Fleet GPUs
48.1K
2.08 kW / GPU
Jason's Chips
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Convert active AI cloud power into GPUs, GPU-hour revenue, gross margin, economic TCO, payback, and breakeven utilization. The model separates realized contract pricing from public spot pricing and separates billable utilization from customer goodput.
Fleet GPUs
48.1K
2.08 kW / GPU
Annual revenue
$1.07B
$3.000 realized x 85% billable
Revenue / MW
$10.7M
100 MW active IT base
GAAP gross margin
31.2%
$2.063 GAAP cost / GPU-hour
Economic TCO
$2.748
18% capital recovery over 5.0 yrs
Payback
2.7 yrs
76% economic breakeven util.
GPU-hour bridge
Public anchor
$8.600
65% discount to realized
Realized price
$3.000
Contract / modeled revenue price
Useful-hour price
$3.333
90% goodput efficiency
Economic cost
$2.748
Opex plus capital recovery
Capacity conversion
Critical IT power
100 MW
Facility power
120 MW
Racks
752
Hourly spread
Cost bridge
$336M GAAP gross profit
| Line item | Annual dollars | $/GPU-hour | % revenue |
|---|---|---|---|
| Revenue | $1.07B | $3.000 | 100% |
| Colocation hosting | $150M | $0.419 | 14.0% |
| Power pass-through | $0.00 | $0.000 | 0.0% |
| Support and operations | $100M | $0.280 | 9.3% |
| Network, storage, software | $78.8M | $0.220 | 7.3% |
| Hardware depreciation | $410M | $1.144 | 38.1% |
| Cash gross profit | $746M | $2.081 | 69.4% |
| Economic profit after capital recovery | $90.2M | $0.252 | 8.4% |
Sensitivity analysis
| $/GPU-hr \ Util. | 70% | 78% | 85% base | 93% | 100% |
|---|---|---|---|---|---|
| $2.250 | -6.6% | 1.6% | 8.3% | 13.9% | 18.7% |
| $2.625 | 8.7% | 15.7% | 21.4% | 26.2% | 30.3% |
| $3.000 base | 20.1% | 26.2% | 31.2% | 35.5% | 39.1% |
| $3.375 | 29.0% | 34.4% | 38.9% | 42.6% | 45.8% |
| $3.750 | 36.1% | 41.0% | 45.0% | 48.4% | 51.2% |
This grid keeps hardware, hosting, goodput, useful life, and cost of capital fixed. It isolates the two questions that dominate neocloud return debates: what realized price clears, and how much of the fleet is billable.
Preset comparison
| Preset | kW / GPU | Public $/hr | Realized $/hr | Revenue / MW | Economic TCO |
|---|---|---|---|---|---|
| H100/H200 | 1.25 | $6.160 | $2.250 | $13.4M | $2.341 |
| B200 HGX | 2.08 | $8.600 | $3.000 | $10.7M | $2.748 |
| GB200 NVL72 | 2.08 | $10.50 | $3.350 | $12.0M | $2.949 |
| GB300 NVL72 | 2.22 | $12.60 | $3.900 | $13.1M | $3.437 |
| Rubin NVL72 | 2.50 | $18.00 | $5.250 | $15.6M | $3.671 |