IBM and Together AI: Did IBM Cloud Just Become a Neocloud?

Analyst(s): Brendan Burke
Publication Date: August 17, 2026

IBM signed a multi-year $240 million agreement with Together AI to deploy a dedicated NVIDIA HGX B300 inference cluster on IBM Cloud in Q1 2027. Sixteen months ago IBM rented Blackwell capacity from CoreWeave to train Granite. Futurum reads the deal as IBM’s entry into dedicated AI capacity, de-risked by a tenant that expects full offtake before the cluster powers on.

What Is Covered in This Article:

• The $240 million multi-year agreement between IBM and Together AI for NVIDIA HGX B300 systems with Spectrum-X networking, expected Q1 2027, the first dedicated large-scale inference cluster on IBM Cloud.
• Together AI’s position: FlashAttention-4 and the ATLAS-2 speculator, 400 trillion tokens served monthly, annual bookings above $1.15 billion, and an $8.3 billion valuation after an $800 million Series C.
• Futurum’s view that reserved capacity converts Together’s software gains into margin, and that IBM’s…