Jason Calacanis

Which companies?

It's kind of an amazing deal.

It was just metered on people.

Now, to your point, it's metered in a different way, but it's still metered.

Here's the precise.

This is a really good chart.

Here's the precise math on this.

So I am building a one gigawatt data center in Arizona.

Okay.

When I greenlit that project, I thought it was going to be a $4 or $5 billion investment.

I was like, okay, whatever.

Then it went to 10.

Then it went to 15.

Then it went to 20.

And now it's upwards of $50 billion for the powered shell, for all the land, for all the permits, then for all the infrastructure, all the people, all of it.

Okay.

Sarah Fryer said, I think it was about a year ago, maybe less than a year ago, that for them, every gigawatt is about 10 billion of annual revenue.

So if you think about that J curve, Jason, really the way to think about it is, look, energy equals intelligence.

For every gigawatt that they're trying to spend, they have a five-year payback is roughly what it means just to get to break even.

And then year six, seven, and eight will be where the profit is.