Theo Mercer is the editorial pen name used for research and historical synthesis published by the CodeHistory Research Desk. Articles are sourced, reviewed, and revised according to CodeHistory’s published research standards.
CoreWeave has enormous AI-cloud revenue and positive adjusted EBITDA, but heavy depreciation, interest, and infrastructure spending still keep GAAP net income negative.
Cerebras is growing hardware and cloud revenue rapidly, but 2026 guidance still points to operating losses as the company funds manufacturing and inference capacity.
Nebius has reached strongly positive adjusted EBITDA in its AI cloud, but adjusted net income remains negative and expansion requires billions in capital spending.
Crusoe has contracted gigawatts of AI infrastructure and reached a roughly $30 billion private valuation, but company-wide net profitability remains undisclosed.
Lambda does not disclose enough public financial data to prove net profitability, but its contracted GPU deployments are increasingly financed like infrastructure assets.
Fireworks AI says it surpassed a $1 billion annualized revenue run rate in 2026, but its public disclosures still do not establish net profitability.
Groq remains an independent inference-cloud company after licensing technology to Nvidia, but current public disclosures do not establish recurring net profitability.
Databricks says it is cash-flow positive while annualized revenue exceeds $7 billion, making it one of the clearest profitable AI-platform cases among major private companies.
Scale AI says its data business is profitable, but company-wide net income remains undisclosed as enterprise applications and government work become more important.
Together AI is scaling an open-model training and inference platform, but its public disclosures establish rapid growth and funding rather than net profitability.