Dylan PatelFounder and Chief Analyst, SemiAnalysis · The semiconductor-AI stack

Maximize Gross Margins AI Compute Revenue per Watt

19 Aug 2026 · 1 min

Watch on YouTube

0:39

CoreWeave and other AI compute providers can boost revenue per watt by increasing gross margins. One analysis estimates an open API model like Anthropic's could generate $100 million per megawatt annually, compared to current megawatt-year costs of $12-14 million.

Chapters

And they're doing that by increasing their gross margins and increasing their gross margins. Essentially, that just means for any given amount of compute, which typically roughly affects cost, like we've seen, you know, $12, $13, $14 million megawatt year from the likes of CoreWeave, increasing their gross margin just means that revenue per watt goes up. And so for us, and that's where, you know, that's what I want to flip it to you is for us, we've done a lot of work on trying to understand like what is the actual revenue per megawatt. And obviously we have InferenceX and in this article, what we've put out is that we think like, They can fairly easily today on API that is open in Anthropic, make $100 million per megawatt per year.