The neocloud trade looks very different when you compare CapEx to current revenue: • $CRWV sits around ~3x because more of its infrastructure is already producing revenue with their advantage coming from operating massive AI clusters for some of most demanding customers in market • $NBIS is closer to ~10x as it builds ahead of revenue but more interesting opportunity is moving higher in the stack through training, inference and agents to increase value of every megawatt deployed • $IREN sits around ~15x because its still aggressively building before cloud revenue fully shows up with advantage coming from power access and bringing large amounts of AI capacity online efficiently CoreWeave is furthest along in converting CapEx into revenue but pays highest borrowing cost around 8% while IREN is spending most aggressively and carries the lowest reported funding cost around 2%.