MIGHT FORMULA

The formula used to compute a faction's might is as follows:

4 points for each point of population
4 points for each Transcendent Thought
?? points for each Tech (sum of Explore, Discover, Build, Conquer values)
10 points for each Secret Project

For each non-combat unit, add Cost/40 (technically MinrealRows/4)
For each psi unit, add Cost/20 (MineralRows/2)
For each planet buster, add Cost/10 (MineralRows)
For combat units, add Cost/10 in ratio of weapon strength to best waepon of any unit currently in the game.

So a 2-1-2 unit is only worth half value if "4" weapons are the best available.