Everyone else takes 2.5 years and $60B to build a data center. Elon does it in 8 months for $35B. Ron Baron laid out the math to Elon’s face at his conference in New York. The industry: $60B to build one gigawatt. Five-year leases. Maybe $12B a year in rent. SpaceX: $35B. Eight or nine months. Then it rents that compute for around $50B a year. $50B a year on a $35B build. The rest of the industry needs five years to earn back less. Then Elon added the number nobody expected: “Q2 to Q3 revenue increase was, I think, over 80 percent.” And next: “Probably something like 70 percent, Q3 to Q4.” His frame: “It is extraordinarily difficult to bring on compute at scale.” Everyone else is still waiting on power. SpaceX is already collecting rent.