016Who owns the most Blackwell per dollar?
CoreWeave owns about 16,525 Nvidia Blackwell GPUs per $1B of market cap, 77× Microsoft’s 214. Most of that gap is debt: CoreWeave’s enterprise value is 2.4× its market cap, and per $1B of enterprise value IREN leads at 11,275. Amazon has the largest disclosed claim on what comes next, at least 3M Nvidia GPUs through 2028; per dollar, the neoclouds’ unbuilt contracted power is bigger still, if they can finance it.
Blackwell GPUs per $1B of market cap
Base estimate, with the range from low to high. Log scale. Market caps at the October 26–27, 2026 closes. Nvidia GPUs only: Alphabet’s TPUs and Amazon’s Trainium aren’t counted.
Why the neoclouds top the list
It’s a leverage screen. GPUs per dollar of market cap rise as the equity shrinks against the fleet. CoreWeave’s roughly 543K Blackwell GPUs sit under $78.9B of enterprise value but $32.9B of market cap; the rest is debt and leases, $31.4B of it recourse debt at June 30. IREN and Nebius carry less (1.16× and 1.05× their market caps), so per dollar of enterprise value IREN moves to first and CoreWeave’s figure falls by more than half, to 6,882.
And the market has marked the equity down. CoreWeave closed at $59.57 on October 27, against a 52-week high of $141.79; its credit default swaps peaked at 855bp in the run-up to its second-quarter results. IREN closed at $27.44, against $69.58 the night it announced its Nvidia partnership in May. Part of the per-dollar lead is the market discounting the debt behind the fleets.
Owning the GPU isn’t owning the upside. Most neocloud capacity is contracted out at fixed prices: Microsoft at IREN and Nebius, Meta at Nebius and at CoreWeave, where it signed $21B through 2032 on top of $14B. Shareholders earn what’s left after interest and depreciation, and the customer keeps the margin on what runs on the chips. CoreWeave’s adjusted operating margin was 5% in the second quarter.
Blackwell GPUs owned
The same estimates in units. Hyperscaler counts run through Q1 2026; the high end adds two more quarters at Q4 2025’s pace.
Blackwell shipped by quarter
Epoch AI’s estimate, B200 and B300 by owner, on one scale. Q1 2026 (paler) is incomplete in the source. Other is everyone Epoch doesn’t name in this series: neoclouds, sovereigns and enterprises. Oracle is counted from its Abilene site instead.
Who owns the most
Microsoft, by Epoch AI’s estimate: about 846K B200 and B300 through the first quarter, ahead of Meta (519K), Amazon (401K) and Alphabet (332K). Epoch’s estimate for Microsoft’s Fairwater Atlanta site alone is about 304K.
The biggest single site is xAI’s. Epoch puts Colossus 2 at 1.112 million H100-equivalents, about 440K Blackwell GPUs, owned by SpaceX since it bought xAI in February. Abilene, the site Oracle runs for OpenAI, is about 201K.
The counts lag the shipments. Epoch’s owner series ends in the first quarter and Nvidia has shipped two more quarters since, so every hyperscaler owns more than its base figure today. Two more quarters at the fourth quarter’s pace lift the hyperscalers’ ratios by about half, which doesn’t change the order: the lowest neocloud is still 12× the highest hyperscaler.
Who is lined up for the next allocation, per $1B of market cap
Commitments and unbuilt contracted power for deliveries from late 2026 on: mostly Vera Rubin, some Blackwell Ultra, in proportions nobody discloses. Power converted at 3 kW per GPU (2.6–3.4 for the range). Commitments given only as “millions” or “multi-gigawatt” are read at their floor, marked ≥. Log scale.
