The original neocloud proposition was simple. Hyperscalers could not build GPU capacity fast enough to meet the demand that generative AI created in 2023 and 2024. A new category of specialized operator emerged to fill that gap. These operators bought Nvidia GPUs, stood up dense compute clusters, and rented access to AI builders who could not get what they needed from AWS, Azure, or Google Cloud. The model was straightforward. The pricing was spot-based. The customers were mostly AI startups and research teams. The business logic was that the hyperscaler capacity crunch would last long enough for neoclouds to build meaningful scale before the window closed.