Alternatives to IREN
IREN in the SAVRN Index: 2,750 MW at 2 named sites, no disclosed site capital, no GPU prices published. Below, every other neocloud and GPU provider the Index tracks, ranked on the same figures.
IREN signed an approximately $9.7 billion, five-year AI cloud agreement with Microsoft on November 3, 2025 with a 20% prepayment, expected to generate roughly $1.94 billion of annualized run-rate revenue once fully commissioned.
Every alternative, ranked by disclosed capacity
| # | Provider | Category | H100, listlowest published $/GPU-hour | B200, listlowest published $/GPU-hour | GPUs priced | Named sitesCapital Atlas | Disclosed capacity | Disclosed site capital | Listing |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Crusoe Energy | NeoCloud | $3.90 | 3 | 4 | 4,900 MW | $15.0B | Private | |
| 2 | Poolside | NeoCloud | 1 | 2,000 MW | Private | ||||
| 3 | Fluidstack | NeoCloud | 3 | 1,668 MW | $4.0B | Private | |||
| 4 | Applied Digital | NeoCloud | 5 | 1,540 MW | $22.8B | NASDAQ:APLD | |||
| 5 | Nebius Group | NeoCloud | $3.85 | $7.15 | 4 | 4 | 1,500 MW | NASDAQ:NBIS | |
| 6 | Cipher Digital Inc. | NeoCloud | 3 | 1,368 MW | $2.0B | NASDAQ:CIFR | |||
| 7 | Sesterce | NeoCloud | 3 | 1,000 MW | Private | ||||
| 8 | Core Scientific | NeoCloud | 6 | 982 MW | $1.2B | NASDAQ:CORZ | |||
| 9 | Bitdeer Technologies Group | NeoCloud | 2 | 784 MW | NASDAQ:BTDR | ||||
| 10 | TeraWulf | NeoCloud | 3 | 761 MW | $3.2B | NASDAQ:WULF | |||
| 11 | Nscale | NeoCloud | 2 | 700 MW | Private | ||||
| 12 | Hut 8 Corp. | NeoCloud | 1 | 352 MW | NASDAQ:HUT | ||||
| 13 | Galaxy Digital Inc. | NeoCloud | 2 | 334 MW | NASDAQ:GLXY | ||||
| 14 | CoreWeave | NeoCloud | $4.25 | $8.60 | 6 | 4 | 326 MW | $3.4B | NASDAQ:CRWV |
| 15 | Vultr | NeoCloud | $2.30 | $3.50 | 5 | 1 | 50 MW | $1.0B | Private |
| 16 | Lambda (Lambda Labs) | NeoCloud | $3.29 | $6.69 | 3 | 2 | 24 MW | Private | |
| 17 | Voltage Park | NeoCloud | $1.99 | 1 | 6 | Private | |||
| 18 | Cerebras Systems | NeoCloud | 6 | NASDAQ:CBRS | |||||
| 19 | Groq | NeoCloud | 1 | $1.5B | Private | ||||
| 20 | Verda | GPU cloud | $3.56 | $6.85 | 5 | Private | |||
| 21 | TheAI Cloud | GPU cloud | 3 | Private | |||||
| 22 | DigitalOcean | GPU cloud | $4.41 | 7 | NYSE:DOCN | ||||
| 23 | Massed Compute | GPU cloud | $2.73 | $5.43 | 4 | Private | |||
| 24 | Astra Intellectus | GPU cloud | 4 | Private | |||||
| 25 | Runpod | GPU cloud | $2.89 | $6.79 | 4 | Private | |||
| 26 | Together AI | NeoCloud | $3.99 | $8.19 | 3 | Private | |||
| 27 | Cirrascale | GPU cloud | $2.49 | 4 | Private | ||||
| 28 | Fireworks AI (dedicated) | GPU cloud | $8.00 | $13.00 | 5 | Private | |||
| 29 | GMI Cloud | GPU cloud | $2.00 | $4.00 | 4 | Private | |||
| 30 | Hyperbolic | GPU cloud | $3.19 | $5.99 | 3 | Private | |||
| 31 | Baseten | GPU cloud | $6.50 | $9.98 | 2 | Private | |||
| 32 | Denvr Dataworks | GPU cloud | $2.45 | 1 | Private | ||||
| 33 | Corvex, Inc. | NeoCloud | NASDAQ:MOVE | ||||||
| 34 | Dell | GPU cloud | NYSE:DELL | ||||||
| 35 | HPE | GPU cloud | NYSE:HPE | ||||||
| 36 | Lightning AI | GPU cloud | Private | ||||||
| 37 | SambaNova Systems | NeoCloud | Private | ||||||
| 38 | TensorWave | GPU cloud | Private | ||||||
| 39 | Vast.ai (marketplace medians) | GPU cloud | Private |
What are the alternatives to IREN?
The SAVRN Index classes 39 other companies as neoclouds or GPU providers: Crusoe Energy, Poolside, Fluidstack, Applied Digital, Nebius Group, Cipher Digital Inc., Sesterce, Core Scientific, Bitdeer Technologies Group, TeraWulf and others. The table ranks them by disclosed capacity.
Which alternatives are larger than IREN?
1 have more capacity disclosed at named sites than IREN's 2,750 MW: Crusoe Energy (4,900 MW).
Which alternatives publish a lower H100 price than IREN?
IREN has no H100 list price confirmed by the tracker. 19 of the alternatives publish GPU prices: Crusoe Energy, Nebius Group, CoreWeave, Vultr, Lambda (Lambda Labs), Voltage Park, Verda, TheAI Cloud.
Is SAVRN an alternative to IREN?
For a customer that wants capacity it controls rather than capacity it rents, yes: SAVRN delivers single-tenant AI factory blocks on their own power behind the customer's boundary. SAVRN is not a GPU-hour cloud, so it is not ranked in the table; its controlled AI environment is described on the sovereign compute page.
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.