# AI Data Center Unit Economics Index

## Scope

This workspace compiles revenue/GW and cost/GW datapoints for AI data center financial modeling.

## Sources

- [[sources/core-source-digest|Core Source Digest]]
- `clippings/26-07-03  substack.com  CoreWeave Unit Economics, Margin Profile, and Leverage Analysis.md`
- `clippings/26-07-04  youtube.com  The SpaceX IPO, Fable 5, AI Capex Update & Market Check w Gavin Baker, Andrew Fox & Clark Tang.md`
- GPT Researcher session: `/Users/darshshah/.codex/skills/gpt-researcher/sessions/research-c2d443210dce/`
- CoreWeave investor relations and earnings materials.
- Core Scientific investor releases.
- Applied Digital investor releases and SEC filings.
- Nebius investor releases and shareholder letter.
- NVIDIA Q3 FY2026 earnings call transcript.
- Epoch AI one-gigawatt data center cost model.

## Concepts

- Silicon capex per GW.
- Non-silicon capex per GW.
- Revenue per GW-year.
- Rent or hosting revenue per GW-year.
- Annualized total cost of ownership.
- Contract-backed debt and DDTL financing.

## Outputs

- [[outputs/unit-economics-datapoints|Unit Economics Datapoints]]

## Open Questions

- What exact power basis was used in SpaceX/xAI deal calculations?
- Can we obtain the underlying Altimeter/Atreides chart referenced in the BG2 transcript?
- How much active power will CoreWeave have at year-end 2026, and how should that be matched against exit ARR?
- Are premium lab contracts structurally repeatable or one-time scarcity prices?

## Promotion Candidates

- Revenue per gigawatt.
- Deployment speed as cost of capital.
- Scarcity pricing for frontier compute.