[SMM Computing Power Express] 64 H100 Eight-GPU Servers in North China Available for Lease, Monthly Rent 75,000, Four-Year Closed-Mouth Term

SMM learned that an operator in east China has been receiving deliveries of 128 units of RTX 5090 futures in batches. Since late June, SMM has been tracking the delivery status; to date, contract performance has been normal, with more than 40 units delivered. The expected price for a three-year contract lease is 13,000 yuan per unit per month. The lessor is also exploring a five-year long-term agreement model. SMM believes that the stable performance of 5090 leasing futures, together with the exploration of five-year long-term agreements, indicates that suppliers are promoting the evolution of computing power leasing toward quasi-commoditization and longer-term lock-in.

Since Jul 2026, Chinese computing providers are shifting from GPU leasing to token billing—some call leasing "a side business." Leasing margins shrink under public price anchors (4090 8-GPU: CNY 7,200/mo) and broker markups; DeepSeek's Aug 17 API hike (3-5x) widens reseller spreads; daily token calls hit 140T in Mar 2026, up 1,000x in 2 years. SMM: margin recovery, not substitution—high-end GPU leasing stays tight; converts: small IDCs, resellers, hyperscalers.

SMM learned that the server subleasing model continued to prevail in the market. Procurement prices for NVIDIA GPU servers fluctuated at highs and lacked a price anchor, with the procurement price of 5090 fan cards approaching 40,000 yuan per unit. Many new entrants to the computing power leasing sector shifted toward integrating existing resources rather than purchasing additional hardware. SMM believed that the lack of an anchor for procurement prices was forcing the supply side to activate existing capacity through subleasing, and that the industry had entered a phase of competition over existing resources.