Napkin math on 5 year depreciation is 5.5 billion per year for 28 billion. However the 28 billion is cash upfront, spacex is probably paying 10-20% interest on the 28 billion for another 2-6 billion per year.

So net you are looking at finance expenses of 7-11 billion per year. The electricity costs will be significant on top of that, but harder to get a solid read on.

Net of everything, spacex may be getting a 14-28 percent yield before paying for electricity. After electricity/insurance/data/taxes/other expenses - I’d guess it’s anywhere between 0% and 7% yield.

Odds are good that Anthropic abandons the deal before the depreciation schedule completes. Who is going to rent the GPUs then?

That assumes they are renting out the whole capacity. Have you seen anything suggesting that's the case?