H200 Residual Value by Year
What an H200 should be worth when a loan or lease matures.
What it's worth
An H200 should be worth 34-46% of its list price in 2027 and 24-35% in 2028 in our conservative case, then 7-15% in 2029, as of June 2026. Used H200s trade above new today; the bands assume that ends.
At loan or lease maturity
| Term | Matures | Conservative | Moderate |
|---|---|---|---|
| 12 months | 2027 | 34-46% | 46-59% |
| 24 months | 2028 | 24-35% | 35-51% |
| 36 months | 2029 | 7-15% | 15-37% |
| 48 months | 2030 | 4-6% | 6-9% |
Deals closing in 2026, percent of the price new. Source: GPU residual value report, June 2026. Every GPU: residual value by year.
Why the H200 curve looks like this
The H200's cliff comes late. Its conservative floor holds within 11 points a year through 2028, then drops 17 points into 2029. A 36-month deal signed in 2026 matures right at it.
Used prices sit above the bands. New supply has been stop-start through 2026, and new lead times ran past 40 weeks by September. Our report expects Hopper residuals to fall faster once more liquid-cooled capacity is built.
Book value against the bands
| Year | Conservative | 4-year book | 5-year book | 6-year book |
|---|---|---|---|---|
| 2026 | 45-59% | 50% | 60% | 67% |
| 2027 | 34-46% | 25% | 40% | 50% |
| 2028 | 24-35% | 0% | 20% | 33% |
| 2029 | 7-15% | 0% | 0% | 17% |
| 2030 | 4-6% | 0% | 0% | 0% |
Straight-line book value for an H200 bought when the generation first shipped, at mid-year. Bold: above the moderate band. Lives that public operators use are on the GPU depreciation schedules tracker.
Booking an H200 residual?
Send us the equipment, the term and the residual you plan to book. Residual value insurance can back it, with an A- rated insurer.
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Questions
- Why are used H200 prices above the bands?
- Short new supply. The bands are an outlook for a normal market; the monthly GPU Resale Index shows where used prices sit against normal depreciation in between.