What each forward figure rests on
| Company | GPUs | Per $1B | Announced | Basis | Rubin status |
|---|---|---|---|---|---|
| NebiusNBIS | 1.33M | 31,997 | Aug 2026 | Target of 5 GW contracted by year-end, less the 0.8–1 GW it expects connected by then. Low: the 3 GW it targeted in February, less 1 GW | In Nvidia’s first Rubin cloud cohort; deployments from late 2026 or early 2027 |
| CoreWeaveCRWV | 900K | 27,397 | Aug 2026 | 2.7 GW contracted but not yet active: 4.2 GW contracted as of August 11 against 1.5 GW active | First production Vera Rubin NVL72 customer, Cognition, on September 30 |
| IRENIREN | 167K | 15,015 | May & Aug 2026 | The 500 MW of IT load it plans to add in 2027. Its Nvidia partnership covers up to 5 GW, a framework rather than orders | No Rubin orders disclosed |
| OracleORCL | ≥667K | ≥1,745 | Oct 27, 2026 | “Multi-gigawatt” Vera Rubin expansion on OCI, read at its floor of 2 GW | Vera Rubin NVL72 generally available on OCI now |
| MetaMETA | ≥2M | ≥1,242 | Feb 18, 2026 | Multiyear Nvidia deal for “millions” of Blackwell and Rubin GPUs, read at its floor of 2 million. No unit count or value disclosed | Vera CPUs from 2027; part of the capacity comes through CoreWeave and Crusoe |
| Amazon (AWS)AMZN | ≥3M | ≥1,115 | Mar 16 & Aug 26, 2026 | More than 1 million Nvidia GPUs from 2026, then 2 million more through 2027–28, across Blackwell Ultra, Rubin and Rubin Ultra. The largest disclosed | In Nvidia’s first Rubin cloud cohort |
| SpaceX (xAI)SPCX | 530K | 265 | 2026 | Colossus build-out toward 1 million GPUs across its sites, less the roughly 470,000 Blackwell counted above | No Rubin volumes disclosed |
| MicrosoftMSFT | ≥400K | ≥101 | Jun 2026 | Fairwater sites scaling to “hundreds of thousands” of Vera Rubin superchips, two GPUs each, read at the floor. Rubin it rents from neoclouds, such as 30,000 from Nscale, belongs to them and isn’t counted | In Nvidia’s first Rubin cloud cohort |
| AlphabetGOOGL | — | — | — | No committed Nvidia volume disclosed. Google Cloud’s network design links up to 960,000 Rubin GPUs, a capability rather than an order | In Nvidia’s first Rubin cloud cohort |
Who gets Rubin first
Nvidia named eight clouds first in line for Vera Rubin: AWS, Google Cloud, Microsoft Azure, Oracle Cloud, CoreWeave, Lambda, Nebius and Nscale. Production shipments began this fall. CoreWeave has had the first customer in production, Cognition, since September 30, and Oracle made Vera Rubin generally available on its cloud on October 27, with a multi-gigawatt expansion to come. Nvidia’s 2026 Rubin output is estimated at only 200K–300K GPUs, and it has historically sent 60%–70% of a new generation’s first year to the hyperscalers, so most of these allocations land in 2027 and 2028.
In GPUs, Amazon and Meta. AWS committed to more than 1 million Nvidia GPUs from 2026 and 2 million more through 2027–28, the largest disclosed. Meta’s February deal covers “millions” of Blackwell and Rubin GPUs, with no number given. Microsoft is building Fairwater for hundreds of thousands of Rubin superchips and also rents Rubin from neoclouds, 30,000 of them from Nscale in Norway.
Per dollar, the neoclouds, on paper. CoreWeave has 2.7 GW contracted that isn’t built, Nebius is aiming for 5 GW contracted by year-end, and IREN plans 500 MW more in 2027. That is about 31,997 next-generation GPUs per $1B of Nebius’s market cap and 27,397 per $1B of CoreWeave’s. But capex guided for this year is 1.13× CoreWeave’s market cap and 0.54× Nebius’s, and IREN’s for its fiscal 2027 is 2.48× its own. The next allocation will be paid for by lenders and by customers’ prepayments, not by today’s shareholders.
The ranking, with leverage
Sorted by GPUs per $1B of market cap. Enterprise value and guided capex for the four names where debt changes the picture.
| Company | Blackwell GPUs | As of | Market cap | Per $1B mkt cap | EV | Per $1B EV | EV ÷ mkt cap | Capex ÷ mkt cap |
|---|---|---|---|---|---|---|---|---|
| CoreWeaveCRWV · Neocloud | 543K397K–600K | Jun 2026 | $32.9B | 16,525 | $78.9B | 6,882 | 2.40× | 1.13× |
| IRENIREN · Neocloud | 145K36K–150K | Year-end 2026 (secured) | $11.1B | 13,063 | $12.9B | 11,275 | 1.16× | 2.48× |
| NebiusNBIS · Neocloud | 161K100K–200K | Jun 2026 | $41.7B | 3,863 | $43.7B | 3,684 | 1.05× | 0.54× |
| OracleORCL · Leveraged builder | 201K100K–450K | Oct 2026 | $382B | 527 | $470B | 428 | 1.23× | 0.24× |
| MetaMETA · Hyperscaler | 519K477K–818K | Q1 2026 | $1.61T | 322 | — | — | — | — |
| SpaceX (xAI)SPCX · Leveraged builder | 470K140K–585K | Oct 2026 | $2T | 235 | — | — | — | — |
| MicrosoftMSFT · Hyperscaler | 846K780K–1.32M | Q1 2026 | $3.95T | 214 | — | — | — | — |
| AmazonAMZN · Hyperscaler | 401K373K–607K | Q1 2026 | $2.69T | 149 | — | — | — | — |
| AlphabetGOOGL · Hyperscaler | 332K308K–509K | Q1 2026 | $3.87T | 86 | — | — | — | — |
What a Blackwell allocation is worth
Rubin is a big step: CoreWeave measured about 10× the tokens per megawatt of a GB200 NVL72 on DeepSeek R1 at matched interactivity. A Blackwell fleet contracted at today’s prices earns them until its contracts end. What it re-contracts for once Rubin is in volume is the main unknown in what it’s worth, and it matters most to owners who borrowed to buy it. Pack 015 has what a Blackwell GPU earns serving open models now, and pack 002 what the neoclouds still have to raise.
