The rating a machine carries, its output under standard conditions. A nameplate compute draw is installed accelerators times their power, not the power actually used. Chapter 10.
From The AI Compute Race. Read the book
Where the book uses it
- Chapter 10 — The Lender’s Decision
Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts.
Sources that use it
- Mississippi Commission on Environmental Quality, Amendment to Agreed Order 7739-26 (MZX Tech LLC), ordered 11 September 2026 and agreed by MZX on 10 September 2026 (two retirements moved at MZX’s request and Appendix A “amended and restated in its entirety”, pp. 1–2; the revision was requested “for operational efficiency”, with Mitsubishi FT8 turbines Nos. 57 and 58 to cease operation “no later than August 27, 2026” and TM2500 turbines Nos. 15 and 16 to run to revised retirement dates of 5 and 8 May 2027, p. 1 and paragraph H, p. 2; MDEQ “is exercising its discretion to allow Turbines Nos. 15 and 16 to continue to operate as mobile sources through their revised Retirement Dates”, p. 1; “MZX also identified other inventory information in Appendix A requiring correction or clarification”, p. 2; the Amended Appendix A “corrects certain turbine manufacturer and model designations, reports the applicable OEM nameplate ratings at ISO conditions in place of the previously reported nameplate capacity and expected local power output figures, identifies turbines that have already been retired, and reflects that Turbine No. 53 was never delivered to the Stanton Road Facility”, p. 2; eleven units marked “(Retired)”, Nos. 8–14, 17, 18, 57 and 58, with retirement dates from 18 to 28 August 2026, so sixty-eight turbines reached the site and fifty-seven remain to be retired, pp. 5–7; the amended fleet by type is 14 SMT-130, 29 TM2500, 21 FT8 MOBILEPAC, 3 JT35/35060 and 1 M35, with No. 53 “Turbine Never Delivered”, nos. 9 and 31–33 having been listed on 30 July as Gen 8 TM2500s, pp. 5–8; the OEM nameplate at ISO conditions, which “does not include auxiliary loads, local ambient condition adjustments, or unit-specific derates”, comes to about 1,879 MW over the sixty-eight delivered units, 1,878.956 MW by this book’s sum, where the 30 July appendix’s “Nameplate Capacity” column sums to 1,775.72 MW over sixty-nine; the last retirements, Nos. 68 and 69, stay on 14 July 2027; all fourteen SMT-130 units, SCR+oxcat in the Control column, carry a Retirement Date of 12/31/2026, pp. 5–6; on 27 September 2026 enSearch held no deactivation report under the order; pages 10–19 of the enSearch document reproduce the 30 July order, and the printed page numbers are the amendment’s own; pages 1–9 are scanned images with no text layer and were read from the page images). In the Sources
- Space Exploration Technologies Corp., Form S-1 registration statement, filed 20 May 2026 (prospectus summary, p. 4: AI segment loss from operations of $(6,355) million in 2025 and $(2,469) million for the three months ended 31 March 2026, on revenue of $3,201 million and $818 million; prospectus summary, p. 9: the first cluster of Colossus “online in 122 days,” the first cluster of Colossus II “even faster in 91 days,” against “an industry benchmark to bring online a 100 megawatt greenfield data center” of “approximately two years”, a comparison the filing repeats; risk factors, p. 37: reliance on natural gas and turbine technology, and accelerators bought on purchase orders from suppliers dependent on “a concentrated group of advanced semiconductor fabrication facilities”; risk factors, p. 48: “various parties have threatened or brought lawsuits that allege we are unlawfully operating natural gas-fired turbines without required permits at facilities in Southaven, Mississippi. While we have obtained such permits, the outcome of these legal actions is uncertain”; Note 9, p. F-29: Stateline Power LLC joint venture, CTC Property LLC $86 million for 49.9 percent, interest assigned to MZX Tech LLC, master equipment rental agreement with lease to commence on deployment and commissioning; Stateline “is a variable interest entity but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact Stateline’s economic performance,” so SpaceX accounts for it by the equity method at an $86 million carrying value; guarantors of the xAI 12.5 percent Senior Secured Notes and the two $1,000 million term loans — AIQ Phase LLC, CTC Holding LLC, CTC Property LLC, LLZ Build LLC and MZX Tech LLC; the $20 billion bridge guaranteed by X Corp., X.AI LLC and CTC Property LLC; the three Valor equipment leases, p. 245; orbital program: “We expect to begin deploying our orbital AI compute satellites as early as 2028”, p. viii, about 100 GW of orbital compute added per year on roughly one million tonnes of annual launch mass, and risk factors stating the technology may never be commercially viable; Valor lease figures: aggregate payments over the leases’ lives of $6,986 million, $6,633 million and $6,587 million, together $20,206 million, about $20.2 billion, a sum the filing does not itself state; $885 million paid in 2025 and $857 million in January–February 2026; the 91 days is Colossus II’s first cluster (approximately 110,000 GB200 processors, approximately 210 megawatts), not Colossus’s doubling; the summary also gives 122 days, about 100,000 H100s and about 130 megawatts for Colossus, and 64 days for Colossus II’s second cluster (110,000 GB300 processors, 220 megawatts); on the Cursor option, pp. 14 and 147, repeated at F-63 and II-1: “Cursor is entitled to a $1.5 billion termination fee under the option agreement and an $8.5 billion deferred services fee under the compute agreement”, payable only on SpaceX’s own failure to proceed or Cursor’s termination for SpaceX’s uncured breach, in cash or in Class A stock if the offering had not closed; after this filing, the option was exercised in June 2026, as the company’s 10-Q for the quarter to 30 June reports, and Cursor’s own post dates the completed purchase 14 August 2026; the filing repeats that fee sentence in four separate places; the same filing refuses to characterize utilization where it reports its own capacity (“Nameplate Compute Draw reflects installed capacity and does not represent actual power consumption or utilization”) and assumes one where it sizes the market — “We apply an 80% utilization rate per the National Electrical Installation Standards” to RAND’s global 2030 demand estimate, 160 pages away; the June 2025 term loans were executed at $1,000 million each, $995 million each being the principal outstanding at 31 December 2025; the bridge’s effective rate “4.58% as of March 31, 2026”, p. 130; the summary’s “approximately 1.0 gigawatt of compute power” is the Nameplate Compute Draw as of 31 March 2026, which the MD&A says “does not represent actual power consumption or utilization”; 1.4 gigawatts at 30 June 2026 in the 10-Q; Space segment key business metrics, p. 88, footnote 1 to Launches: “With respect to Falcon launches, the number of launches for the years ended December 31, 2023, 2024, and 2025 totaled 96, 134, and 165, respectively, of which customer launches totaled 33, 45, and 43, respectively, and internal launches totaled 63, 89, and 122, respectively”, a customer launch being one where “an external customer payload constitutes the primary payload” and the mission parameters “are designed around the primary payload’s requirements”, and “To date, all Starship launches have been classified as internal”; the summary segment table’s total Launches of 98, 138 and 170 for the same three years; p. 99: “We allocate a significant amount of launch capacity to our Connectivity segment, and expect to allocate a significant amount to our AI segment in the future”; “We expect Space revenue growth to continue to be lower than total company revenue growth as our internal business continues to absorb most of the growth in our launch capacity”; Launch Services revenue $2,576 million, $2,584 million and $1,964 million for 2025, 2024 and 2023, p. F-23; MD&A, p. 125: net cash provided by operating activities of $6,785 million in 2025, against purchases of property, plant and equipment of $20,737 million on the cash-flow statement, p. F-9, the MD&A’s “Total Capital Expenditures”, p. 93; the statements, p. iii, “retrospectively recast for all periods presented” to include the xAI entities “because these transactions were between entities under common control”; prospectus summary and risk factors, pp. 7, 10, 37 and 57, on Terafab: “We announced a collaboration with Tesla in March 2026 to build the Terafab initiative with a long-term goal of producing one terawatt of compute hardware each year”; “Intel joined the project in April 2026”; any specific projects under the framework agreed with Tesla “will be subject to separate negotiations and agreements”, development timelines, milestones and capital expenditures named among them, “and have not yet been determined”; Macrohard and Terafab “are in the very early stages”; “neither Tesla nor Intel are obligated to remain a part of the project, and we may not enter into any such definitive agreements”; Business, p. 172: “We believe we have identified the largest TAM in human history. We estimate that our quantifiable TAM is $28.5 trillion”, of which “$26.5 trillion in AI” and within it “$22.7 trillion in enterprise applications”, with China and Russia excluded “For illustrative purposes of sizing our addressable market opportunity”, the prospectus summary, p. 12, carrying the same figures under “the largest actionable total addressable market”; Business, p. 177, on the $22.7 trillion: enterprise applications that “will increasingly support knowledge workers across industries by automating routine cognitive tasks”, sized by the Digital Cooperation Organization’s estimate of the digital economy, which that organization defines as “economic activity reliant on, significantly enhanced, or enabled by digital technologies and their applications” and