[SMM Computing Power News] H200 SXM outright purchase price rises for three consecutive sessions, monthly rental demand exceeds 140,000, with buyers and sellers mainly on the sidelines

Published: Sep 9, 2026 16:11

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SMM has learned that the outright purchase price for H200 SXM full systems has been edging up continuously over the past month. On August 24, a channel offered 256 units of H200 spot cargo at 5.35 million yuan per unit (including 13% tax, Shenzhen warehouse). On September 1, the upper end of multi-channel quotes was pushed to 5.4 million yuan. On September 4, the pickup price for brand-new first-hand H200 2T full systems in Shenzhen was reported at 5.45 million yuan per unit, marking a cumulative increase of about 100,000 yuan on a tax-inclusive basis within a single month. The monthly rental segment also strengthened this month: in early August, an operator listed 128 HGX-version units at a monthly rent of 120,000 yuan; in mid-August, 32 HGX eight-GPU modules in east China were quoted at 128,000 yuan for a three-year closed contract; on September 4, demand for 30 newly listed units at a data center in Jiangsu was reported at 130,000 to 140,000 yuan per unit per month, with the overall buyer quote band shifting up to the 128,000-140,000 yuan range. According to earlier SMM information, at end-August industry discussions, H200 full systems had been consolidating in the 5.35 million to 5.4 million yuan range for about 10 days, with participants saying prices "could not rise further." Buyers mostly chose to wait and see, awaiting new supply arrivals or signals of policy easing, and actual transactions were dominated by rigid demand. After this round of increases, the wait-and-see sentiment has further solidified. SMM believes that the simultaneous emergence of rising prices and buyer caution reflects an ongoing tug-of-war between strengthening seller pricing power and buyer acceptance under pressure.

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