What does it mean by “still overspending on IPv4”?
Some providers rent their ipv4 blocks rather than purchase them, because the smallest volume you can buy in is 1024 addresses which is pretty expensive, especially for newcomers. In that case there would be an ongoing cost.
Source: https://auctions.ipv4.global/prior-sales
So a /16 (like a cloud provider would be buying) is $3.5M USD right now.