The GPU Revenue Ladder

Overview

SpaceX's third-quarter report & DeepSeek's inference disclosure together price one GPU card-hour four ways, from DeepSeek's theoretical $38 maximum to SpaceX's realized $2.44. Combined with a payback claim of under a year & a 2027 supply pipeline that is largely unbuilt, the data suggests large-scale inference is a healthy business with room for prices to climb.

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