This work studies the gain from quantum dot plasmonic nanolaser. A metal/semiconductor/metal structure was considered to attain plasmonic nanocavity with active region contains: quantum dot, wetting layer and barrier layers. Band alignment between layers was used to predict their parameters. Momentum matrix element for transverse magnetic mode in quantum dot structure was formulated. Waveguide Fermi energy was introduced and formulated, for the first time, in this work to cover the waveguide contribution (Ag metal layer) in addition to the active region. The gain obtained here overcomes the electron scattering losses which promises in high gain, high power and high speed applications. The waveguide Fermi energy goes deep in the valence band which explains the high gain, where it is shown that covering the structure by a metal makes valence band quantum dot states fully occupied which refers to an efficient hole contribution.