That seems surprising - source? What's the other 97%? Does this include ops staff?
Without having done any research at this point I would assume it's mostly the amortized cost of hardware - GPUs, memory etc
The stuff inside the buildings (servers, switches, storage, cooling, etc) basically the stuff using the electricity and salaries/sub contractors (in addition to some techs handling the servers think security, cleaning, storage management, receiving shipments of new hardware, etc). Some taxes (depends a lot where)
I saw a breakdown (don't have on hand sorry) where server depreciation was by far the majority. Power was the largest cash opex, probably matching your intuition.