GPU Valuations
What the collateral is worth each month or quarter, for fund marks, loan-to-value tests and borrowing bases.
Book value drifts away from resale value.
Most loan books and lease portfolios carry GPUs at cost less straight-line depreciation. Resale prices do not follow that line. In 2025, H100 rental rates fell while H100 resale prices rose, because many data centers could not yet host Blackwell.
We mark GPU collateral from completed resale transactions, the data behind the Rack Report, so loan-to-value tests, borrowing bases and fund marks rest on what the equipment would sell for now.
Mark the collateral as often as you test it.
A third-party valuation from the same sale data as our appraisals.
- Fund marks: the value of the GPU equipment behind each loan or lease, each quarter, with the sale evidence your valuation committee and auditors ask for.
- Collateral marks during the loan: monthly or quarterly values for loan-to-value covenants and borrowing bases.
- Residual updates: the residual curve re-run at each mark, for lessors and residual value insurance.
Appraisal vs valuationValues by GPUResidual values by yearGPU Resale IndexAppraisals at origination
Realized resale value index · October 2026
H1 2025 = 100
- 491
- 214
- 75
- 48
- 100
Memory
+224.7% YoY
Enterprise SSD
+116.8% YoY
GPU
-22.1% YoY
Server CPU
-36.1% YoY
Network Cards / DPU
-0.5% YoY
Discuss a transaction
Tell us about the book or the fleet, and how often you need it marked.
Prefer email? hello@amcompute.com
Valuation questions
- How is a valuation different from an appraisal?
- An appraisal sets values at origination: fair market, orderly and forced liquidation values at the dates the deal cares about. A valuation marks the same equipment again during the loan or the hold, from the latest sale data.
- How often do you mark?
- Monthly or quarterly, to match your covenant tests or your fund’s reporting. Our resale data updates monthly.
- What goes into a mark?
- Completed resale transactions for every component in the rack, not dealer asking prices or rental rates. Asks for used GPUs routinely run above what they sell for.
- Who uses it?
- Private credit funds and lenders with GPU loans on their books, and lessors and equity investors who own GPU fleets.