What compute costs, and who is paying for it.
The rental price of a GPU, the deals that move the market, when they run out, and the companies that sell compute. Every number is dated and says what kind of price it is.
This week
One chip, the H100 · list and market side by sideVast · median of offers · week to 25 Sept 2026
Azure East US rate card
Azure East US rate card
Announced in Q4 2026 · 44 on the Ledger
A marketplace offer and a rate card are two different kinds of price. They sit next to each other here so you can compare them; the board never works one out from the other.
No Azure rows yet — the first lands with Friday's run.
The maturity wall
When the published deals run out, by year- Each deal's end is its start date plus its term, worked out here. 6 deals state both. 38 deals are left off, because without both there is no end date to place.
- Values are the headline figures the parties disclosed. A value marked “up to” is a ceiling — the most the deal can reach — and is counted at that ceiling.
Who pays whom
Capacity buyers and providers, by the value they are party toA deal counts in full for every party on its side, so each column ranks names — it is not a market total and is never added up. A network of who owes whom will follow as a figure.
What GPU money costs
Loans against chips that state their rate| Announced | Borrower | Instrument | Rate | Source |
|---|---|---|---|---|
| 16 Oct 2025 | TeraWulf | TeraWulf subsidiary issues $3.2B of 7.750% senior secured notes due 2030 for the Lake Mariner expansion | 7.75% | TeraWulf 8-K, 2025-10-23 |
| 19 May 2025 | CoreWeave | CoreWeave issues $2.0B of 9.250% senior unsecured notes due 2030 | 9.25% | CoreWeave 8-K, 2025-05-28 |
The providers
45 companies that sell compute, listed by hand| Company | Kind | Ticker | Close | Week | Deals |
|---|---|---|---|---|---|
| Microsoft | Hyperscaler | MSFT | 516.17 | +4.5% | 2 |
| Amazon (AWS) | Hyperscaler | AMZN | 249.67 | -1.6% | 4 |
| Alphabet | Hyperscaler | GOOGL | 343.92 | -1.6% | 5 |
| Oracle | Hyperscaler | ORCL | 137.10 | -7.1% | 1 |
| Meta Platforms | Hyperscaler | META | 751.66 | +12.9% | 5 |
| CoreWeave | GPU cloud | CRWV | 87.59 | +7.7% | 13 |
| Nebius Group | GPU cloud | NBIS | 237.33 | +6.2% | 5 |
| IREN | GPU cloud | IREN | — | — | 3 |
| WhiteFiber | GPU cloud | WYFI | 19.62 | +3.4% | 0 |
| Crusoe Energy | GPU cloud | — | — | — | 0 |
| Lambda | GPU cloud | — | — | — | 0 |
| Nscale | GPU cloud | — | — | — | 0 |
| Together AI | GPU cloud | — | — | — | 0 |
| Fluidstack | GPU cloud | — | — | — | 7 |
| Vultr | GPU cloud | — | — | — | 0 |
| Lightning AI (Voltage Park) | GPU cloud | — | — | — | 0 |
| TensorWave | GPU cloud | — | — | — | 0 |
| Firmus | GPU cloud | — | — | — | 1 |
| Northern Data | GPU cloud | — | — | — | 0 |
| NexGen Cloud | GPU cloud | — | — | — | 0 |
| Denvr Dataworks | GPU cloud | — | — | — | 0 |
| Cirrascale Cloud Services | GPU cloud | — | — | — | 0 |
| Sesterce | GPU cloud | — | — | — | 0 |
| Verda | GPU cloud | — | — | — | 0 |
| GMI Cloud | GPU cloud | — | — | — | 0 |
| Radiant (formerly Ori) | GPU cloud | — | — | — | 0 |
| DigitalOcean | GPU cloud | DOCN | — | — | 0 |
| Core Scientific | Data-hall landlord | CORZ | — | — | 2 |
| TeraWulf | Data-hall landlord | WULF | — | — | 5 |
| Cipher Digital | Data-hall landlord | CIFR | — | — | 4 |
| Hut 8 | Data-hall landlord | HUT | — | — | 1 |
| Galaxy Digital | Data-hall landlord | GLXY | — | — | 1 |
| Applied Digital | Data-hall landlord | APLD | 26.25 | -6.7% | 1 |
| Bitdeer | Data-hall landlord | — | — | — | 0 |
| Riot Platforms | Data-hall landlord | — | — | — | 0 |
| RunPod | Marketplace | — | — | — | 0 |
| Hyperbolic | Marketplace | — | — | — | 0 |
| SF Compute | Marketplace | — | — | — | 0 |
| CUDO Compute | Marketplace | — | — | — | 0 |
| Modal | Marketplace | — | — | — | 0 |
| Humain | National cloud | — | — | — | 0 |
| Core42 | National cloud | — | — | — | 0 |
| Yotta Data Services | National cloud | — | — | — | 0 |
| Scaleway | National cloud | — | — | — | 0 |
| SAKURA internet | National cloud | 3778.T | — | — | 0 |
closes to 25 Sept 2026 · deals are published Ledger rows naming the company
- Hyperscaler
- The giant general clouds, which rent GPUs alongside everything else they sell.
- GPU cloud
- Companies whose main business is renting out GPUs they own or lease.
- Data-hall landlord
- Builders of powered data halls who lease the building, not the chips, to the GPU clouds.
- Marketplace
- Sellers of other people’s GPUs — they match buyers to capacity they mostly do not own.
- National cloud
- Clouds built to keep a country’s computing inside its own borders.
Futures watch
A forward curve for GPU time, once it tradesNYMEX, part of CME Group has filed two futures contracts on what a GPU rents for: GPU1 (H100) and GPU2 (B200).
- One contract
- 730 GPU-hours — one GPU for a month
- Listed at once
- 36 monthly contracts — three years ahead
- Settlement
- Financially settled in cash — no GPU time changes hands.
- First listing
- To be announced — pending review by the CFTC
CME's earlier notice, SER-9785, gave 5 Oct 2026. SER-9785R, 25 Sept 2026 replaced that date with “TBD”. The index each contract settles on is Silicon Data's; how settlement is averaged is in rulebook chapters CME has not yet published.
checked 1 Oct 2026 against CME's notices
How this board is kept
- Every price is written by a weekly job from a public source. None is typed in by hand.
- Every number carries its date and says what kind of price it is: an offer seen on a marketplace, or a list price from a rate card.
- Those two kinds of price are never combined into one number — not averaged, not divided, not compared as a percentage.
- Every deal is read in its source and links to it. A news report stays a news report until a filing confirms it.
- The maturity wall, the rankings and the counts are worked out from the published rows each time the page is built. None is stored.
- The provider list is chosen by hand and says why each company is on it. Method as of 1 October 2026.