Market data series
Every series on Market Data, one page each: what it measures, how it is built, how it is published, what the site shows of it and under what terms, what to read beside it, and its sources.
Every series on Market Data has a page of its own, in one shape: what it measures, how it is built, how and when it is published, what the site shows of it and under what terms, what to read beside it, and its sources. The Documentation link over each row's chart opens that row's page. How the three kinds of price for one GPU-hour differ is on Price indices, compared.
List prices, by GPUQuant#
The price a provider publishes on its own price list, read from that list and averaged with every provider counting once. The ceiling of the market, and the one kind of figure on the site with a URL behind every number.
- H100 reference price: the on-demand list price of one H100 for one hour on the eight-GPU node, averaged across AWS, Azure, Google Cloud and Oracle, monthly since 2023..
- B200 reference price: the on-demand list price of one B200 for one hour on the eight-GPU node, averaged across the hyperscalers that publish one, monthly since the first listing..
- A100 reference price: the on-demand list price of one A100 for one hour on the eight-GPU node, averaged across AWS, Azure, Google Cloud and Oracle, monthly since December 2021..
- H200 reference price: the on-demand list price of one H200 for one hour on the eight-GPU node, averaged across AWS, Azure, Google Cloud and Oracle, monthly since December 2024..
- H100 neocloud index: the on-demand list price of one H100 for one hour on the specialist GPU clouds, read from each provider’s own price list and averaged, monthly since April 2023..
- B200 neocloud index: the on-demand list price of one B200 for one hour on the specialist GPU clouds that publish one, read from each provider’s own price list and averaged..
Modelled indices, by Silicon Data#
Standardized daily estimates of what capacity rents for across every segment of the market, from transaction data GPUQuant cannot see. Two of them are what the CME compute futures settle against.
- Silicon Data H100 index: the neo-cloud reading of a modelled daily rental price for H100 capacity, and the index the CME H100 futures settle against..
- Silicon Data H100 hyperscaler index: the same modelled daily figure for capacity rented from the large clouds, which no contract settles against..
- Silicon Data B200 index: one modelled daily rental price blended across every segment of the B200 market, and the index the CME B200 futures settle against..
- Silicon Data A100 index: the neo-cloud reading of a modelled daily rental price for A100 capacity, shown for context beside the H100 and B200 indices..
- Silicon Data A100 hyperscaler index: the same modelled daily figure for A100 capacity rented from the large clouds, which no contract settles against..
Transacted indices, by Ornn#
Volume-weighted averages of the prices rentals actually cleared at, settled daily and carried on the Bloomberg Terminal.
- Ornn H100 index: a volume-weighted average of the prices H100 rentals actually cleared at, settled daily, shown for the trailing three months with Ornn’s permission..
- Ornn B200 index: a volume-weighted average of the prices B200 rentals actually cleared at, settled daily, shown for the trailing three months with Ornn’s permission..
- Ornn A100 index: a volume-weighted average of the prices A100 rentals actually cleared at, settled daily, shown for the trailing three months with Ornn’s permission..
- Ornn H200 index: a volume-weighted average of the prices H200 rentals actually cleared at, settled daily, shown for the trailing three months with Ornn’s permission..
Forward curves#
What the market expects each rental index to be at every month out to three years, as Silicon Data publish it each day.
- H100 forward curve: the market’s expected path for the H100 rental index from spot out to three years, anchored on the settlement index, shown for the latest seven days..
- B200 forward curve: the market’s expected path for the B200 rental index from spot out to three years, anchored on the settlement index, shown for the latest seven days..
- A100 forward curve: the market’s expected path for the A100 rental index from spot out to three years, anchored on the neo-cloud index, shown for the latest seven days..
Residual values#
What one GPU is still worth, computed daily by GPUQuant from the forward curve.
- H100 residual value: the discounted value of what the GPU can still earn over its remaining life, computed daily from the forward curve, and how closely it tracks Silicon Data’s figure..
- B200 residual value: the discounted value of what the GPU can still earn over its remaining life, computed daily from the forward curve, and how closely it tracks Silicon Data’s figure..
- A100 residual value: the discounted value of what the GPU can still earn over its remaining life, computed daily from the forward curve, and how closely it tracks Silicon Data’s figure..
Token price indices#
What a million tokens of language-model inference costs: the demand side of GPU rental.
- Silicon Data token index: what a million tokens of language-model inference costs across labs, weighted by spend, and why its headline can fall while every price rises..
- Ornn token index, Anthropic: the volume-weighted price of a million tokens on Anthropic’s models, settled daily, shown for the trailing month with Ornn’s permission..
- Ornn token index, OpenAI: the volume-weighted price of a million tokens on OpenAI’s models, settled daily, shown for the trailing month with Ornn’s permission..
- Ornn token index, Google: the volume-weighted price of a million tokens on Google’s models, settled daily, shown for the trailing month with Ornn’s permission..
- Ornn token index, DeepSeek: the volume-weighted price of a million tokens on DeepSeek’s models, settled daily, shown for the trailing month with Ornn’s permission..
Memory#
An input cost under every accelerator.
- Silicon Data RAM index: a weighted basket of GDDR6 memory prices published on business days, an input cost under every accelerator, and why it is an index and not a quotable price..