Globalscape 2025: Race for Compute (Accel)

Summary

• Nvidia CEO Jensen Huang estimates that $2T worth of data centers will power software globally over the next four to five years [p.4].p.4
• The Super Six tech companies now account for ~50% of the NASDAQ market cap after adding $4.9T in market capitalization over the past year [p.7].p.8
• Total EU, Israel, and US venture capital investment in Cloud & AI is projected to reach $184B in 2025E [p.21].p.21
• US AI model funding reached $106B in 2025E, compared to $4B for Europe and Israel [p.22].p.22
• A combined $3.1T in data center revenue is required over 5 years to achieve payback on expected CapEx from 2026 to 2030 [p.40].p.40

Key insights

1. The Super Six companies generated $1.9T in combined CY24 revenue and $0.6T in operating cash flow [p.7].p.7
2. Enterprise adoption of agentic software is driving growth, with Salesforce reaching ~$440M in 'Agentic' ARR [p.18].p.18
3. European and Israeli cloud and AI application funding excluding models reached 66% of US levels in 2025E [p.26].p.26
4. OpenAI model inference costs per 1M tokens declined by -97% over a 31-month period [p.32].p.32
5. The 2025 Accel Europe AI 100 startups have raised $5.4B in total funding with average year-over-year employee growth of 122% [p.46].p.46