B200 forward curve

What it measures#

What the market expects the Silicon Data B200 rental index to be at every point from today out to three years: 145 points from tenor zero to tenor 36 in quarter-month steps, in US dollars per GPU-hour. Tenor zero matches that day’s blended B200 index, so the curve is the expected path of the settlement reference of the CME B200 contract.

The B200 curve is the youngest of the three: Silicon Data’s history of it starts on 27 March 2025.

How it is built#

By Silicon Data, who publish a curve every day: the expected value of the B200 rental index at each tenor from zero to 36 months in quarter-month steps. Two rates are published for each tenor, the term rate, which is the average expected rate out to that tenor, and the forward rate, which is the implied rate for that single period; they coincide at tenor zero and diverge after it, and the chart draws the forward rate.

A tenor is relative, so tenor six today and tenor six tomorrow are different calendar months. GPUQuant stores every point against the month it lands in as well as its tenor, which is what lets one future month be followed across the days the market revised its view of it. Where the curve comes from and how it anchors on the index is on Silicon Data indices.

Publication#

Source

Silicon Data

Unit

USD / GPU-hour

Frequency

Daily, a whole curve each day, with the index

What GPUQuant shows#

The newest 7 days, and nothing older, under a written display licence from Silicon Data that covers display on this site and excludes redistribution and the accumulation of history. The figures are read from Silicon Data's public chart, which serves exactly that window, and the explorer opens the row on its seven-day view. The day picker on the chart compares any two days inside the window; a day outside it is answered exactly as a day never captured.

On Market Data as Forward curve · Silicon Data under B200.

Reading it beside the others#

• B200 neocloud index: The list price of the same hour on the specialist clouds, roughly a third of the hyperscaler figure.
• Silicon Data B200 index: Silicon Data's modelled figure, which counts negotiated and committed-use deals and sits below any list price.
• B200 residual value: What one B200 is still worth, from that curve.
• Silicon Data B200 Rental Index Futures: The contract this curve is the expectation of.

Sources#

• Silicon Data GPU Forward Curve, the publisher's page.
• Silicon Data indices, how the curve is read and how it anchors on the index.