There's a lot of different designs besides this one.

So far as I can work out, literally all of the plans are bad. The "why" varies, but they're all bad.

I'm too tired to double check your maths, so I will assume correct: one likely difference even for this plan is a terminator following sun-synchronous orbit, which means you'll only see it twice a day despite the orbital period being about 90-100 minutes, and when you see it will be specifically at sunrise and sunset.

Visibility is also a question of reflection, not just size. Terminator following orbits are worse than normal satellites, because one of the tricks for reducing e.g. Starlink visibility is to tilt them as they cross the terminator and you can't do that if they're always on the terminator.

The SpaceX plans (a million small ones) becomes a glitter band in some parts of the sky and will appear visually contiguous in other parts, though I need to double check my maths and assumptions about visibility given this happens during sunrise and sunset so the sky itself is pretty bright.

I think there are at least a few problems with the math’s assumptions:

1) Don’t the radiators need to have more surface area than the solar? (Unless the chips run very hot.)

2) The datacenter will have the pesky earth between it and the sun some fraction of the time, and have to either shut down or run off batteries. ~50%, assuming LEO, right? If you leave LEO, then the latency sucks, so they’re training-only clusters. At 50% the solar doubles and you need 370 megawatt hours per hour of darkness, or you run the machines 50% of the time, rebooting for each orbit. If you make the orbit shorter (so you can have smaller batteries), then they wear out faster. The batteries also emit heat. Plus, you need to double the solar so they charge while the workload is running.

3) How do they cope with cosmic rays? The standard approach is still to duplicate or triplicate all computation, or use larger/slower processes, right?

The obvious answer to each question makes the engineering design at least twice as dumb, and they stack. There are many other problems like these.