Aaron and Vlad walk through our new 80-page Orbital Data Center report and lay out the thesis: terrestrial power constraints push compute off-planet, and orbital costs cross terrestrial costs between 2029 and 2032. We cover the triangular bottleneck (compute, solar, thermal), a useful-life correction we disclosed live, and what the timing means for the SpaceX IPO growth multiple. We also flag two news items: the New Glenn mishap and grounding, and today's FCC vote on EPFD.

The full Orbital Data Center Report is the convergence of all Mach33 diligence on orbital data centers; the complete narrative for the value of ODCs. This analysis is the synthesis: terrestrial hits a grid wall, orbital crosses the cost curve as SpaceX's stack matures, and four investor gates collapse to only one operator.

This is a bottom-up revenue model for orbital compute infrastructure, calibrated against CoreWeave's published contract economics. Two independent approaches converge on a revenue range of $10.7 billion to $16.0 billion per gigawatt of input power per year. The lower bound captures the advantage of higher Power Usage Effectiveness (PUE). The upper bound prices in custom inference silicon performance of operations per delivered watt. Silicon efficiency is the dominant variable, producing a $14.5 billion/GW swing across its feasible range. Revenue per GW is location-independent; orbital deployment wins on the cost side, where Wright's Law learning curves compress launch and subsystem costs with each replacement cycle while revenue holds.