Neoclouds Like Nebius Are Much Better Investments Than Colocation Companies Like TeraWulf. Here's Why.

Neoclouds like Nebius command significantly higher megawatt pricing ($20-50M/MW) compared to colocation providers like TeraWulf ($2.4M/MW), enabling faster scaling and better profitability. Nebius benefits from lucrative long-term contracts, declining payback periods (now 1 year 10 months), and the ability to finance capex through prepayments and GPU collateral, positioning neoclouds as superior long-term investments despite higher initial costs.