# hyperscaler capex — X 热门讨论 (2026-09-29 15:52 UTC)
## @AndersInvests (Anders) · 09-29 14:46 · ♥32 ↻0 💬2 $NBIS passing on another hyperscaler deal was the obvious choice once management confirmed they turn down 75% of customers for every available GPU.
There is no strategic incentive to offer steep volume discounts for bare metal when broader market demand is this aggressive.
The historical financing advantage of hyperscalers has also evaporated.
Customer prepayments on recent billion dollar deals with companies like Reflection and Cohere now finance roughly 50% to 60% of the associated CAPEX.
For context, the massive Microsoft deal included a roughly 40% prepayment on its original contract value.
Sacrificing margins for hyperscaler bulk orders no longer makes sense. > 引用 @DrTomsLens: In my book, $NBIS hinting at saying no to more hyperscaler deals is their Zero to One moment.
Imagine turning down a potential $30B+ deal, a lot of it prepaid, because you think you can still get the capital elsewhere and then make every megawatt generate ~3x as much revenue through auctions compared to industry bare-metal rates.
That looks like One to me. https://x.com/AndersInvests/status/2104946019418947795