All that is fine and well, and I love coreboot, openbmc, etc. as much as the next guy, but how is this a business with growth or scale? In particular, you are not going to sell to the large clouds as they do a similar thing in house, you are not going to sell to the large LLM labs as there isn't much of a story with NVIDIA here. All you are selling to is on-prem deployments for old(er) school workloads, which to me is a shrinking market to begin with. You are like a fancier version of Dell or Supermicro. I don't get it. But maybe this is the Dropbox comment.

There are plenty of old-school companies in Europe still working on moving to the cloud. Now that there is a burgeoning movement towards avoiding American cloud providers, Oxide could have an opportunity to sell "private cloud" servers instead. If they play their cards right, they could make significant inroads in European markets.

I think you might be underestimating how big the "old(er) school workloads" market is. And, at least from Oxide's point of view, it isn't shrinking but instead growing. A certain segment of tech has been enamored with the public cloud for the last ~15yr but personally over my career spanning that time I've seen some real drawbacks. "Spaghetti infrastructure" is a real, bad problem. Cloud pricing models heavily penalize some totally legitimate workloads. Keeping costs down while scaling up is really, really hard. If you own a fixed amount of hardware and buying more of it is expensive, you tend to use it more intelligently. Or maybe the one on-prem company I've worked at was just exceptionally good at computers?