Voltage Park
ConvictionContext
GPU-as-a-service: on-demand bare-metal GPU rental plus reserved-capacity contracts on an owned fleet; post-merger, bundled with Lightning AI's developer software layer (training, inference, model serving)
Revenue
$500M+ combined ARR incl. GPU rentalsat merger close, Jan 2026, per merger announcement); Voltage Park standalone revenue not disclosedRev growth
Combined entity: $18M ARR2024) to $500M+ ARR (Jan 2026) per merger announcement; standalone split not disclosedGross margin
not disclosedOp margin
not disclosedCapex intensity
Very high - asset-heavy modelfleet seeded with ~$500M of H100s (24,000 units, Oct 2023) under a $900M Navigation Fund grant; now 36,000+ owned H100/B200/GB300 GPUs (merger PR; Forbes cites 35,000+) across 6 US data centers in 4 states (~60MW active at mergerValuation
~$2.5B+combined Lightning AI merger valuation, Jan 2026, per Forbes); Voltage Park standalone was never independently pricedValuation trail
$2.5B2.8× since Oct 2023
2 marks · Oct 2023–Jan 2026
private — no public price
Priced round
Voltage Park was never independently priced: the 2023 point is grant capital deployed (a capitalization proxy, not a negotiated equity valuation), and the 2026 point is the merged Lightning AI entity, not Voltage Park standalone. No primary or secondary priced rounds exist between the two.
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence