I believe so. Depending on the dynojet model, some go up to 2,000 hp. Looking at that graph though, maybe that was a lower hp model as the graph looks like it would have gone to like 3,000 hp from where it stopped.
This guy smoked the dyno at only a little over 1000 hp with a little 6 banger, look closely at the end of the vid for the dyno graph.
According to a friend of mine who talked to this guy at a Grand National event he runs Valvoline VR1 20W-50