Interesting. Just checked some numbers. So Coreweave has like $3bn in operating cashflow last quarter. Your point is that after we are done with all the capex/interest rate deductions/etc and look at a steady state business for a given CoreWeave datacenter, that net income won't be marked locally to a given datacenter.

Is that true though? If a Delaware corp is operating in most states, I believe they must file as a foreign corporation in that state; I'm surprised GAAP would not require them accruing some of this income to the locations that provided the work to do the income.