Have you seen their private rate cards for this level of buying? I bet if you had your calculus would change here.
Also, it’s easy to beat most costs if you get consumer grade hardware and don’t refresh it more than once a decade. I see that often when folks compare costs, but that’s dishonest and just kind of shoots their credibility in the foot.
Note that we haven’t even started discussing hw costs - tp correctly noted that amortized capex is less than the opex. It doesn’t change the math that much. I had pulled the relevant quotes to make a google sheets model and even with top line hardware i couldn’t stretch the break-even point beyond 2 years.
Private rates are cool except they come with strings attached and even discounted 90% its still not even close to break even on decent sized commits. Purely on costs the cloud cant win whichever way you slice it.