So owning the allocation through neocloud equity is a levered position on fleet value and refinancing more than on AI margins. Per dollar of enterprise value, with the contracts and their counterparties in view, is the fairer comparison.
How each count was built
IREN’s count is the company’s own target. The rest are Epoch AI’s model, Epoch’s site estimates or our conversion of disclosed power, so treat them as estimates.
| CoreWeaveCRWV | Implied from power: 1.5 GW active on June 30, less the 360 MW its ~250,000 mostly-Hopper GPUs used at its IPO filing, at about 2.1 kW per Blackwell GPU. Range: 1.9–2.3 kW, and 20% of new power not Blackwell at the low end |
| IRENIREN | Secured fleet: its 150,000-GPU target for year-end 2026 (over 50,000 B300 ordered in March plus Microsoft’s GB300), less a few thousand Hoppers. About a quarter is live: $1B of run-rate revenue against $4B contracted. The low end counts only that quarter |
| NebiusNBIS | Implied from power, low confidence: 170 MW active at the end of 2025, scaled by run-rate revenue ($1.25B to $3B) to about 408 MW in June, less about 70 MW of Hopper, at about 2.1 kW per GPU |
| OracleORCL | Abilene alone: Epoch AI’s 509,000 H100-equivalents for the site, about 201,000 Blackwell. Oracle says the Abilene supercluster has more than 100,000; Larry Ellison’s target for the site is more than 450,000. Other OCI regions aren’t counted |
| MetaMETA | Epoch AI’s chip-owners model: B200 and B300 shipped through Q1 2026 (incomplete). Low: through Q4 2025. High: two more quarters at Q4 2025’s pace |
| SpaceX (xAI)SPCX | Colossus 2: Epoch AI’s 1.112M H100-equivalents, about 440,000 Blackwell, plus 30,000 GB200 in Colossus 1. Low: Epoch’s owner data (140,000 added in Q3 2025). High: Colossus 2 at the reported 555,000 |
| MicrosoftMSFT | Epoch AI’s chip-owners model, as for Meta. Its site estimate for Fairwater Atlanta alone is about 304,000 |
| AmazonAMZN | Epoch AI’s chip-owners model, as for Meta. Nvidia only: Trainium isn’t counted |
| AlphabetGOOGL | Epoch AI’s chip-owners model, as for Meta. Nvidia only: Google’s TPUs, most of its compute, aren’t counted |
What this is anchored on
Market caps at the October 26–27, 2026 closes.
| Item | Data point | Source |
|---|---|---|
| Hyperscaler Blackwell counts | B200 and B300 units shipped by owner and quarter, Q4 2024 to Q1 2026 (Q1 2026 incomplete) | Epoch AI, AI Chip Owners (updated May 12, 2026) |
| Site estimates | Colossus 2 (SpaceX) 1.112M, Fairwater Atlanta (Microsoft) 769,000, Abilene (Oracle) 509,000 H100-equivalents | Epoch AI, AI data centers (updated Oct 26, 2026) |
| CoreWeave | 1.5 GW active and 3.7 GW contracted on June 30, 4.2 GW by August 11; backlog $104B; Meta $21B through 2032 on top of $14B; recourse debt $31.4B; CDS peaked at 855bp | TechTimes, Aug 12, 2026 |
| CoreWeave | Adjusted operating margin 5% in Q2; FY2026 capex guide $35–39B | Futurum, Aug 2026 |
| CoreWeave baseline | About 250,000 GPUs, mostly Hopper, on 360 MW at its IPO filing | The Next Platform, Mar 5, 2025 |
| CoreWeave, Rubin | First production Vera Rubin NVL72 customer (Cognition); about 10× the tokens per megawatt of GB200 NVL72 on DeepSeek R1 | CoreWeave, Sep 30, 2026 |
| Nebius | About 170 MW active at the end of 2025; run-rate revenue $1.25B; Microsoft and Meta capacity delivered | Nebius Q4 2025 shareholder letter |
| Nebius | Run-rate revenue $3B at June 30; 5 GW contracted-power target for year-end; FY2026 capex $20–25B; Rubin from late 2026 or early 2027 | Nebius Q2 2026 call |
