Digital infra/STRUCTURE Weekly Update: Earnings season reveals split growth across digital infrastructure

Earnings season highlights the health of webscale, neocloud, and managed infrastructure segments, with strong growth driven by AI demand and ecosystem-wide demand exceeding supply.

CoreWeave leads the neocloud segment with over 200% y/y growth, reaching $1 billion in quarterly revenue and tracking $5 billion annually in 2025, while expanding its infrastructure aggressively.

Webscale providers like DigitalOcean and Akamai show steady growth (~14% y/y), with Akamai's next-gen cloud business growing at 30% y/y.

Managed infrastructure provider Rackspace shows slight improvement after years of struggles, with reduced revenue attrition.

Hyperscalers (Oracle, Amazon, Microsoft, Google) report strong growth, with increasing CapEx investments to meet AI and cloud demand.

Apple raises CapEx to $4 billion annually for AI initiatives, sparking speculation about potential entry into public cloud infrastructure.

Strategic investments in data center platforms continue, with Apollo acquiring a majority stake in Stream Data Centers to expand enterprise and hyperscale inventory.

The sector benefits from secular tailwinds, with positive KPIs and pipelines across the ecosystem, despite supply constraints.