$NBIS wants to become a hyperscaler

To do that, they are investing in vertical integration across the full stack
Arkady on the Morgan Stanley forum:
“We are a full stack company, just like the hyperscalers. When you look at the size of the industry, you see the revenues of all the participants across each layer, companies that build data centers, companies that build racks and equipment, and companies providing services on top. The same revenue is counted several times across the stack.
What matters is the margins and where the value is actually created in each layer. In our case, we are working across those layers. For example, on the sites we build ourselves versus leasing. Leasing is great because you get capacity immediately and can grow faster, but you pay someone else’s margins.
The same applies to racks. You can buy them, which might be faster, but again you pay the margin on top. This happens at every layer. When you build across the stack yourself, you save on those layers.
If you also have your own capital, that becomes another layer of value creation because capital itself is one of the most expensive layers. We are happy to start with some cash. Everything we build now is built with our own resources, so we save across the technological stack and on capital.
Through this structure, we believe our total cost of ownership will be among the lowest in the market. On top of compute, customers also buy storage and other tools and services, which create additional layers of value and revenue.
We believe vertically integrated platforms are where competition will happen. The major players, the hyperscalers, are vertically integrated. They still outsource parts today, but fundamentally the stack is theirs. We want to compete in the same league, across the full stack and at scale.”