Ex-situ value
Ex-situ value is what GPU servers fetch removed from their site and sold on the secondary market, after the cost of de-installation, shipping, testing and data sanitization.
It is the value a lender recovers when the site or the contract is lost.
Secondary-market value to ex-situ proceeds
| Fair market value (secondary market, removed) | 100 |
| Orderly liquidation value | About 89 |
| Forced liquidation value | About 65 |
| Ex-situ proceeds | Liquidation value less removal, shipping, testing and sales costs |
OLV and FLV as shares of FMV in the October 2026 GPU Value Guide, whose FMV is already a secondary-market value. In-situ value (FMV in continued use) sits above it and needs an appraisal. The guide’s mapping is our assumption, not an appraisal standard.
How it works
Removed and sold. The servers are de-racked, shipped, tested with NVIDIA’s DCGM diagnostics, their drives purged under NIST SP 800-88, and sold through OEM recovery programs, brokers, auctions or another operator.
Measured as liquidation value. Orderly liquidation value assumes a reasonable time to find buyers; a GPU resale usually takes about 30 days once remarketing is ready, and we recommend 30 to 60 (appraisals). Forced liquidation value assumes a quick sale. Both are gross, before de-installation, shipping and sanitization costs.
Form factor sets the discount. An air-cooled 8-GPU server can be re-racked in many GPU-ready facilities; a liquid-cooled rack-scale system has far fewer places to go, so its ex-situ value sits further below its in-situ value.
What lenders check
It is the downside case for the advance rate. A loan sized on in-situ value is under-secured the moment the cluster has to move, which is why appraisals give both numbers.
Selling ex-situ is the worst recovery path in the public cases (every public case); a recovery floor or a backup operator keeps a lender from depending on it.
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