WSS: Earnings season sees more revenue growth acceleration, with AI as a driver
Earnings season is moving along and there continue to be signs of more growth acceleration in cloud infrastructure services. We saw this with the hyperscalers, and in the webscale tier, the same is happening. Cloudflare reported its 4Q25 results and saw growth acceleration driven by raw compute infrastructure uptake. Akamai (we will have details next week) saw a similar dynamic in motion, with cloud infrastructure driving accelerating growth for the entire business. Fastly is trying to take a similar path to Cloudflare and Akamai, and is making progress, albeit at lower levels of scale. But the progress is moving firmly in a forward direction and Fastly’s recent earnings results showed this. Meanwhile, on the data centre side, Digital Realty reported healthy growth as both hyperscale and enterprise leasing moved the needle. A common thread across the earnings results was AI workload growth and maturity, which is spinning off into demand for inference-oriented infrastructure. And the resulting growth in cloud infrastructure to serve these requirements is driving interconnection and data centre colocation uptake. Another recurring theme coming out of earnings season was the ongoing pace of demand outstripping supply. Data centre operators, cloud providers and hyperscalers alike are seeing this dynamic and it is one of the strongest signals that the growth acceleration we are starting to see may have lasting power.
The AI world continues to see investment and growth activity that will inevitably translate into demand for data centre and cloud infrastructure services. Anthropic is seeing rapid growth with the growing popularity of Claude, and completed its latest fund raise at a valuation well above $300b. In the process of securing this capital, data points emerged about Anthropic’s revenue growth and customer composition, and we have a few details in our commentary.
The growth in AI is of course propelling the growth of neoclouds. Deployments of GPUs continue to happen and Nebius reported its 4Q25 results, which benefitted from this activity and raised guidance as a result. Hyperscalers are driving consumption in the neocloud world and late last year, Lambda closed a deal to house NVIDIA-based GPUs for Microsoft and they have been also actively working with Nebius. Mistral AI is also building out infrastructure aggressively and will deploy a large cluster of GPUs with EcoDataCenter in Sweden.
Finally, the past week also saw data centre financing activity. Metrobloks closed its latest funding round as it moves forward on a number of projects, while Rowan Infrastructure secured $550m in project financing for a San Antonio data centre build. And data centre development projects continue to make progress. In the past week, we tracked STACK Infrastructure breaking ground in Tokyo, AIMS acquiring land for a build in Malaysia, while Calpine and CyrusOne partnered for a second hyperscale data centre build in Texas.
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