Strong Confidence |
| 60 | Starburst | Distributed data lakehouse analytics | $550M–$750M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $414M | Strong Confidence |
| 61 | Isovalent | Cloud-native networking and security | $650M | Strong Confidence | Acquisition Value | Observed | $69M | Full Confidence |
| 62 | TigerGraph | Enterprise graph analytics database | $450M–$650M | Partial Confidence | Comparables-Based Estimate | Estimated | $172M | Partial Confidence |
| 63 | MotherDuck | Serverless DuckDB analytics platform | $450M–$600M | Strong Confidence | Implied Valuation from Raise | Implied | $133M | Strong Confidence |
| 64 | Arrcus | Software-defined network operating systems | $450M–$550M | Partial Confidence | Implied Valuation from Raise | Implied | $239M | Partial Confidence |
| 65 | Spacelift | Infrastructure orchestration and automation platform | $340M–$500M | Strong Confidence | Implied Valuation from Raise | Implied | $74M | Strong Confidence |
| 66 | Panzura | Hybrid-cloud file data management | $400M–$650M | Low Confidence | Comparables-Based Estimate | Estimated | $170M | Partial Confidence |
| 67 | Replicate | Hosted open-source AI models | $400M–$550M | Partial Confidence | Acquisition Value | Estimated | $58M | Strong Confidence |
| 68 | Alkira | On-demand multi-cloud network infrastructure | $475M | Strong Confidence | Acquisition Value | Observed | $184M | Partial Confidence |
| 69 | Firebolt | High-performance cloud data warehouse | $350M–$500M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $269M | Full Confidence |
| 70 | Aviatrix | Secure multi-cloud networking software | $400M–$650M | Partial Confidence | Comparables-Based Estimate | Estimated | $346M | Strong Confidence |
| 71 | Fly.io | Globally distributed application cloud | $300M–$480M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $111M | Strong Confidence |
| 72 | Materialize | Streaming SQL database platform | $300M–$450M | Low Confidence | Comparables-Based Estimate | Estimated | $100M | Strong Confidence |
| 73 | ScyllaDB | High-performance distributed NoSQL database | $275M–$425M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $103M | Partial Confidence |
| 74 | Aryaka | Managed SD-WAN and SASE | $350M–$500M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $175M | Partial Confidence |
| 75 | Pulumi | Infrastructure-as-code development platform | $300M–$450M | Low Confidence | Revenue or ARR Multiple Estimate | Estimated | $99M | Strong Confidence |
| 76 | Kentik | Network observability and traffic analytics | $250M–$350M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $78M | Partial Confidence |
| 77 | Platform.sh | Enterprise application platform service | $190M–$300M | Low Confidence | Revenue or ARR Multiple Estimate | Estimated | $187M | Strong Confidence |
| 78 | PlanetScale | Serverless MySQL database platform | $200M–$350M | Low Confidence | Comparables-Based Estimate | Estimated | $105M | Full Confidence |
| 79 | InfluxData | Cloud time-series database platform | $200M–$325M | Low Confidence | Revenue or ARR Multiple Estimate | Estimated | $171M | Strong Confidence |
| 80 | Komodor | Kubernetes troubleshooting and reliability platform | $180M–$300M | Partial Confidence | Comparables-Based Estimate | Estimated | $67M | Strong Confidence |
| 81 | Prosimo | Multi-cloud networking and cost management | $180M–$250M | Low Confidence | Comparables-Based Estimate | Estimated | $55M | Partial Confidence |
| 82 | Rockset | Real-time search analytics database | $150M–$250M | Low Confidence | Acquisition Value | Estimated | $99M | Partial Confidence |
| 83 | Graphiant | Network-as-a-service enterprise connectivity | $150M–$220M | Partial Confidence | Implied Valuation from Raise | Implied | $115M | Strong Confidence |
| 84 | Tigera | Kubernetes networking and security | $150M–$250M | Low Confidence | Revenue or ARR Multiple Estimate | Estimated | $65M | Partial Confidence |
| 85 | Lucidity | Automated cloud storage optimization | $110M–$160M | Partial Confidence | Implied Valuation from Raise | Implied | $32M | Partial Confidence |
| 86 | Lacework | Cloud-native application security | $150M | Strong Confidence | Acquisition Value | Observed | $1.9B | Strong Confidence |
| 87 | Kubecost | Kubernetes cost monitoring and optimization | $100M–$180M | Low Confidence | Acquisition Value | Estimated | $31M | Full Confidence |
| 88 | Northflank | Developer workload deployment platform | $85M–$135M | Partial Confidence | Implied Valuation from Raise | Implied | $22M | Partial Confidence |
| 89 | env0 | Infrastructure-as-code management platform | $80M–$130M | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $42M | Full Confidence |
| 90 | NetFoundry | Open-source zero-trust networking | $60M–$90M | Partial Confidence | Implied Valuation from Raise | Implied | $15M+ | Strong Confidence |
| 91 | Qovery | Automated cloud application deployment | $40M–$50M | Strong Confidence | Announced Private Round Valuation | Observed | $18M | Strong Confidence |
| 92 | Koyeb | Serverless application deployment platform | $25M–$50M | Low Confidence | Acquisition Value | Estimated | $9M | Full Confidence |
| 93 | Zeet | Automated cloud infrastructure deployment | $15M–$30M | Low Confidence | Proxy-Based Estimate | Estimated | $6M | Full Confidence |
| 94 | Porter | Deployment into customer-owned clouds | $12M–$25M | Low Confidence | Proxy-Based Estimate | Estimated | $2M | Full Confidence |
| 95 | Genesis Cloud | GPU cloud computing platform | $0M–$5M | Low Confidence | Proxy-Based Estimate | Estimated | $7M | Low Confidence |
Key valuation trends in the cloud infrastructure market
Insights
- The top 10 cloud infrastructure companies represent about 63% of the combined valuation in this ranking, which shows how strongly market value is concentrated among AI compute, security and data leaders.
