Cloud Infrastructure and Platform Services Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CLOUD INFRASTRUCTURE AND PLATFORM SERVICES

Owned Platform Assets Lead the Period as New Deal Activity Pauses

This update covers Cloud Infrastructure and Platform Services for September 11–25, 2026: the period's movers, company announcements and M&A activity.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CLOUD INFRASTRUCTURE AND PLATFORM SERVICES

   Cover slide introducing the bi-weekly Cloud Infrastructure and Platform Services update for September 11–25, 2026.

   This update walks through what changed, who moved and why, what transacted, and what it means for Cloud Infrastructure and Platform Services over the two weeks ended September 25, 2026. We built it to give you a fast, evidence-based read before the next call.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CLOUD INFRASTRUCTURE AND PLATFORM SERVICES Owned Platform Assets Lead the Period as New Deal Activity Pauses This update covers Cloud Infrastructure and Platform Services for September 11–25, 2026: the period's movers, company announcements and M&A activity. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Operating Announcements Set the Period While the Transaction Record Stayed Quiet

   Summarizes the two-week period across price moves, company news and M&A activity for the covered set.

   Across the 32 names we track, 22 rose over the two-week period, with the group's median move of +4.0% running well ahead of the S&P 500's +1.0%. The largest gains — led by Gloo Holdings, Inc. (GLOO) at +43.2%, Twilio Inc. (TWLO) at +31.8%, IonQ, Inc. WT (IONQ-WT) at +31.6% and Rackspace Technology, Inc. (RXT) at +30.4% — sat far above that median, though only one carries an in-window record that reads directly against the move. Oracle Corporation (ORCL) was the period's clear decliner, finishing at -7.2% despite a +5.2% single-session high on Sep 17. Company news concentrated on the platform and data layer, with Elastic N.V. (ESTC) shipping a serverless vector database and Cloudflare, Inc. (NET) adding AI-crawling controls, against a group trading at a 10.7x median CY2027E EV/EBITDA. So what: the period's story is broad-based price strength built on product execution, not new deal activity.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Operating Announcements Set the Period While the Transaction Record Stayed Quiet The two-week period in one page · 32 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Breadth Ran Positive Across the Covered Set 22 of 32 covered names rose; the median move was +4.0%, against +1.0% for the S&P 500 over the same two-week period. 2 The Largest Gains Sat Far Above the Median Gloo Holdings, Inc. (GLOO) led at +43.2%, followed by Twilio Inc. (TWLO) at +31.8%, IonQ, Inc. WT (IONQ-WT) at +31.6% and Rackspace Technology, Inc. (RXT) at +30.4%. Only one of the four carries an in-window record that reads directly against the move. 3 Oracle Was the Period's Notable Decliner Oracle Corporation (ORCL) finished the two-week period at -7.2%, even though its single best session came in at +5.2% on Sep 17. 4 Company News Concentrated in the Platform and Data Layer Elastic N.V. (ESTC) launched a serverless vector database and Cloudflare, Inc. (NET) added controls over AI crawling and AI-training use. NeuraCap's standing sector study reads the group on CY2027E EV/EBITDA at a 10.7x median, with the Premium tier at 23.2x and the Discount tier at 3.6x. +43.2% Best mover — Gloo Holdings, Inc. (GLOO) worst: ORCL -7.2% · 22 up / 10 down of 32 covered +4.0% Sector median two-week return vs S&P 500 +1.0% 3 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   The Biggest Gains Came with the Thinnest In-Window Records

   Ranks the two-week price movers against sector and market benchmarks and flags which moves have a supporting record.

   Bi-weekly moves ran from a sector median of +4.0% against the S&P 500's +1.0%, with our materiality bar set at 8.5% on a sector-relative basis. The four largest gainers — Gloo Holdings, Inc. (GLOO), Twilio Inc. (TWLO), IonQ, Inc. WT (IONQ-WT) and Rackspace Technology, Inc. (RXT) — all cleared that bar by a wide margin. We link each move only to the filings and headlines recorded in the window, and where no driver is recorded, the page says so plainly. So what: the size of a move is not proof of its cause, and clients should weight the thinly-documented gainers accordingly.

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   PUBLIC MARKET MOVERS The Biggest Gains Came with the Thinnest In-Window Records Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median +4.0% · S&P 500 +1.0% · materiality bar ±8.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +4.0% Gloo Holdings, Inc. (GLOO) +43.2% No notable in-window news was identified that clearly explains the move. The Premium-tier name's +43.2% gain ran well ahead of the set's median move of +4.0%, with its largest single day at +24.1% on Sep 16. The period's biggest percentage move arrived without an operating record to read it against. UNEXPLAINED Twilio Inc. (TWLO) +31.8% Shares moved following Sep 16 coverage of Twilio's AI customer wins and a raised 2026 organic revenue outlook, which came after Sep 11 reporting on early adoption of its new AI platform. The stock's best session was +9.1% on Sep 21. A Premium-tier name was paid for consumption growth inside the installed base, not for new-logo promises. COMPANY-SPECIFIC Rackspace Technology, Inc. (RXT) +30.4% No notable in-window news was identified that clearly explains the move. The +30.4% gain, with +12.6% on Sep 17 as its best day, ran well ahead of the set's median move of +4.0%. Managed-services economics can re-rate quickly from a low base when the record is thin. UNEXPLAINED Oracle Corporation (ORCL) -7.2% No notable in-window news was identified that clearly explains the move. The -7.2% result stood against a set where 22 of 32 covered names rose and the median move was +4.0%. Scale and a heavy capacity build do not insulate the largest incumbents from a soft two weeks. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Shipping Product and Deepening Data Control

   Lists the highest-impact company announcements of the period, each tied to its underlying source.