| IREN | 150,000-GPU target for year-end 2026; over 50,000 B300 ordered; Nvidia partnership up to 5 GW; $69.58 after hours on May 7 | Blockspace via Yahoo Finance, May 7, 2026 |
| IREN | $4B contracted run-rate revenue, $1B live after Microsoft accepted Horizon 1; 500 MW more IT load in 2027; FY2027 capex $25–30B | Yahoo Finance, Aug 27, 2026 |
| Oracle | Vera Rubin NVL72 generally available on OCI; multi-gigawatt Vera Rubin expansion planned; more than 100,000 Blackwell in the Abilene supercluster | Oracle, Oct 27, 2026 |
| Oracle | Abilene to house more than 450,000 GB200 eventually | DCD |
| Oracle | Net debt $88.3B at August 31, 2026; FY2027 capex guide $90–95B | Cestrian Capital Research |
| AWS | More than 1 million Nvidia GPUs over the next 12 months | DCD, Mar 16, 2026 |
| AWS | 2 million additional Nvidia GPUs through 2027–28: Blackwell Ultra, Rubin, Rubin Ultra | The Energy Mag, Aug 26, 2026 |
| Meta | Multiyear deal for millions of Blackwell and Rubin GPUs | PureAI, Feb 18, 2026 |
| Rubin | First cohort: AWS, Google Cloud, Azure, OCI, CoreWeave, Lambda, Nebius, Nscale; 2026 output estimated at 200,000–300,000, 60–70% to hyperscalers; Fairwater to scale to hundreds of thousands of Vera Rubin superchips; Google network up to 960,000 Rubin GPUs | TechTimes, Jun 27, 2026 |
| Microsoft | Rents 30,000 Vera Rubin from Nscale in Norway | Let’s Data Science, Apr 14, 2026 |
| SpaceX | Listed June 12, 2026; owns xAI since February; Colossus across sites toward 1 million GPUs | Wikipedia |
| SpaceX | Colossus 2 reported at 555,000 GPUs | Introl, Jan 2026 |
| Market caps | Closes on October 26: Microsoft, Alphabet, Amazon, Meta, Oracle, SpaceX | StockTitan |
| CoreWeave market | $59.57 close Oct 27 (52-week range $51.24–$141.79); EV | Motley Fool; StockAnalysis |
| CoreWeave market | Market cap and enterprise value, Oct 23 (re-marked to Oct 27’s close) | StockAnalysis |
| Nebius market | $41.66B market cap at the Oct 26 close; debt $10.06B, cash $8.04B | CompaniesMarketCap (Nasdaq); TipRanks |
| IREN market | $27.44 close Oct 27, $11.10B market cap; debt $7.84B, cash $6.08B | CompaniesMarketCap; TipRanks |
Method
Blackwell GPUs are counted one per B200, B300, GB200 or GB300 GPU package, not per die. For Microsoft, Meta, Amazon and Alphabet they are Epoch AI’s estimates of B200 and B300 shipped through Q1 2026, which Epoch flags as incomplete. Site estimates in H100-equivalents are converted at Epoch’s own ratio, 2.527 per Blackwell GPU.
Power to GPUs. CoreWeave and Nebius don’t publish GPU counts, so we convert active power at about 2.1 kW of IT load per Blackwell GPU (1.9–2.3): a GB200 or GB300 NVL72 rack draws about 120–140 kW for 72 GPUs, plus networking and storage. CoreWeave’s base removes the 360 MW its mostly-Hopper fleet used at its IPO filing. Nebius’s removes about 70 MW of Hopper from the roughly 408 MW we infer for June from its run-rate revenue. Forward power converts at 3 kW per Rubin-generation GPU (2.6–3.4).
Market cap and enterprise value use closing prices on October 26 (October 27 for CoreWeave and IREN) and all share classes. Enterprise value adds net debt from the latest balance sheet: CoreWeave’s from StockAnalysis, re-marked to the October 27 price; Oracle’s $88.3B at August 31; Nebius’s and IREN’s from TipRanks. Capex is the latest full-year guide at its midpoint (fiscal 2027 for Oracle and IREN).
Not counted: GPUs a company rents rather than owns (they count for the owner, so Microsoft’s capacity at Nebius, IREN and Nscale counts for them), Hopper and older GPUs, and other chips: TPUs, Trainium and AMD. Private owners, among them OpenAI, Anthropic, Lambda, Nscale and Crusoe, have no market cap to divide by.