What Does It Cost to Lease an H100 GPU?
Direct Answer: H100 lease costs range from $2.40/hr in Texas to $3.20/hr in Virginia, with a national median of $2.85/hr. 36-month leases offer the lowest rates at $2.50/hr ($1,800/month), while 12-month terms average $3.89/hr ($2,800/month). Data sourced from the GPU Lease Rate Index (GLRI).
Last Updated: 2026-01-08 | Source: GLRI Index
Calculate total H100 lease costs across term lengths, regions, and deployment models. Compare cloud vs dedicated lease vs outright purchase using real-time GLRI pricing data.
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How Much Does H100 Leasing Cost by Region?
Regional pricing varies based on power costs, interconnection capacity, and market demand. ERCOT markets (Texas) offer the lowest rates due to abundant renewable energy and grid flexibility.
| Market | Grid Zone | Min Rate | Avg Rate | Max Rate |
|---|---|---|---|---|
| Texas (Dallas) | ERCOT-SOUTH | $2.40/hr | $2.55/hr | $2.70/hr |
| Virginia (Ashburn) | PJM-DOMINION | $2.90/hr | $3.05/hr | $3.20/hr |
| Oregon (Portland) | CAISO-NORTH | $2.50/hr | $2.65/hr | $2.80/hr |
| Illinois (Chicago) | MISO-CENTRAL | $2.70/hr | $2.85/hr | $3.00/hr |
Note: Rates for H100 SXM5 80GB in dedicated lease scenarios. Actual pricing varies by volume, term commitment, and power-purchase agreements (PPAs).
What Are H100 Lease Rates by Term Length?
Longer lease terms reduce hourly rates through amortization. 36-month leases offer 36% savings vs 12-month terms, but require extended commitment and exposure to GPU depreciation risk.
12-Month Lease
$3.89/hr
$2,800/month
24-Month Lease
$3.06/hr
$2,200/month
36-Month Lease
$2.50/hr
$1,800/month
BEST VALUE
Lease Term Economics
- • 36-month terms amortize upfront costs but expose lessees to residual value risk
- • 12-month terms offer flexibility for model upgrades (H100 → H200 migration)
- • Breakeven vs cloud: ~450 hours/month usage for 36-month lease
- • Consider depreciation velocity: H100s depreciate ~2.8% per month in secondary markets
Should I Lease or Use Cloud GPUs?
Cloud providers offer on-demand flexibility but at a premium. Dedicated leases make economic sense above ~400 hours/month of sustained usage (55% utilization).
CoreWeave
Lambda Labs
RunPod
AWS (p5.48xlarge)
Lease vs Cloud Breakeven Analysis
View current GLRI rates → to compare across providers and term lengths.
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Frequently Asked Questions
What is the average H100 lease rate in 2026?
The median H100 lease rate is $2.85/hr nationally, ranging from $2.40/hr in Texas (ERCOT markets) to $3.20/hr in Virginia (PJM-Dominion). Rates vary by term length, with 36-month leases averaging $2.50/hr and 12-month leases at $3.89/hr.
How does H100 lease cost compare to cloud pricing?
Cloud on-demand pricing (CoreWeave, Lambda Labs) averages $2.49-2.89/hr, making leases cost-competitive above ~450 hours/month usage. AWS p5 instances ($12.29/GPU/hr) are significantly more expensive. Leases offer cost certainty and dedicated capacity.
What factors affect H100 leasing costs?
Key cost drivers include: (1) Region – power costs and grid reliability, (2) Term length – longer terms reduce monthly costs, (3) Volume – bulk discounts above 64 GPUs, (4) Power agreements – PPAs can reduce rates by 15-25%, and (5) Curtailment exposure – ERCOT sites with flexible load.
Is leasing H100s cheaper than buying?
H100 purchase cost ($25,000-30,000) amortized over 36 months equals ~$2.50/hr at 70% utilization, matching lease rates. However, ownership incurs depreciation risk (2.8%/month), infrastructure costs, and operational overhead. Leasing eliminates CapEx and transfers residual value risk to the lessor.
Where can I find real-time H100 lease rates?
The GPU Lease Rate Index (GLRI) tracks H100 and A100 lease rates across 40+ markets, updated weekly. It aggregates data from wholesale providers, colocation operators, and secondary markets to provide benchmark pricing by region and term.
What lease term should I choose for H100 GPUs?
Choose 12-month terms if you anticipate model upgrades (H200, GB200) or workload changes. Opt for 36-month leases if cost minimization is critical and your workload is stable. 24-month terms balance flexibility and cost for most enterprise deployments.
Can I negotiate H100 lease rates?
Yes. Rates are negotiable for clusters >64 GPUs, multi-year commitments, or flexible delivery schedules. Offering to co-locate in lessor-preferred regions (Texas, Oregon) or accepting curtailment exposure can reduce rates by 10-20%.
Methodology
H100 lease cost data is sourced from the GPU Lease Rate Index (GLRI), which aggregates pricing from 45+ wholesale GPU providers, colocation operators, and secondary market transactions across North America, Europe, and APAC.
Data Collection
- Weekly spot checks of 15+ providers (CoreWeave, Lambda Labs, Crusoe, etc.)
- Broker-reported wholesale lease transactions (anonymized)
- Public rate cards from cloud GPU marketplaces
- Colocation operator pricing for dedicated deployments
Regional Adjustments
- Power cost multipliers (ERCOT vs PJM vs CAISO)
- Interconnection capacity constraints (queue wait times)
- Cooling infrastructure requirements (liquid vs air)
- Tax incentives and regional subsidies
Last Updated: 2026-01-08 |View full GLRI methodology →
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