Spot Is Four Times The Hurdle: What $50 Billion-A-Gigawatt Neocloud Rents Say About The AI Revenue Gap

In the AI trade, everyone wants to know what a gigawatt is worth.

Thanks to a chart buried on page 7 of Goldman's latest SpaceX note, we now have an answer, or rather three of them: $40-50 billion a year if you rent it out short-term, $20-30 billion if you rent it out long-term, and roughly $12 billion if you're a hyperscaler who simply needs to earn a decent return on it. The gap between those numbers is where the entire debate over AI revenues, and the $1+ trillion a year of capex now chasing them, really lives.

The Rate Card: Spot $50, Term $20