Cover of NewMarketPitch's AI Infrastructure report: funding, valuations and who's ahead, 2026 edition Is Big Tech now spending more on data centers than its business brings in? Amazon and Oracle already are. Over the last twelve months, each spent more on data centers and equipment than all its businesses brought in; Alphabet and Meta now spend about $70 of every $100 they bring in. Chart from NewMarketPitch's AI Infrastructure report. Does Nvidia back the start-ups that could replace its chips? No, it backs the ones that buy them. Nvidia recently joined 27 funding rounds of AI infrastructure start-ups: GPU clouds, inference platforms, networking. Not one AI chip designer. Chart from NewMarketPitch's AI Infrastructure report.Do a handful of start-ups take most of the AI infrastructure money? Yes. Ten of the 189 start-ups tracked raised about half of the $52B invested recently, led by Crusoe, Nscale and Firmus, all three builders of AI data centers. Chart from NewMarketPitch's AI Infrastructure report.
Who's really winning the AI infrastructure boom
  • Who’s raising, how much, and from whom
  • What each company is worth, and how fast that changed
  • Who really makes money, and who spends more than it brings in
  • The debt, the circular deals and the giant contracts behind the boom
  • The US, China and the rest of the world, side by side
  • Who leads the biggest rounds: venture firms or hedge funds
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Updated October 2026 All data verified