H200 Appraisal
What H200 collateral is worth now, and when your loan matures.
What it's worth
A used 8-GPU HGX H200 node was valued at $348,500 in the October 2026 Rack Report, above the about $340K a new one cost in volume. Our conservative band takes the H200 from 45-59% of list price in 2026 to 7-15% in 2029.
Our data
| Figure | Value | Detail |
|---|---|---|
| Used HGX H200 8x141GB node | $348,500 | $43,600 per GPU; limited sample. October 2026 Rack Report, data through August 2026. |
| New HGX H200 8-GPU node, volume order | About $340K | Indicative new price, rounded. October 2026 Rack Report, data through August 2026. |
| H200: rental-implied value vs realized | 1.68x | Rent of $4.67 per GPU-hour implies $586,246 per node; nodes sold for $348,500. October 2026 Rack Report, data through August 2026. |
| H200 residual, 2027 | 34-46% | Conservative band, % of original list price; moderate 46-59%. Residual report, as of June 2026. |
| H200 residual, 2029 | 7-15% | Conservative band, % of original list price; moderate 15-37%. Residual report, as of June 2026. |
Sources: American Compute.
What moves H200 collateral value
Supply has propped up used prices. NVIDIA reportedly halted H200 production in March 2026 over China sales, then said it was restarting two weeks later; Cisco ended sale of its HGX H200 server in June 2026, and new lead times ran past 40 weeks by September. Used above new is a supply signal, not a floor: it lasts as long as new supply is short.
Rents overstate it. Capitalizing H200 rents gives a node value 1.68x what nodes actually sell for. A valuation built on a rental DCF would lend against a price no buyer has paid.
The 2029 cliff. The H200 conservative band falls from 24-35% of list price in 2028 to 7-15% in 2029. A 36-month loan signed in 2026 matures right at it.
It is a Hopper: air-cooled at about 10.2 kW per DGX system, one of the last widely deployed GPUs that older data centers can still run. That keeps its buyer pool wide today. Once more liquid-cooled capacity is built, our report expects Hopper residuals to fall faster.
An H200 bought new in 2026 is already more than two years into its technology life, because the generation first shipped in 2024. Its 141 GB of HBM3E, which Micron announced it was supplying for the H200 in February 2024, is what inference buyers pay for.
What a report flags
| Severity | Finding |
|---|---|
| High | Collateral value relies on used nodes trading above new; the 2028 orderly liquidation value uses the conservative band instead. |
| Medium | Borrower's model capitalizes current rental rates; the rental-implied node value is well above realized sales. |
| Low | OEM warranty transfers to the lender on default under the purchase terms; service records are complete. |
Illustrative.
Discuss a transaction
Send us the equipment list and the loan or lease you have in mind. We will come back with an indication and the questions we would need answered.
Prefer email? hello@amcompute.com