estimates as “reaching approximately $22.7 trillion in 2026”, with the risk factors warning that such estimates “may prove to be inaccurate” and the final prospectus of 12 June 2026 repeating both passages; read directly for this book, for its AI segment and its debts, its power and permit risk factors, its related-party notes, its orbital plans, the Cursor option and Terafab; the subsequent-events note, p. F-63: an asset purchase agreement of 30 April 2026 with an unaffiliated third party for certain mobile gas turbines and related packages for approximately $2,000 million, about $2.0 billion, closing expected in May 2026, the note naming no site, no seller and no link to the Southaven units, which appear separately on p. F-94 in the NAACP suit, and until 24 September 2026 book 1’s chapter 10 read the Southaven units as part of that purchase; “We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days”, p. 9; the filing spells the second campus “COLOSSUS II”, in capitals, p. 9; “collectively provide approximately 1.0 gigawatt of compute power”, p. 9, undated there; “we brought online the first cluster of approximately 110,000 GB200 processors, approximately 210 megawatts of compute power, even faster in 91 days”, p. 77; “guaranteed on a joint and several basis by X Corp., X.AI LLC, and CTC Property LLC”, p. 123; Stateline “was formed to provide off-grid power to CTC’s data center campus pursuant to a long-term equipment rental arrangement”, p. F-29; Solaris “contributed non-cash assets valued at $86 million, consisting primarily of progress payments on power generation equipment”, “in exchange for a 50.1% equity interest in Stateline”, p. F-29; the Company’s “lack of control over how the assets are managed and redeployed after the initial term of the Rental Agreement”, p. F-29; X.AI LLC and X.AI Co Issuer Corp issued three billion dollars of “12.5% interest Senior Secured Notes due in 2030”, “due on June 30, 2030”, p. F-33; “a $1,000 million Fixed Rate Term Loan maturing on June 30, 2030” and “a $1,000 million Floating Rate Term Loan”, p. F-33; a subsidiary of xAI “leases computing and related equipment from Valor”, the payments “guaranteed by Space Exploration Technologies Corp. or one of its subsidiaries”, p. 245; Antonio J. Gracias “has served on our board since October 2010”, p. 228; Other financings of $4,562 million at 31 December 2025, about $4.6 billion, a line that “Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions”, p. F-30; “various other financing arrangements, generally collateralized by specific machinery and equipment”, p. F-34, at “an average fixed interest rate of 5.5%” at the year’s end and 4.4% at the quarter’s, p. F-80; on 24 April 2026 “CTC entered into a five-year equipment lease agreement with Valor”, p. F-63; the bridge: “a syndicate of lenders”, “an unsecured bridge term loan facility in an aggregate principal amount of $20,000 million”, entered in March 2026, p. F-77; “Term SOFR plus an applicable margin ranging from 0.75%-1.75%”, by debt rating, p. 123; “The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes”, p. 123; the Company must “apply an amount equal to the net proceeds of a qualified initial public offering, including this offering, to repay such amounts within six months following receipt of such proceeds”, p. 124; Mr. Elon Musk “had a controlling financial interest in the Company, xAI and X through his majority voting interest in each such entity”, p. F-11; risk factors, p. 37: “We currently rely significantly on natural gas and gas turbine technology to power our data center operations”; “our ability to scale our infrastructure depends in part on our continued access to natural gas supply at economically feasible prices, the availability of gas turbines and related equipment, and the maintenance of a regulatory environment that permits and supports the use of natural gas for large-scale power generation”, p. 37; “We do not have any long-term or other material contractual arrangements with our direct chip suppliers, instead procuring all of our GPUs on a purchase-order basis”, p. 37; “Injunctive relief or the rescission of issued permits would prevent our ability to utilize power generation sources that are required for the operation of these data centers and would adversely affect our AI business”, pp. 48 to 49; “We own and operate what we believe to be the largest AI training data center clusters on Earth”, p. 9; orbital and other initiatives “may not achieve commercial viability”, p. 12; AI compute infrastructure and in-orbit industrialization to “become profitable, which may never occur”, p. 43; “Deployment of 100 gigawatts per year via satellites carrying over 100 kilowatts of compute power per metric ton will require thousands of launches per year and the transport of approximately one million metric tons to orbit annually”, p. 10; “Our goal over time is to launch 100 gigawatts of compute to space each year”, p. 97; both Cursor fees fall due if “we decide