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.

Mach33's bottom-up framework prices one gigawatt of AI compute at $41.6 billion in annual revenue across a five-layer value chain. Applied to SpaceX's three business models: Anthropic wholesale, Cursor hybrid, Grok full-stack, the framework reads the company's progressive internalization of value capture through the 2026–28 buildout.