in compute, capital is still one of the biggest moats, but not in the same way as it was for Uber. Uber's version was speed and scale. you raise equity to outspend all your competitors combined, and you can move into markets faster than everyone else at a much larger scale than anyone else. compute doesn't work like that, very few buy racks with equity. you buy them with debt, and debt has a price, a term and covenants. two people can put two identical units of compute in the same building and have a different breakeven price per token, because one of them is paying 400 basis points more for the money. here's the part I think is under appreciated: cost of capital is an input to cost per token, sat right next to the chip price and the utilization. the size of the raise is not in that equation anywhere so when a number gets announced I'm reading for the coupon, the term, and what happens on the second draw.