to terminate the option agreement” or Cursor “decides to terminate due to our material breach of the option agreement”, subject to notice and cure, p. 14; the xAI merger of 2 February 2026, Basis of Presentation, p. iii: X.AI Holdings Corp. “which was acquired by SpaceX, effective February 2, 2026”; p. F-29: the activities that most significantly impact Stateline’s economic performance “are the operations of the assets managed by a subsidiary of Solaris”; p. F-94: on 14 April 2026 the NAACP “filed suit against X.AI Corp. and MZX Tech, LLC alleging that the mobile gas turbines powering the COLOSSUS II data center with the permission of the Mississippi Department of Environmental Quality are in violation of the Clean Air Act”; read again against the filing on 24 September 2026, every page number the prospectus’s own; “approximately 130 megawatts of compute power” for the first cluster of COLOSSUS, p. 77; risk factors, p. 28: “Our plans to deploy large-scale orbital infrastructure, including orbital AI compute systems, will require the operation of very large satellite constellations, potentially numbering up to one million satellites”; on the gigawatt’s measure, for both campuses together: “Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations”; its Nameplate Compute Draw “reflects installed capacity and does not represent actual power consumption or utilization”, 1.0 gigawatt at 31 March 2026, not split by campus; the campuses in part, by cluster, p. 9: “At COLOSSUS II, we brought online the first cluster of approximately 110,000 GB200 processors, approximately 210 megawatts of compute power, even faster in 91 days”, “we brought online the second cluster of 110,000 GB300 processors and 220 megawatts of compute power in 64 days”, and “once fully operational, the next phase of expansion at COLOSSUS II will bring online at least 220,000 additional GB300 processors and over 400 additional megawatts of compute power”, where “COLOSSUS II” refers to “our data centers in Memphis, Tennessee and in Southaven, Mississippi”; the summary’s AI metrics table, “Nameplate compute draw (in gigawatts)”, counting “GPUs installed in our data centers at the end of the period”: 0.3 for 2024, 0.8 for the year ended 31 December 2025, 0.3 for the three months ended 31 March 2025 and 1 for the three months ended 31 March 2026, both campuses together; the statements recast to include X.AI Holdings Corp., “which was acquired by SpaceX, effective February 2, 2026”; the AI segment’s revenue, p. F-19: “The AI segment generates revenue from the sale of advertising and from AI solutions and infrastructure services”, the latter subscription offerings, data licensing arrangements and API access to Grok models; p. 245: “Mr. Antonio J. Gracias, a member of our board, also serves as the founder, CEO and Chief Investment Officer of Valor Equity Partners”; subsequent events, p. F-61: “In January 2026, and as further amended on February 18, 2026, CTC entered into an equipment lease agreement with Valor for certain AI infrastructure hardware”, Valor transaction II, for which “the Company recorded the related debt of $5,365 million”; the Cursor compute agreement, p. 146: “In exchange, Cursor will contribute certain personnel, data and datasets, documentation, technical know-how, workflows, prompts, specifications and software code”). In the Sources
- SpaceX, Form 10-Q for the quarter ended 30 June 2026, filed 4 August 2026 (description of the NAACP suit; turbines characterized as “mobile gas turbines” operated with MDEQ’s permission; IPO: 638.9 million Class A shares sold at $135.00 including the full exercise of the underwriters’ over-allotment option, net proceeds $85,675 million; Valor-related failed-sale-leaseback obligations at 30 June 2026: $2.039 billion current and $11.290 billion non-current, $13.3 billion together; $327 million of interest in the quarter and $513 million in the half; the filing also marks the five June notes at $24.697 billion fair value against $25.0 billion principal at 30 June 2026 — an aggregate price of 98.8, four days after settlement; SpaceX Notes $25bn, five tranches 2031–2056 at 5.35–6.65 percent, WAM 11.7 years, effective 6.03 percent, the lien basket 7.5 percent of consolidated total assets; the xAI 12.5% Senior Secured Notes, extinguished with a prepayment penalty of $518 million, had prepayment penalties of 106.25% on the principal outstanding prior to 15 July 2027 and 103.13% prior to 15 July 2028; Other financings $13,406 million at 30 June 2026, the line that holds the failed sale-leasebacks; Note 9, Other Financings, gives its “various other financing arrangements, generally collateralized by specific machinery and equipment” as carrying “an average fixed interest rate of 5.9 % and 5.5 % per annum as of June 30, 2026 and December 31, 2025”, and describes the three failed sale-leaseback transactions after them with no stated rate, so the 5.9 is the smaller equipment financings’ and not the Valor leases’, whose