all neoclouds rent out gpus, and gpus are the most expensive part. it feels like the other parts like the land, power, and building itself would cost more as they feel so large but for a 1 GW data center, it’s said that the gpu servers cost almost 2x as much as everything else combined neoclouds have different ways to go about this. a pretty stark difference is the nebius model and the coreweave model - coreweave doesn't own many data centers. they rent space. their customers have paid ~15–25% of what they owe for the contract upfront - nebius owns some data centers and rents space too. ~70% of the deals it signed recently included upfront payments. for large deals, these payments covered a much larger amount (50–60%) of what it needed to build clusters this comes down to needing to borrow $. nebius doesn't have to borrow much money because their customers can fund most of it. and, since they own land and power, customers are probably more comfortable paying (even if they know the cluster hasn't been built yet). neoclouds have different financing models, yet clearly both nebius and coreweave are doing great!! (though if demand stays this high, neoclouds may have to rethink how they do financing)