How much of the estimated $25.1B per-gigawatt end-user dollar does SpaceX retain as EBITDA? Part 2 of Mach33's pre-IPO AI compute series walks the cost cascade across three business-model configurations and three macro scenarios. Two findings: chips carry the highest intrinsic margin in the stack (67% vs 15% at the model layer), and under bear-case foundation-model conditions, the Anthropic Colossus 1 wholesale lease becomes the most resilient piece of the portfolio.

Episode 4 of the Mach33 Private Podcast breaks down the AI revenue stack and how SpaceX is pursuing three AI business models across infrastructure, models, and orchestration. The episode also covers Grok vs. Claude, orbital compute, Cowboy Space, the EchoStar deal, and why Starship V3 may be the biggest near-term driver of SpaceX’s financial trajectory.