booked interest of $327 million in the quarter implies more, read in the held EDGAR copy on 25 September 2026; nameplate compute draw 1.4 GW vs 0.4; capex reallocation language (“if our near-term data center needs decrease in scale or ramp more slowly than expected, including due to global economic, tax, trade or business conditions, we may reduce future capital expenditures in this segment and reallocate those expenditures to other segments based on business priorities and growth opportunities”); Cloud Services Arrangements note; AI infrastructure revenue +$1,600m “as we began to offer cloud services to customers”; Customer B (AI segment) 19.5% of Q2 consolidated revenue; the 90-days’-notice termination risk factor; the metric’s own definition: “We calculate nameplate compute draw for a period as the number of GPUs installed in our data centers at the end of the period multiplied by their respective all-in power draw. Nameplate compute draw reflects installed capacity and does not represent actual power consumption or utilization. It does not include power we install and use for our supporting infrastructure such as cooling systems, power distribution losses, lighting, security systems, or facility-level overhead” — chip-level installed draw, not site load; the notes’ effective rate “6.030%” is stated “as of June 30, 2026”, twice; the $354 million litigation accrual is as of 30 June for losses “probable and reasonably estimable”; AI infrastructure revenue up $1,600 million for the three months ended 30 June 2026 against the same quarter of 2025 (and the same on six months); Customer B, an AI-segment customer, 19.5 percent of consolidated revenue for the quarter and 12.2 percent for the six months; Note 18 — Segments, three months ended 30 June 2026: AI segment revenue $2,561 million and loss from operations of $(1,257) million; the risk factor’s own words on the tenancies: “after an initial period inclusive of capacity ramp … may be terminated by either party upon 90 days’ notice”; Key business metrics, p. 35: “Falcon launches” 37 and 77 for the three and six months ended 30 June 2026, “of which, customer launches” 10 and 17 and “of which, internal launches” 27 and 60, against 45, 9 and 36 and 81, 21 and 60 a year earlier, with “Starship launches” 1 and 1, the footnote repeating the S-1’s definition of a customer launch and “To date, all Starship launches have been classified as internal”; the earnings release of the same day (8-K, Exhibit 99.1, p. 4) counts Starship in its “Total launches” of 78 for the half, so its internal 61 is not the Falcon figure; the Cursor option: “In June 2026, the Company exercised the call option and entered into an Agreement and Plan of Merger” with Cursor, the company then expecting the merger “to close during the third quarter of 2026”; on the NAACP suit: “the mobile gas turbines powering the COLOSSUS II data center with the permission of the Mississippi Department of Environmental Quality” (Note 16, Commitments and Contingencies, Legal Proceedings, p. 29); the risk factor on the AI customers names “shifts to internally developed infrastructure, migration to competing platforms” (Part II, Item 1A, Risk Factors, p. 51); Note 9 on the other two repayments of March 2026, unquoted: X’s B-3 term loan, $5,966 million, prepayable at 107.13 percent before 27 October 2026, repaid on 2 March 2026 with a penalty of $425 million for it and the B-1 loan, which the filing says carried none; xAI’s two term loans of $1,000 million each, prepayable at 103 percent before 30 June 2027, repaid the same day with a penalty of $221 million; the filing explains neither difference and lists no credit agreement or indenture of X.AI among its exhibits; the segment table’s capital expenditures for the three months to 30 June 2026, AI $15,828 million of $18,369 million in total, and for the six months, AI $23,551 million of $28,476 million; Covenants: “The SpaceX Notes contain customary events of default and affirmative and negative covenants, including restrictions on additional liens”; total assets of $192,770 million on the balance sheet at 30 June 2026, 7.5 percent of which is about $14.5 billion by this book’s arithmetic; the IPO’s “net proceeds of $85,675 million after deducting the underwriting commissions and offering costs of $575 million”, $86,250 million gross by this book’s addition; “The United States has moved to intervene to dismiss the action, and the State of Mississippi has filed an amicus brief opposing the NAACP’s preliminary injunction motion.”; the report names neither Darana Hybrid nor any retirement schedule for the mobile turbines). In the Sources
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “Nameplate.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/nameplate (accessed 2026-11-01).
BibTeX
@misc{dryburgh-nameplate-2026,
author = {Dryburgh, Lee S.},
title = {{Nameplate}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/nameplate},
note = {Accessed 2026-11-01}
}