The neocloud trade is starting to become more about who can finance that demand cheapest: • $CRWV is paying 8.3% on ~$35B of debt which is why interest expense is heading toward ~$900M a quarter even with demand still strong. • $NBIS has seen its rate rise from 2.3% to 5.5% in three quarters but customers are still prepaying a large portion of CapEx which keeps the funding model way cleaner than CoreWeave’s. • $IREN sits at the other extreme at just 1.7% partly because more of its funding comes through converts where cost shows up as dilution instead of interest but also lenders are still giving much cheaper capital to energized power and interconnects than to GPU-heavy balance sheets. Thats why cost of capital is becoming almost as important as demand because all three can grow while financing determines who keeps more of the upside.