[SMM Computing Power News] H100 online rental budget rises to 83,000, above the mainstream market upper limit

SMM has learned that a capital provider in east China has completed the construction and installation of 32 Pro 6000 eight-GPU full servers, but the units have not yet been put on racks, and no leasing clients have been secured. SMM previously collected a monthly rental quote of 36,000–37,000 yuan per unit per month for the Pro 6000. Recently, signs have also emerged of idle order circulation, with 32 units of the same scale being offered for lease while demand is simultaneously listed. Upstream delivery default risk is rising at the same time. SMM believes that this model uses GDDR7 memory rather than HBM, making it less suitable for training scenarios and leaving its positioning unclear. Coupled with leading cloud vendors bringing similar resources online in batches in September, later-stage demand and capacity face the risk of being squeezed.

SMM learned that on July 20, a lessee with demand for renting eight H100 full servers set a budget of 71,000 yuan per unit per month. Against the current market, mainstream quotations for this model have risen to 75,000–82,000 yuan per unit per month, with the lower end of the range exceeding the budget by 4,000 yuan and the upper end by 11,000 yuan, representing increases of 5.6%–15.5%. During this period, bulk resources in north China were quoted at 75,000 yuan for a four-year closed contract and 76,000 yuan for a five-year closed contract, while annual contracts in east China reached 82,000 yuan. SMM believes that the lessee's budget has been clearly outpaced by market prices within a month and a half, and the window for low-priced H100 resources has essentially closed.

SMM has learned that the monthly rental for H200 full servers rose from 94,000 yuan per unit per month on June 5, 2026, to a range of 115,000–130,000 yuan by September 3, an increase of 22%–38%. The price spread stems mainly from differences in machine configurations and the number of intermediary layers involved. For this model, intermediary fees are generally added at 1,000 yuan per unit per month, consistent with the industry's default rule for H100-series intermediary fees. Previously, SMM's collected monthly rental rates for H200 fixed long-term contracts were concentrated in the 123,000–128,000 yuan range. SMM believes that the upper end of the spot range at 130,000 yuan has already exceeded fixed long-term contract prices, and the flexibility premium for short-term rentals has widened significantly compared with June.