The Right Way to Run a NeoCloud: A Deep-Dive Strategy Report
Introduction
The market’s full of noise — everyone’s calling a top in AI infrastructure, but the real story is simpler: not all data centers are built equal. We’ve already seen the bifurcation in the market and the next cycle will make that brutally clear. The datacenter operators that win will win big and the ones that will already look different — they already have their power locked and expandable, they build where latency and liquidity intersect, and they scale only when utilization justifies it. The rest are chasing headlines, not economics.
In this report, we cut through the hype. We break down what separates operators that actually convert megawatts into margin from those that just burn cash and capex. You’ll see why the best neoclouds — the CoreWeaves and Nebiuses of the world — are winning for reasons most investors still miss.
If you’re a data center operator, this is your playbook. If you’re an investor, it’s your diligence checklist. And if you’re renting compute, use it as your filter.
The best time to act is when the market’s scared — when capital retreats, discipline compounds. The ones who play this next phase smart will be the ones everyone calls “lucky” five years from now.