How The Cloud Kings 10 is ranked

Definition

The Cloud Kings 10 are the ten largest publicly traded cloud service providers and cloud software companies worldwide, ranked by market capitalization.

1. Eligibility

A company is eligible when it meets all of the following criteria:

• Publicly traded. The company's shares are listed on a recognised stock exchange anywhere in the world, including US, European and Asian exchanges.
• A substantial, identifiable cloud business. The company must operate a substantial, identifiable cloud service or cloud-delivered software business. Cloud does not have to be the majority of its revenue, but merely using cloud technology is not enough.
• Cloud service providers and cloud software companies only. The ranking covers cloud platforms, cloud infrastructure and cloud software companies. Delivering a product over the internet does not qualify a company automatically: specialists whose primary identity lies in another category, such as cybersecurity, are tracked as related companies and are not ranked.
• No chipmakers or indirect cloud businesses. Chipmakers and companies whose connection to the cloud is primarily indirect (such as hardware manufacturers, data center landlords, IT consultancies or companies that simply use cloud services) are excluded.
• Global comparison in US dollars. Companies are compared on total equity market capitalization in US dollars on a common date, calculated as set out below.

Our working definition of a cloud company is explained in What counts as a cloud company?

2. Ranking

Eligible companies are ordered by total company market capitalization in US dollars, largest first. The ten largest form The Cloud Kings 10. Companies listed in other currencies are converted to US dollars using the exchange rate at the same market close. The order is calculated automatically from market data and is never adjusted by hand.

How market capitalization is calculated

• Total equity market capitalization is used, not free-float market capitalization.
• For each share class, the appropriate share price is multiplied by the shares outstanding in that class, excluding treasury shares. The values of distinct share classes are added together.
• Unlisted share classes that convert one-for-one into a listed class are valued at the listed class's price.
• Depositary receipts (ADRs), cross-listings and the underlying shares they represent are counted once only.
• Share counts come from the company's most recent filing that states them, and the filing and its date are recorded.
• All share prices are closing prices on the same date. Values in other currencies are converted to US dollars using a documented reference rate for that date.
• Every ranking snapshot records the ranking date, the share-price date, the share-count source for each company, the currency conversion source and the methodology version.

3. Data sources and ranking dates

CloudKings does not publish live prices. Official rankings are published as dated snapshots, calculated by CloudKings from freely available official sources: share counts from company filings, closing prices on a single date, and published exchange reference rates. Each snapshot records its ranking date, price date, the source of every share count, the currency conversion source and the methodology version.

Current status: The current ranking is the snapshot of Oct 15, 2026, based on closing prices of Oct 15, 2026 and methodology version 1.3.

Company descriptions and eligibility decisions are based on each company’s own annual reports, filings and investor relations materials, which are linked on each company profile.

Before an official ranking is published

1. Every eligible company has been verified against its latest annual report and other reliable sources.
2. Market capitalizations are taken on a single common date.
3. Currencies are converted to US dollars consistently, using an official reference rate for that date.
4. Multiple share classes are accounted for, using the company's total listed equity value.
5. The reason each company qualifies is documented on its profile and in the universe table below.
6. The ranking date and data source are recorded, and each published ranking is preserved as a snapshot.

4. Reviews

The company universe is reviewed at least quarterly, after annual results, and whenever a significant corporate event such as a listing, merger or spin-off occurs. Each decision below shows the date it was last reviewed.