It depends on what the company is trying to build.
The dollar amount of debt a company can take is limited by its revenue because it requires ongoing payments to service that debt. Whether it's debt from a bank business loan or by issuing corporate bonds, they both require real revenue to make those payments.
Equity investments don't have a ceiling capped by the company's present day earnings. This is important if the company has ambitions to build something that can't get any meaningful revenue on day 1. Instead, they need the money to pay salaries, cloud bills, office rent, etc to build the product and hope the later revenues will justify the investment. E.g. the early Google startup in 1998 took $25 million VC investment and didn't have meaningful revenue until +4 years later in 2002. A company with $0 revenue can't get a $25 million loan with a 4-year deferred payment plan. Yes, there's such a thing as "convertible debt-to-equity" but that's a financial vehicle for investors that doesn't apply to co-operatives.
To remain a co-op, in the sense that most co-operatives operate, they cannot remain a cooperative and take on equity funding from non-contributing parties. There's just no way to do this.
An external party could agree to debt funding with deferred repayments, but they can't link repayments to profit.
Hence the structure of Nebula - a regular stock LLC with a constitution that has an exit trap.
It depends on what the company is trying to build.
The dollar amount of debt a company can take is limited by its revenue because it requires ongoing payments to service that debt. Whether it's debt from a bank business loan or by issuing corporate bonds, they both require real revenue to make those payments.
Equity investments don't have a ceiling capped by the company's present day earnings. This is important if the company has ambitions to build something that can't get any meaningful revenue on day 1. Instead, they need the money to pay salaries, cloud bills, office rent, etc to build the product and hope the later revenues will justify the investment. E.g. the early Google startup in 1998 took $25 million VC investment and didn't have meaningful revenue until +4 years later in 2002. A company with $0 revenue can't get a $25 million loan with a 4-year deferred payment plan. Yes, there's such a thing as "convertible debt-to-equity" but that's a financial vehicle for investors that doesn't apply to co-operatives.