Shares of several artificial intelligence (AI) infrastructure companies have plunged in October just as Anthropic prepares for one of the biggest initial public offerings (IPOs) in history. Neoclouds CoreWeave (NASDAQ: CRWV), Nebius Group (NASDAQ: NBIS), and IREN (NASDAQ: IREN) are all down more than 30% this month. Neocloud companies provide computing infrastructure that's optimized for training and operating AI models. Unlike larger and better-established cloud providers, they generally have fewer revenue streams and less financial flexibility to support their investments into new compute capacity. Their strategy of borrowing heavily to build rapidly works when demand for compute is growing fast and financing remains available. But it becomes much riskier when borrowing costs rise or its customers reduce spending. Research firm Gartner recently warned that as many as 80% of neocloud companies could cease operating independently by 2030, in part because "enterprise and consumer AI revenue will be insufficient to support profitable returns on all planned AI capital expenditures."
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