If "Cloud = lower upfront, higher long term, but no ceiling. On-prem = higher upfront, lower long term, but ceiling" is true, then how come the revenue of cloud

If "Cloud = lower upfront, higher long term, but no ceiling. On-prem = higher upfront, lower long term, but ceiling" is true, then how come the revenue of cloud companies keeps going up? That would mean the incoming rate of users who are just starting off and find Cloud worthwhile is more exit rate of mature users who are finding on-prem more worthwhile than cloud