- Nebius and CoreWeave are worth more than $100 billion combined. This makes GPU capacity and AI cloud infrastructure the largest value pool in the cloud infrastructure startup market.
- VAST Data reached a $30 billion valuation after raising $1.4 billion. Its value-to-funding ratio exceeds 21 times, showing the capital efficiency available to software-led AI data platforms.
- Vercel, Replit and Together AI are worth about $26.6 billion combined after raising less than $3 billion. Developer-facing AI platforms continue to receive strong valuation premiums.
- ClickHouse and Supabase are worth about $25.5 billion combined. Both companies show that open-source cloud data platforms can create large outcomes without owning capital-intensive data centers.
- Modal and Fireworks AI have a combined valuation of $8.7 billion after raising $772 million. Serverless AI compute and inference platforms are scaling with less capital than hyperscale capacity providers.
- Coralogix, Cribl and Chronosphere are worth more than $9 billion combined. Observability has become a major cloud infrastructure category rather than a secondary feature within broader software platforms.
- Lacework was acquired for about $150 million after raising $1.9 billion. The outcome highlights the downside of overfunding startups in crowded cloud security categories.
- Nscale raised $3.7 billion to support physical AI infrastructure, while ClickHouse reached a slightly higher valuation after raising $1.1 billion. The comparison shows the divide between capital-heavy compute and software infrastructure.
A few word about our methodology
As you can see, we built a database that ranks startups in the cloud infrastructure market based on their current valuation.
Estimating cloud infrastructure startup valuations is not always straightforward. Many companies do not publicly disclose their valuation, and the available information can vary widely depending on the company and its stage.
To build this ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.
Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed cloud infrastructure companies, or official acquisition prices.
When a cloud infrastructure company is publicly listed, we use its current market capitalization as the reference valuation.
If a cloud infrastructure company was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.
When a startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.
In some cases, we also estimate valuations using operating metrics such as revenue, ARR, cloud consumption, customer traction or infrastructure capacity, combined with valuation multiples from comparable companies.
When direct financial data is not available, we may rely on carefully selected comparable startups and other signals such as hiring growth, investor quality, product traction or customer adoption.
All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by strong operating metrics and comparable company analysis.
We also carefully evaluate the age of every data point. Recent information carries more weight, while older cloud infrastructure data is treated cautiously and adjusted conservatively when necessary.
Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.
Because valuation data is not always fully public, each cloud infrastructure startup in the ranking is assigned a confidence level based on the reliability, recency and consistency of the available evidence.
Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.
When confidence is lower, we take a more conservative approach by widening the valuation range. This reflects the uncertainty and increases the probability that the true valuation falls within the estimated range.
In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.
If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.
Finally, know that we update the dataset once per month, so come back here if you need fresh information.
Related blog posts
- How are funding trends changing in the cloud infrastructure market?
- Who has raised the most money in the cloud infrastructure market?
- How active is venture funding in the cloud infrastructure market right now?
- An overview of funding deals in the cloud infrastructure market
Who is the author of this content?
NEW MARKET PITCH TEAM
We track new markets so founders and investors can move fasterWe build living “market pitch” documents for emerging markets: from AI to synthetic biology and new proteins. Instead of digging through outdated PDFs, random blog posts, and hallucinated LLM answers, our clients get a clean, visual, always-updated view of what’s really happening. We map the key players, deals, regulations, metrics and signals that matter so you can decide faster whether a market is worth your time. Want to know more? Check out our about page. You can also follow us on Instagram or on Facebook.
How we created this content 🔎📝
At New Market Pitch, we kept seeing the same problem: when you look at a new market, the data is either missing, paywalled, or buried in 300-page reports that feel like they were written in the 80s. On the other side, LLMs and random blog posts give you confident answers with no sources, and sometimes they just make things up. That’s not good enough when you’re about to invest real money or launch a company.
So we decided to fix the experience. For each market we cover, we build a structured database and update it on a regular basis. We track funding rounds, fund memos, M&A moves, partnerships, new products, policy changes, and the real activity of startups and incumbents. Then we turn all of that into a clear “market pitch” that shows where the opportunities are and how people actually win in that space.
Every key data point is checked, sourced, and put back into context by our team. That’s how we can give you both speed and reliability: fast coverage of new markets, without the usual guesswork.