   The period's highest-impact events centered on product and data control: Elastic N.V. (ESTC) launched a serverless vector database, and Cloudflare, Inc. (NET) added new controls over AI crawling and AI-training use of its content. Every event on this page links back to the filing or article it was drawn from, sourced in a fixed reliability order of SEC filings, press releases and established outlets. So what: the operating narrative for the period is about deepening ownership of the platform and data layer, not about topline surprises.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Shipping Product and Deepening Data Control The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Business Wire IonQ, Inc. (IONQ) collected four best-paper awards ahead of IEEE Quantum Week 2026 Technical recognition ahead of the sector's main quantum gathering supports the company's position with research and enterprise buyers evaluating hybrid compute roadmaps. Hybrid and accelerated compute keeps pulling workloads adjacent to the core cloud stack. Sep 15 · NEWS · Business Wire Cloudflare, Inc. (NET) launched an AI-crawling designation and a setting to block AI-training use Control over who may use customer data is becoming a product surface on the network itself. The NeuraCap read is that this strengthens the switching cost attached to resident data sets. Data control is shifting from policy language into the control plane. Sep 15 · NEWS · Business Wire Elastic Security posted the only perfect protection score in a 2026 endpoint prevention and response test Independent validation in the security layer supports expansion inside existing accounts, which is where consumption revenue compounds for platform businesses. Third-party proof points are doing work in retention conversations across the data layer. Sep 14 · NEWS · Business Wire Dell Technologies Inc. (DELL) family office joined a majority investment taking a listed company private The period's take-private activity in the record came from a strategic-adjacent capital pool rather than a sector operator. Capital from platform-owning families sits alongside sponsors in the buyer pool. Sep 14 · NEWS · Business Wire International Business Machines Corporation (IBM) backed a $150,000 quantum research grant program Funding researcher access is a low-cost way for platform owners to seed future workloads on their own stack. The NeuraCap read is that developer-led adoption remains the cheapest acquisition channel in the sector. Platform owners are buying early workload placement with grants rather than sales capacity. Sep 14 · 8-K · SEC EDGAR Oracle Corporation (ORCL) disclosed that its Executive Chair cancelled his 10b5-1 stock-sale plan The disclosure is a signal about insider intent at one of the sector's largest platform owners, and it landed in the same window as a run of product and customer announcements. Insider signalling at the incumbents is read closely during a heavy capacity build cycle.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for New Transactions

   Shows that no new M&A transactions were announced in the window, against a precedent set of 35 recorded deals.

   No new sector transactions were announced in this two-week window, so the reference set for comparison rests on the 35 precedent deals already recorded. Deal multiples in that precedent set are LTM at announcement where disclosed, and this page never re-presents an old transaction as new. So what: for now, the comparable evidence buyers and advisors can lean on is trading evidence, not fresh deal evidence.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Window for New Transactions September 11–25, 2026 · precedent transactions: 35 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still holds 35 transactions, and this window's corporate activity showed up as product launches and platform announcements instead. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 35 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   Translates the period's price and news activity into implications for operators, acquirers and advisors.

   For owners and operators, the market paid for expansion inside the installed base, with 22 of 32 covered names rising and a median move of +4.0%. For acquirers, the absence of new precedent transactions means the comparison set is unchanged and currently trading-led rather than deal-led. For advisors, the period's clearest lesson is to lead with the platform and data layer — Elastic N.V. (ESTC) and Cloudflare, Inc. (NET) both moved there — while being candid that moves like Gloo Holdings, Inc. (GLOO) at +43.2% lack a matching in-window record. So what: the two weeks reward operators building platform depth and caution advisors against over-explaining unexplained price action.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 10.7x 34 companies in the study 3 valuation tiers Standing thesis: Cloud Infrastructure and Platform Services holds four models; the platform and data layer prices above managed services FOR OWNERS & OPERATORS The Market Paid for Expansion Inside the Installed Base Companies in the space traded higher, with 22 of 32 covered names rising and a median move of +4.0%. The clearest-explained gain followed reported AI customer wins and a raised organic revenue outlook. FOR ACQUIRERS No New Precedent Transactions Landed, so the Reference Set Is Unchanged With no sector transactions announced in the window, the comparison set moves on trading evidence rather than deal evidence. FOR ADVISORS Lead with the Platform Layer, and Be Honest About the Unexplained Moves The period's theme is operators deepening ownership of the platform and data layer: a serverless vector database from Elastic N.V. (ESTC) and AI-crawling controls from Cloudflare, Inc. (NET). Twilio Inc. (TWLO) at +31.8% is the move with a record behind it.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure and claim in this update.

   Every figure in this update links to the record it was taken from, drawn from SEC filings, press releases, established outlets and market prices through September 25, 2026. Attribution language throughout is calibrated — a NeuraCap read of the recorded evidence, not asserted causation. So what: clients can trace any number on any page back to its source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Cloud Infrastructure and Platform Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T150242Z_649_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · sec.gov

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