Cloud-native or self-hosted for $10M+ GMV?

Cloud-native unless you have a specific regulatory residency requirement that cloud vendors can't meet. The TCO is lower (the headcount for self-hosted operations exceeds what license savings cover by year two), the operational risk profile is lower (vendor-borne SLA versus customer-managed), and you don't carry sysadmin overhead. Self-hosted is reasonable when you have an existing capable infrastructure team, a hard residency requirement in a region the cloud vendor doesn't cover, or integration depth that exceeds what an API can serve. For most $10M+ GMV networks, cloud-native is the right call. The exceptions are specific and worth verifying with your compliance team rather than assuming.