Unverified50% confidenceFactExact time
The 95% gross margin refers only to the ratio of revenue minus direct variable costs (GPU compute and electricity), excluding fixed costs such as R&D, salaries, and data center depreciation, which is why the labs as a whole are still operating at a loss.
1
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50%
Confidence
Long-term
Relevance
10/7/2026
First Seen
Sources
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