← Depreciating CollateralEren Kahraman · November 2026
Figure 3.2. GPU rental prices and token prices
A. H100 rental price, Series: Late 2024 peak, Value: ≈ 8.00 USD per GPU-hour. A. H100 rental price, Series: Jun 2025, Value: 2.36 USD per GPU-hour. A. H100 rental price, Series: Dec 2025, Value: 2.00 USD per GPU-hour. A. H100 rental price, Series: Oct 2026, Value: 2.88 USD per GPU-hour. B. Change (%), Series: H100 rent (Dec 2025-Oct 2026), Value: +44%. B. Change (%), Series: Token prices (year on year), Value: -50%. B. Change (%), Series: Token prices (4 weeks, Sep-Oct 2026), Value: -25.4%.
Note: The series in Panel A are compiled from different sources: the late 2024 peak is based on market listings, and other values on Silicon Data H100 indices. Changes in Panel B cover different periods.
Source: Introl (2025); Silicon Data; YipitData and Ramp AI Index, via FourWeekMBA (2026a).
View data table
| Panel | Series | Value |
|---|---|---|
| A. H100 rental price | Late 2024 peak | ≈ 8.00 USD per GPU-hour |
| A. H100 rental price | Jun 2025 | 2.36 USD per GPU-hour |
| A. H100 rental price | Dec 2025 | 2.00 USD per GPU-hour |
| A. H100 rental price | Oct 2026 | 2.88 USD per GPU-hour |
| B. Change (%) | H100 rent (Dec 2025-Oct 2026) | +44% |
| B. Change (%) | Token prices (year on year) | -50% |
| B. Change (%) | Token prices (4 weeks, Sep-Oct 2026) | -25.4% |
From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)