“I think there was going to be like two or three great Neolabs. And now there's probably 80 or 90 Neolabs that have raised somewhere between $1 to $5 billion. … We met a Neolab a couple of weeks ago that was raising $1 billion, I think this was their second round of financing, and they were going to spend the entire billion next year on compute for one training run. And they said they would probably need to raise another $5 billion throughout next year.”

companies is that we are routinely helping them find compute because finding compute for them is not easy. A lot of the largest NeoClouds, and we have relationships with a number of them, aren't really interested in engaging with compute deals that are like sub $200 million in scale. And so companies that don't have that level of scale are, you know, trying to lease some capacity here, some capacity there. But those guys on a relative basis don't actually make up for the scale of this market. The people that are actually moving the needle for how much compute is necessary in this ecosystem are the hyperscalers, the frontier model labs, and then, you know, the companies that are private, Neolabs raising $1 billion plus seat valuations, effectively. I think the only thing that limits demand for compute over time is if their compute needs from these companies diminish, or the companies that have these compute needs have a harder time raising capital. There's a subset of companies that you know, I know that are going to continue raising because they're the best assets and they'll have all the cash they need to buy all the compute they need. I think the most interesting segment of the market, which on a relative basis is still small…