One Fleet, Three Numbers
What a real H100 fleet is worth - an income-approach example from Value Prism Consulting
Fleet A (anonymized): 512 NVIDIA H100 SXM GPUs, purchased Q1 2024. One question: what is the collateral worth?
Q1 2024 street price per H100 SXM, at the peak of the shortage. Fleet basis: $17.9M.
The discounted cash flow of each GPU's remaining rental income over its remaining useful life: today's benchmark H100 rate of $3.28/GPU-hour declining 30% per year, 80% utilization, 30% direct operating cost, discounted at 20% over the 3.3 years left in a 6-year service life. Fleet FMV: $13.7M.
Executed secondary-market sales, trailing 90 days - the orderly liquidation cross-check. Fleet: $7.7M.
Anonymized illustrative fleet. Example only - not an appraisal report.
The gap nobody underwrites to
The market's clearing price sits $5.9M below what this fleet earns its way to - and the book number everyone sizes facilities against is $4.2M too high. Neither purchase price nor bid/ask is a value opinion. A certified DCF over remaining useful life is.
Get a number you can underwrite
Value Prism Consulting issues certified, USPAP-compliant appraisals of GPU infrastructure - fair market value, orderly liquidation, and going-concern - built on GPU-native residual data, the same framework lenders already trust for aircraft and heavy equipment.