The firm’s proprietary models estimate that frontier AI companies can generate more than $100 billion in annual revenue per gigawatt of compute capacity, underscoring the fierce race to secure data-center power. Microsoft Azure’s revenue is currently growing at approximately 42% year over year, but SemiAnalysis suggests that figure could exceed 100% growth by next year as more capacity comes online and is directed toward inference workloads. SpaceX is emerging as a surprising but formidable competitor in the compute market, with CEO Elon Musk stating during the company’s first-ever earnings report that SpaceX “conservatively” expects to build and deliver an additional 6 to 8 gigawatts of capacity next year, with potential to exceed 10 gigawatts.