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DigitalOcean

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DOCN
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OWNS its GPUs (bought, finance-leased or equipment-financed with title passing to DO) inside LEASED colocation halls — so the neocloud risk (GPU-secured debt, 6-year depreciation, utilisation) applies for real, but at a fraction of CoreWeave's scale (~$1.6B of GPU-secured obligations including the new facility vs CoreWeave's ~$25B of debt) and bolted onto a profitable ~$1.1B-ARR developer cloud; the bill is the $2.76B of not-yet-commenced colo rent plus a $725M-$1.025B GPU facility, and at $139.