Compute Terminal Index
CTI Compute Cost Index
What it costs to rent AI compute, every business day: the on-demand list prices of H100, H200, B200 and B300 GPUs across neocloud providers, in one index.
Last 30 days
Computed from stored inputs and reproducible to four decimals · method 1.0-rc · as of 12 Nov 2026 · methodology · corrections
How it is calculated
- For H100, H200, B200 and B300: the 20% trimmed mean of neocloud on-demand list prices on our price board, each day's change measured over the providers present on both days, so a provider joining or leaving does not move the index. With fewer than 5 providers on both days, the last value is held for up to 5 business days.
- Composite weights 40% H100, 20% H200, 25% B200 and 15% B300, rescaled over the GPUs with enough providers and chain-linked when a GPU joins. 5 Jan 2026 = 100.
- History before our own rate cards is back-calculated from the GetDeploying dataset's weekly on-demand provider median as published, including weeks when its sample of offers changed, and shown as such.
- A daily move beyond 5% is reviewed before it is published.
GetDeploying, GPU rental price history, https://getdeploying.com/gpus, CC BY 4.0 (history before our own rate cards). Silicon Data and Ornn values are not used or shown; see how we compare.
Disclosed capacity contracts — implied rates (illustrative, not observed prices)
| Counterparty | Value | Term | Basis | Implied rate | Source |
|---|---|---|---|---|---|
| CoreWeave · Meta | $21.00B | Not stated | GPU-hour | No implied rate: the release states no term, GPU count or MW. | 8-K ex-99.1, 7 May 2026 |
| Cipher Mining · Fluidstack | $830M | 10-year | kW-month | $177.35/kW-monthThe stated value divided by 39 MW of critical IT load over the 10-year term. Facility rent, with the GPUs excluded. | 8-K ex-99.1, 20 Nov 2025 |
| Nebius · Meta | $3.00B | 5-year | GPU-hour | No implied rate: the filing states no GPU count and no MW. | 6-K ex-99.2, 11 Nov 2025 |
| IREN · Microsoft (GB300) | $9.70B | 5-year | GPU-hour | $1.58–2.21/GPU-hourThe stated value divided by GPU-hours over the 5-year term, from 200 MW of critical IT load at 500 to 700 GPUs per MW. That range is an assumption: assumed range; the filing states critical IT MW, not a GPU count. | 8-K ex-99.1, 3 Nov 2025 |
| TeraWulf joint venture · Fluidstack | $9.50B | 25-year | kW-month | $188.49/kW-monthThe stated value divided by 168 MW of critical IT load over the 25-year term. Facility rent, with the GPUs excluded. | 8-K ex-99.1, 28 Oct 2025 |
| Cipher Mining · Fluidstack | $3.00B | 10-year | kW-month | $148.81/kW-monthThe stated value divided by 168 MW of critical IT load over the 10-year term. Facility rent, with the GPUs excluded. | 8-K ex-99.1, 25 Sep 2025 |
| CoreWeave · OpenAI | $6.50B | To 31 May 2031 | GPU-hour | No implied rate: the filing states an end date, no GPU count and no MW. | 8-K, 25 Sep 2025 |
| Nebius · Microsoft | $17.40B, up to $19.40B | 5-year | GPU-hour | No implied rate: the filing states no GPU count and no MW. | 424B5, 10 Sep 2025 |
| TeraWulf · Fluidstack | $6.70B, up to $16.00B | Not stated | kW-month | No implied rate: the exhibit states no lease term. | 8-K ex-99.1, 18 Aug 2025 |
From primary filings and company releases. The implied rates are computed by Compute Terminal from what each document states, and they are illustrative: a contract's value can cover more than GPU time, so they are not observed prices, and neither the price board nor the index reads them. Colocation is facility rent per kW-month, with the GPUs excluded, and is never converted to GPU-hours.
CoreWeave · OpenAI: the filing states this order only. The cumulative value, up to $22.40B, is press-reported (company press release, 25 Sep 2025) and is not stated in the filing.
Cite this page
Compute Terminal, “CTI Compute Cost Index”, compute-terminal.com/cti/compute-cost, as of 12 Nov 2026.
Compute Terminal's headline figures on this page are licensed under CC BY 4.0: credit “Source: Compute Terminal” and link to this page. Tables, history and inputs stay under the Terms of Use. GetDeploying's price history keeps its own licence and credit.
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