Ask HN: Hosting for equity?

Hi,

I have a fully working web startup that I want to launch - the cost will be primarily image hosting and while I'm reaching out to Angel Investors (London is getting better but still pretty tough), I was wondering how reasonable an equity for hosting offer would be. I presume most major startups have extra capacity left over after setting aside excess to take up variable demand slack. Do you think this is a feasible model... it would be a different way to value the company, but I can see it as a win-win for the hosting providers. Any thoughts? Thanks.