The AI infrastructure boom is creating a new category of technology companies often referred to as neoclouds—specialized cloud providers built around high-performance GPUs, AI workloads and data-center infrastructure. Two of the most closely watched names are CoreWeave, Inc. CRWV and IREN Limited IREN. According to a report from Mordor Intelligence, the global neocloud market size is estimated to grow from $35.22 billion in 2026 to $236.53 billion by 2031, at a 46.37% CAGR during the interval. Both companies benefit from accelerating demand for AI compute, but their investment profiles differ sharply. CoreWeave already operates at substantial scale, while IREN is rapidly transitioning from its bitcoin-mining roots into an AI infrastructure provider.
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