Sustaining gigawatt-scale builds requires shifting the capital burden to upfront customer prepayments.
Faced with soaring capital requirements, cloud providers and data center operators are bypassing traditional debt and equity by forcing customers to prepay and underwrite their own hardware installations.
The same conclusion keeps arriving from across the workspace's research — 2 topics independently instantiate this theme. Filter the evidence by where it came from:
To keep massive construction debt off its balance sheet, Oracle requires customers to prepay for the very hardware being deployed in its facilities.
Nebius utilizes upfront customer prepayments to finance the massive capital requirements of its GPU builds, bypassing the need for dilutive equity or expensive debt.
Nebius is bypassing traditional capital raises by using billions in upfront customer prepayments to fund its massive gigawatt-scale cloud builds.