Research report · AI · Valuations · Q2 2026

AI Infrastructure Valuations: Q2 2026

AI infrastructure valuations in Q2 2026 are defined by a sharp split: capital-light data, inference and retrieval software command 15-25x revenue on consumption-led growth, while capital-intensive neoclouds re-rate to 6-10x on forward revenue. A $725B hyperscaler capex supercycle, reopened IPOs such as Cerebras and CoreWeave, and IBM's $11B acquisition of Confluent underscore record demand and strategic consolidation across the AI compute and data substrate.

Sector

AI

Focus

Valuations

Published

June 4, 2026