Capital Expenditure is a key mobile term used in conjunction with the MVNO Cost to Serve and MVNO setup costs, as depending on your choice of service it can be CAPEX intensive or OPEX intensive. Typically full MVNOs are seen as CAPEX intensive but lighter on OPEX as the costs are upfront, but then the cost of adding more customers in slower. Light MVNO models are seen as less CAPEX intensive, Hybrid MVNOs found a balance between CAPEX and OPEX however true cloud MVNOs now offer the best of both worlds if they really are fully cloud end to end. If they are just cloud in marketing, like many are then what seems CAPEX light will quickly become CAPEX intensive!