Understanding the real costs of cloud data warehouses requires looking beyond public price lists, as each platform uses different billing units and execution models that affect compute costs. The five major cloud data warehouses—Snowflake, Databricks, ClickHouse Cloud, Google BigQuery, and Amazon Redshift Serverless—each have distinct ways of billing for compute resources. Snowflake and Databricks use a provisioned-cluster model, where users pay for the fixed resources of a cluster, while ClickHouse Cloud allows more flexible node sizing with a normalized billing unit. In contrast, BigQuery and Redshift Serverless employ a serverless approach, billing based on actual compute consumption rather than pre-provisioned resources. This analysis uses the Bench2Cost framework to compare these systems by translating benchmark runtimes into costs, emphasizing that billing models, rather than query runtimes, dictate the cost. The analysis concludes that ClickHouse Cloud offers superior cost-performance for analytical queries due to its innovative billing and scaling models.