Maybe not own dc, but colocation could still make sense? You don't need to be more efficient than Azure & Co. They have pretty solid profit margins, even being

Maybe not own dc, but colocation could still make sense? You don't need to be more efficient than Azure & Co. They have pretty solid profit margins, even being 30% less efficient should still be cheaper for you. And beyond a few thousand servers, I'm not even sure if scale matters that much (for server virtualization only).