← Frontier Inference Margins · all research reports

In today's words — This is an archived research artifact. Where it says marginal serving gross margin, unit CM or serving contribution margin, the site now says serving margin; where it states a confidence interval, the site treats it as a judgment range, not a calibrated one. What the site adopted from any artifact is stated in the main report, which is authoritative where the two differ.
Research artifact — each page states its own provenance class in its header: verbatim originals carry SHA-256 stamps; adopted-findings summaries and reconstructions say so explicitly. Conclusions are synthesized (and where needed corrected) in the main report; each page carries its own run date.

Where the input-side cost comes from — one reconstruction, in one place

Provenance class: RECONSTRUCTION, executed. Every figure below is computed from the deployed engine at the public-evidence reference reading and is reproducible with the snippet at the end. Written 2026-09-20, during the vetting repairs, in answer to the expert reading of 2026-09-19 (vetting report, finding E3): "the dominant cost is not reconstructible in one place ... and the reconstruction boundary is unstated." It was right. This page is the boundary, stated.

What it is not: a measurement. One number in the chain — the fresh-prefill throughput — is a single reconstruction from one provider's disclosure, transferred to every accelerator the page prices. That is the page's largest unanchored step and it is named as such below and in the methods note.

1. The reading this page reconstructs

setting value where it comes from
model Claude Opus 4.x, 2.5 T total / 300 B active, FP8 page-adopted planning band (§5); the active figure is a working estimate
traffic 15 : 1 input : output, 60 % of input served from cache the page's declared Reference convention — a convention, not a measurement
fleet the default's five member legs, renormalized over basis 75 the two Trainium legs are withdrawn on evidence grounds (2026-09-20)
occupancy 50 % paid-capacity utilization a declared convention
serving stack 1.0× (open-source-level) a declared convention
algorithmic lead 0 months the public-evidence reference basis
cache-read work 5 % of a fresh-prefill token analyst-set and unobserved — the load-bearing assumption of this page

2. The identity, and the three components

For one million output tokens with fifteen million input tokens alongside them:

C_bundle = 15 × (1 − cacheHit) × C_in_fresh      ← fresh prefill
         + 15 × cacheHit       × C_in_cacheread  ← cache reads
         + C_out                                 ← decode
C_blended = C_bundle ÷ 16

Executed at the reading above:

component $ / bundle share of modeled direct cost label
Fresh input — 6 M tokens at $2.44148 / M 14.64887 67.37 % RECONSTRUCTION (one anchor, transferred)
Cache reads — 9 M tokens at $0.12207 / M 1.09867 5.05 % SPECULATION (the 5 % factor is analyst-set)
Decode — 1 M tokens at $5.99770 / M 5.99770 27.58 % MIXED CALIBRATION EVIDENCE — enumerated below; not fitted per leg
All input-side 15.74754 72.42 %
Bundle total 21.74524 100 %
$ / million blended tokens 1.35908 this is the page's $1.35908

The decode component's evidence is mixed, and the mix matters more than the average. This row said "fitted per leg" until the Astra review of 2026-09-20 caught that the claim is not true of most of the fleet behind it. Per surviving leg, at the default reading's renormalized weights:

leg weight what its coefficient actually is
H100 10.7 % INHERITED FIT (the H800-class fit, carried)
H200 14.7 % FAMILY TRANSFER (in-family extrapolation off that fit, tier-(b))
GB200 25.3 % FITTED — but on an FP4 basis, used in the FP8 render as a declared conservative transfer
GB300 16.0 % ANALYST-SET at a declared assumed operating point; no measured observation
TPU v7 33.3 % ANALYST-SET platform-native bridge

Only 25.3 % of surviving fleet weight rests on a fit of its own, and even that one is basis-transferred. H200, GB300 and TPU v7 — 64.0 % of the weight — are a family transfer and two analyst-set coefficients. A reader who takes "fitted" at face value would over-read this component by a wide margin, which is exactly the class of defect finding E5 is about, arriving inside the repair that was supposed to fix it.

A cache-read token costs exactly 5 % of a fresh input token here, because that is what the assumption says; one fresh input token costs about 41 % of one output token, and there are many more of them. That is the whole reason the input side dominates — not a finding that prefill is intrinsically expensive per token.

3. The reconstruction boundary — the part that was unstated

The fresh-prefill unit cost rides one anchor: DeepSeek's 2025 production disclosure, reconstructed onto H800 and then transferred to every other accelerator through a single shared coefficient (η_pre = 0.17581, the frozen F7 identity fit). The disclosure gives an aggregate input rate of 9,212.5 tok/s/GPU that INCLUDES cache hits, and 56.3 % of those inputs were hits. Two different fresh-equivalent rates follow, depending on what you assume cache work costs:

boundary assumption arithmetic fresh-equivalent rate difference
cache work is free (the adopted one) 9,212.5 × (1 − 0.563) 4,025.86 tok/s/GPU —
cache work costs 5 % of fresh prefill 9,212.5 × [0.437 + 0.563 × 0.05] 4,285.19 tok/s/GPU +6.4 %

The page adopts the first and has not said so. It is the conservative one — it attributes all of the measured GPU time to the fresh tokens, so the fresh rate comes out lower and the modeled cost comes out higher. The second is not wrong; it is a different boundary, and a reader reconstructing the chain from the disclosure alone would have no way to know which was taken. Now they do.

Note what this is not: it is not the retired error of treating all 9,212.5 tokens as fresh prefill. The main report has said since methodology v2 that the aggregate figure is "not used directly", and it is not.

4. Two sensitivities that are usually collapsed into one

The methods box calls the 5 % cache factor "load-bearing" and prints it next to the input-side share. Those are two different exposures and they are not the same size.

what moves range margin swing
cache-read factor 0 % of fresh prefill 60.51 % +2.10 pp
5 % (adopted) 58.41 % —
15 % 54.21 % −4.20 pp
all input-side unit cost −50 % 73.47 % +15.06 pp
as modeled 58.41 % —
+50 % 43.35 % −15.06 pp

The dominant exposure is fresh-prefill calibration, not the cache-read factor. The cache factor is the more visible assumption because it is a round number a reader can argue with; the transfer of one provider's reconstructed prefill rate to nine other accelerators is the larger one, and it has no per-platform validation behind it at all.

5. Reproduce this page

node -e '
const E = require("./site/engine.js");
const opus = E.MODELS.find(m => m.id === "opus");
const med  = E.PERSPECTIVES.find(p => p.id === "median");
const s = E.pinReferenceLevers(E.applyPresetSettings(opus, med, { mode: "native" }));
s.trendMonths = 0;
const w  = E.workload(s, undefined, E.scenarioContext(s));
const io = s.ioRatio, ch = s.cacheHit / 100;
const fresh = io * (1 - ch) * w.cIn, cache = io * ch * w.cCache, dec = w.cOut;
const bundle = fresh + cache + dec;
console.log({ fresh, cache, dec, bundle, perBlended: bundle / (io + 1), costMix: w.costMix,
  inputShare: (fresh + cache) / bundle });
'

It prints the four component figures in §2 and the 72.42 % input share, and perBlended equals costMix exactly — the identity is the engine's, not a restatement of it.