How Fast Do H100 GPUs Depreciate? (2026 Residual Value Guide)
H100 GPUs depreciate 35-40% in year 1, 20-25% in year 2, and 15-20% in year 3. A $40,000 H100 SXM5 retains approximately $24,000-26,000 after 12 months based on our analysis of 500+ secondary market transactions.
- Year 1 Residual: 60-65% ($24,000-26,000)
- Year 2 Residual: 40-45% ($16,000-18,000)
- Year 3 Residual: 25-35% ($10,000-14,000)
- Recommended LTV: 50-60% at origination
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Depreciation uses physics-based decay model calibrated against secondary market transactions.
H100 Depreciation Curve by Year
| Time Period | Depreciation Rate | Residual Value (%) | SXM5 Value ($40K MSRP) | PCIe Value ($30K MSRP) |
|---|---|---|---|---|
| At Purchase | 0% | 100% | $40,000 | $30,000 |
| Year 1 | 35-40% | 60-65% | $24,000-26,000 | $18,000-19,500 |
| Year 2 | 20-25% | 40-45% | $16,000-18,000 | $12,000-13,500 |
| Year 3 | 15-20% | 25-35% | $10,000-14,000 | $7,500-10,500 |
| Year 4 | 10-15% | 15-20% | $6,000-8,000 | $4,500-6,000 |
| Year 5+ | 5-10% | 10-15% | $4,000-6,000 | $3,000-4,500 |
Source: GPU Lease Rate Index (GLRI) secondary market analysis, updated weekly (n=500+ transactions)
How Does H100 Depreciation Compare to A100?
NVIDIA H100 80GB
- MSRP (SXM5)$40,000
- Year 1 Depreciation35-40%
- Year 3 Residual25-35%
- Launch DateMarch 2023
NVIDIA A100 80GB
- MSRP (SXM4)$15,000
- Year 1 Depreciation45-50%
- Year 3 Residual20-25%
- Launch DateMay 2020
Key Insight for Lenders
While H100 depreciates slower in percentage terms (35-40% vs 45-50% year 1), the absolute dollar depreciation is significantly higher ($14,000-16,000 vs $6,750-7,500). Factor this into LTV calculations and covenant structures.
What LTV Ratio Should Lenders Use for GPU Collateral?
| Risk Appetite | Origination LTV | Year 2 LTV Cap | Notes |
|---|---|---|---|
| Conservative | 50-55% | 40-45% | Bank-grade underwriting, requires insurance |
| Moderate | 55-65% | 45-55% | Private credit standard, covenant-heavy |
| Aggressive | 65-75% | 55-65% | Requires strong sponsor, cash sweep covenants |
What Factors Accelerate GPU Depreciation?
Depreciation Accelerators
- ▼New GPU Launch: B100/B200 release will accelerate H100 depreciation by 10-15%
- ▼Demand Shock: AI winter scenario could push depreciation to 50%+ year 1
- ▼Cloud Price Wars: AWS/Azure price cuts reduce lease-vs-own advantage
- ▼Physical Damage: Non-warranty conditions can reduce value 30-50%
Value Preservers
- ▲Supply Constraints: Chip shortages can maintain or increase used prices
- ▲Training Demand: LLM training boom sustains high utilization
- ▲Warranty Transfer: Transferable warranty adds 5-10% to resale
- ▲Inference Demand: Growing inference workloads extend useful life
Our Methodology
This depreciation analysis is based on:
- Data sources: Secondary market transactions from eBay, reseller networks, and broker quotes
- Sample size: 500+ H100 transactions since Q1 2024
- Update frequency: Weekly price tracking via GPU Lease Rate Index (GLRI)
- Verification: Cross-referenced with leasing company residual assumptions and insurance valuations
- Last updated: January 8, 2026
Limitations: Secondary market liquidity is limited for enterprise GPU transactions. Actual values may vary based on condition, warranty status, and buyer/seller negotiating position. Depreciation curves are estimates and should be stress-tested for underwriting purposes.
Frequently Asked Questions
How fast do H100 GPUs depreciate?
H100 GPUs depreciate approximately 35-40% in year 1, 20-25% in year 2, and 15-20% in year 3. Based on our analysis of 500+ transactions, a $40,000 H100 SXM5 retains roughly $24,000-26,000 value after 12 months.
What is the residual value of an H100 after 3 years?
After 3 years, an H100 typically retains 25-35% of its original value. This translates to $10,000-14,000 for an SXM5 variant (original MSRP ~$40,000). PCIe variants hold slightly better value due to broader compatibility.
What LTV ratio should lenders use for GPU collateral?
Conservative lenders typically use 50-60% LTV for H100 collateral at origination, declining to 40-50% by year 2. This accounts for rapid depreciation and potential technology obsolescence when next-gen GPUs launch.
How do I calculate GPU collateral value for underwriting?
Start with current market price (not MSRP), apply depreciation curve for loan term, haircut 10-15% for liquidation costs, and stress-test with accelerated depreciation scenarios (next-gen launch, demand shock). Use our calculator to model scenarios.
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