$NEBIUS(NBIS)$
They're very good at securing power but have done a poor job at selling to hyperscalers. $APPLIED DIGITAL CORP(APLD)$ , which isn't even a neocloud but a colocation provider, has a bigger contractual backlog than IREN despite the fact that colocation generates much less revenue per megawatt than neocloud.
I don't dispute that $IREN Ltd(IREN)$ could become a great investment if it can actually sell its power capacity to hyperscalers, but I wasn't willing to risk my money on the leadership of the Roberts Brothers given their track record.
I do invest in neoclouds but my highly preferred one is NBIS. Of course I will concede that NBIS's value is already much higher than IREN because it has had far more wins.
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