Increasingly the moat in Neoclouds is financing (probably the moat everywhere @ this point). To get good financing you need a big customer with a strong balance sheet to sign a long term contract, to get that you need a lot of power as most of these big customers will only be interested in deals north of 50 MW. No one really designed data centers before to have over 50 MW in one site. All the sites that have that kind of power are new or are under construction right now. Additionally, most of these financing cost isn’t the actual site construction it’s the GPUs which are orders of magnitude more expensive. So the play is to focus on finding power first, locking down a customer second, and the finally using that customer commitment or prepayment to finance GPUs.
