By Preston Ochsner, Founder & CEO, Ochsner Interests, Inc.
An independent analysis of capital requirements, GPU utilization, electricity costs, and the conditions necessary to achieve attractive project returns.
The report builds a reference node from public prices, using SPAN’s published specification, and asks what has to be true for it to earn an infrastructure-style return. A 16-GPU node carries about $430,000 of identified capital and needs a starting rate of about $5.23 per GPU-hour to earn a 15% unlevered return, roughly 3.4 times the $1.52 midpoint of advertised asks observed on October 22, 2026. None of the individual changes tested clears that hurdle. Certain combinations of favorable pricing, utilization and hardware cost do, by a margin small enough that site and installation costs can decide the outcome. The figures are estimates and should not be read as SPAN’s or Sunrun’s economics.
Read the full report (PDF), including methodology, sources and disclosures.
