Fleet XPUs
76.2K
1.31 kW / XPU across 2.4K racks
Jason's Chips
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Convert a TPU, Trainium, MTIA, or generic XPU deployment into active accelerators, silicon and HBM bill of materials, token revenue, memory bandwidth TCO, logic wafer demand, margin, and payback.
Fleet XPUs
76.2K
1.31 kW / XPU across 2.4K racks
Annual token revenue
$1.87B
$0.0800 /M realized token price
Economic cost / M tokens
$0.0231 /M
71.2% economic margin
Memory bandwidth / MW
3,657 TB/s
365.7 PB/s fleet HBM bandwidth
Hardware capex
$1.25B
$12.5M capex / active MW
Logic wafer starts
1.5K
$33.3M implied wafer spend
ASIC economics bridge
Active IT base
100 MW
118 MW facility load at 1.18 PUE
XPU fleet
76.2K
1.31 kW / accelerator
Useful token rate
742.2M /s
82% utilization x 88% software yield
Revenue / MW
$18.7M
23.41BM tokens per year
Capacity conversion
Critical IT power
100 MW
Facility power
118 MW
HBM capacity
10.46 PB
Token spread
Silicon and memory bill
$16.4K / XPU
| Line item | $/XPU | Fleet value | % capex |
|---|---|---|---|
| Compute silicon | $7.3K | $552M | 44.2% |
| HBM stack spend | $2.2K | $165M | 13.2% |
| Package, board, host | $4.8K | $366M | 29.3% |
| Scale-up and scale-out | $2.2K | $168M | 13.4% |
| Total hardware capex | $16.4K | $1.25B | 100% |
Annual TCO bridge
$1.33B economic profit
| Line item | Annual dollars | $/M tokens | % revenue |
|---|---|---|---|
| Token revenue | $1.87B | $0.0800 /M | 100% |
| Colocation hosting | $132M | $0.0056 /M | 7.0% |
| Power pass-through | $0.00 | $0.0000 /M | 0.0% |
| Platform operations | $43.8M | $0.0019 /M | 2.3% |
| Hardware depreciation | $250M | $0.0107 /M | 13.4% |
| Cash gross profit | $1.70B | $0.0725 /M | 90.6% |
| Economic profit after capital recovery | $1.33B | $0.0569 /M | 71.2% |
Sensitivity analysis
| $/M tokens \ Util. | 67% | 75% | 82% base | 90% | 97% |
|---|---|---|---|---|---|
| $0.0400 /M | $0.0278 /M | $0.0252 /M | $0.0231 /M | $0.0213 /M | $0.0198 /M |
| $0.0600 /M | $0.0278 /M | $0.0252 /M | $0.0231 /M | $0.0213 /M | $0.0198 /M |
| $0.0800 /M base | $0.0278 /M | $0.0252 /M | $0.0231 /M | $0.0213 /M | $0.0198 /M |
| $0.100 /M | $0.0278 /M | $0.0252 /M | $0.0231 /M | $0.0213 /M | $0.0198 /M |
| $0.120 /M | $0.0278 /M | $0.0252 /M | $0.0231 /M | $0.0213 /M | $0.0198 /M |
This grid holds rack shape, HBM, foundry yield, hosting, power, and capital assumptions fixed. It isolates the two variables that usually decide whether an internal ASIC clears the bar: useful utilization and token value.
Preset comparison
| Preset | kW / XPU | HBM GB | Capex / XPU | Economic cost | Bandwidth / MW | Logic wafers |
|---|---|---|---|---|---|---|
| Trn3 NL32x2 | 1.31 | 144 | $16.4K | $0.0231 /M | 3,657 | 1.5K |
| Trn3 NL72x2 | 1.56 | 144 | $18.7K | $0.0232 /M | 3,086 | 1.3K |
| TPU v7 | 1.09 | 192 | $20.7K | $0.0214 /M | 7,314 | 1.7K |
| TPU v8AX | 1.83 | 288 | $29.0K | $0.0207 /M | 7,855 | 1.3K |
| GB200 NVL72 | 2.08 | 192 | $57.2K | $0.0386 /M | 3,840 | 753 |
| Custom XPU | 1.50 | 192 | $23.9K | $0.0227 /M | 5,333 | 1.4K |