BlockBeats News, August 10th, SemiAnalysis's latest report pointed out that, after evaluating all SpaceX suitable sites and available gas turbine generators, the organization believes that SpaceX's goal of adding over 10GW of hash rate by the end of 2027 is feasible. Musk previously stated at SpaceX's first-ever performance event that the company's "conservative" goal is to newly build and deliver 6 to 8GW of incremental hash rate in a single year by 2027, with the potential to exceed 10GW. Calculated at about $500 billion in capital expenditure per GW, the corresponding capital expenditure in 2027 could reach $300 billion to $500 billion.

SemiAnalysis believes that the high-profit margin in the AI inference business is a significant driver of hash rate demand expansion. Their model shows that when OpenAI and Anthropic provide API inference services on the GB300 cluster, each GW can generate over $100 billion in revenue annually; calculated at a leasing price of $3 per GPU per hour, the annual cost per GW is about $12 billion, with an inference gross margin exceeding 60%, and some flagship models surpassing 85%.

Microsoft's hash rate gap could bring SpaceX significant orders. SemiAnalysis estimates that the $250 billion infrastructure as a service agreement signed between Microsoft and OpenAI in October 2025 corresponds to about 7GW of hash rate, and states that Microsoft has already signed binding contracts for over 10GW through leases, self-building, and long-term power purchase agreements so far this year. The organization believes that a hash rate contract of about 3GW with Microsoft, worth around $150 billion, is "not impossible," partly because SpaceX can offer a 90-day cancellation clause, thereby reducing Microsoft's financial risk.

The report also points out that SpaceX's advantage lies in rapidly building hash rate infrastructure, such as the 300MW facility of Colossus 1 built in 122 days, and the Southaven plant's capacity expanded from about 495MW to 1.7GW in a few months. SemiAnalysis estimates that if half of SpaceX's additional hash rate in 2027 is used for commercial inference, and the rest is used for the Grok and Cursor team training, the company's annual recurring revenue could reach $300 billion by the end of 2027.