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Compute rules the world.
AI capex is running at over 1% of US GDP. Hyperscalers are signing contracts measured in gigawatts. 20M H-100 equivalent units shipped as of the end of 2025, up from 2M just two years prior. The compute buildout underway is the defining story of our era.
Today, we're announcing something we've been working on for the last several months as a resource for this market: The Compute 100.
The Compute 100 is an initiative highlighting 100 companies building across the semiconductor and compute value chain — 50 public, 50 private. It spans chip design, fabrication, advanced packaging, memory, power delivery, networking, and the software stack powering AI workloads.
The Compute 100 is live at thecompute100.com. Alongside it, we're launching a daily newsletter, X and podcast focused on capturing conversations with founders and operators inside these companies.
Our public markets Compute Index, tracking featured public companies traded on NYSE and NASDAQ, has seen incredible growth since October 2022. In the last month alone, the Compute Index has grown over 100%.
For public companies, we evaluated market capitalization, revenue, exposure to AI-driven end markets, and growth attributable to rising AI demand. Private company selection emphasized technical innovation, strategic importance within the compute stack, valuation, and capital raised within the last three years. For all companies, we drew on publicly available company data, Primary's experience evaluating compute and semiconductor startups, and feedback from industry experts on which companies are driving real change in the industry.
The AI boom has placed unprecedented demand on every layer of the semiconductor stack, and the companies navigating that demand are reshaping the global economy. The Compute 100 is our attempt to make that work public: a resource for founders, investors, and operators trying to map this landscape and track how it evolves.
Subscribe for updates. We’re excited for what’s ahead. Stay tuned!