Market economics
What it costs to rent a GPU, and what a used one is worth.
01
GPU rental pricing
The extra interest risky companies pay to borrow compared with the US government, by credit rating. Plus the debt terms AI infrastructure companies got.
H100 80GB: price per GPU-hour
Machine list price divided by the GPUs in it| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| AWS Price List H100 80GB SXM on-demand (us-east-1)calculated | $6.88/hr | 19 Oct 2026 | 6M ±0.0%1Y ±0.0% | Current |
| Azure Retail Prices H100 80GB SXM on-demand (eastus2)calculated | $12.29/hr | 19 Oct 2026 | Current | |
| Azure Retail Prices H100 80GB SXM spot (eastus2)calculated | $2.27/hr | 19 Oct 2026 | Current |
H200 141GB: price per GPU-hour
Machine list price divided by the GPUs in it| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| AWS Price List H200 141GB SXM on-demand (us-east-1)calculated | $7.91/hr | 19 Oct 2026 | 6M ±0.0%1Y ±0.0% | Current |
| Azure Retail Prices H200 141GB SXM on-demand (eastus2)calculated | $10.60/hr | 19 Oct 2026 | Current | |
| Azure Retail Prices H200 141GB SXM spot (eastus2)calculated | $10.60/hr | 19 Oct 2026 | Current |
RTX 4090 24GB: price per GPU-hour
Published hourly price; priority tiers remain separate| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| Salad Community Cloud RTX 4090 24GB high priority (community) | $0.33/hr | 19 Oct 2026 | Current | |
| Salad Community Cloud RTX 4090 24GB low priority (community) | $0.22/hr | 19 Oct 2026 | Current | |
| Salad Community Cloud RTX 4090 24GB lowest priority (community) | $0.16/hr | 19 Oct 2026 | Current | |
| Salad Community Cloud RTX 4090 24GB medium priority (community) | $0.27/hr | 19 Oct 2026 | Current |
RTX 5090 32GB: price per GPU-hour
Published hourly price; priority tiers remain separate| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| Salad Community Cloud RTX 5090 32GB high priority (community) | $0.50/hr | 19 Oct 2026 | Current | |
| Salad Community Cloud RTX 5090 32GB low priority (community) | $0.33/hr | 19 Oct 2026 | Current | |
| Salad Community Cloud RTX 5090 32GB lowest priority (community) | $0.25/hr | 19 Oct 2026 | Current | |
| Salad Community Cloud RTX 5090 32GB medium priority (community) | $0.42/hr | 19 Oct 2026 | Current |
How to read this
Warning signs
Spreads widening, especially for CCC and single-B, where heavily indebted infrastructure borrowers sit. AI companies paying more than similarly rated peers is a specific warning.
Keep in mind
- Index spreads cover the whole market, not just AI.
- A yield is not a spread, and a spread is not the chance of default.
- FRED only keeps 3 years of ICE BofA history. Older values exist only if this monitor saved them.
02
GPU resale & collateral value
What used data-center GPUs sell for. These GPUs often secure the loans that paid for them.
Used GPU prices
Published index, entered by hand with a citation| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| American Compute GPU Resale Index (used data center GPU basket, H1 2025 = 100)manual | 75 index (H1 2025 = 100) | 31 Aug 2026 | 3M −24.2%6M −23.5%1Y −15.7% | Stale |
How to read this
Warning signs
Resale values falling faster than the GPUs are written down or the loans repaid. Lenders then have less to recover.
Keep in mind
- Asking prices, actual sales, dealer offers and liquidation estimates are different things. They are never mixed in one series.
- No free, licensed data on individual sales exists. Coverage depends on what published indexes allow.