Assume you invested in 2024 for Nvidia chips based data centers.
Back then, you used H200.
An 8-GPU HGX H200 server is closer to roughly 10–12kW at the server level.
1 MW IT load → ~80–90 eight-GPU servers
× 8 GPUs/server → ~640–720 H200s/MW
1 GW → ~640k–720k H200s
So 680 H200 per MW is probably more reasonable and thus cost ~$35mn per 1MW, or $35bn per GW.
| 1 GW IT load | 2024 H200-era capex |
|---|---|
| GPU/HGX servers | ~$18–24bn |
| Networking/storage | ~$3–5bn |
| Facility/power/cooling | ~$8–12bn |
| All-in | ~$30–38bn/GW |
Source: ChatGPT
How much revenue it can generate today?
Using DeepSeek V4-Pro pricing and token per day estimates like this give you ~$33.3k revenue/day/MW, or ~$12.2bn revenue/year/GW.
| Per MW/day | Tokens |
|---|---|
| Input | ~51.0bn |
| Output | ~12.8bn |
| Total | ~63.8bn |
Source: ChatGPT
Assume cash ebitda margin is 80%.
So the 2024 H200 gives you $10bn per year.
After tax (depreciation deducts income), that is ~30% roic over the $35bn capex in 2024.