The Neocloud business model is brutal. The moment a GPU ships, it starts losing value. Every day it sits unrented is pure depreciation. The entire game for a Neocloud comes down to one variable: how fast it can convert a purchased GPU into a paying customer. Nobody is buying billions of dollars of GPUs with cash on hand, this is a heavily borrowed business. That means depreciation and interest expense both have to be beaten by rental income before a Neocloud sees a single dollar of real profit. So your rent has to beat BOTH depreciation AND interest to see "an actual dollar profit." The clever fix is to get clients to sign a "take or pay" contract. A customer like Meta or Microsoft signs an agreement obligating them to pay whether they actually use the GPU capacity or not. The Neocloud then takes that guaranteed cash flow and borrows against it at the bank. Because that revenue stream is predictable and low-risk, banks lend against it cheaply. That contract structure is the actual engine of the entire neocloud industry. Without take-or-pay contracts underpinning the debt, this business model doesn't scale at all.