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Index Research
Research · 2026-09-24 · Term

B300 Contract Prices Since March

Eleven B300 rental contracts signed since March show three-year rates up about 25%, from $3.39 to $4.23 per GPU-hour. On a three-year contract for 10,000 GPUs, that move is about $220 million.

An aisle between two rows of metal server racks in a data center.
A data center aisle. Photo: İsmail Enes Ayhan, via Unsplash (Unsplash License).

01 What prices did

  • → Three-year rates: $3.39 to $4.23 per GPU-hour, up about 25%
  • → Five-year rates: $3.30 to $3.77 per GPU-hour, up about 14%
  • → Same provider: $3.45 in March on a three-year tenor, $3.94 in July on a four-year tenor

Since March, seven listed companies disclosed 11 B300 rental contracts in their filings. The contracts cover about 31,000 GPUs and about $4 billion of contract value.

We fit a trend line to the rates and weight each contract by its GPU count. Three-year rates rose from about $3.39 per GPU-hour in March to $4.23 in August. That is a rise of about 25%. Five-year rates rose from $3.30 to $3.77, or about 14%. Two large contracts set most of the five-year line.

One seller shows the rise inside its own book. Boost Run rented 1,280 B300s for three years at $3.45 in March. In July it rented 1,536 for four years at about $3.94, on the same GPU-only basis. The July contract is also a year longer.

$3.00 $3.50 $4.00 $4.50 $5.00 MarAprMayJunJulAug 3-year $3.39 to $4.23 (+25%) 5-year $3.30 to $3.77 (+14%) 4-year
Dot area is proportional to GPUs in the contract. Dotted lines: trend fitted to each term, weighted by GPUs. Three bundled contracts are drawn at GPU-only estimates (see method).

02 The move in dollars

  • → 10,000 GPUs, three years: about $220 million
  • → 10,000 GPUs, five years: about $200 million

These contracts range from 128 to 9,200 GPUs. On a three-year contract for 10,000 B300s, the move from the March rate to the August rate is about $220 million. On a five-year contract for 10,000 GPUs, it is about $200 million. Both figures come from the trend lines in section 1.

03 The eleven contracts

SignedSellerBuyerGPUsTerm$/GPU-hrBasisFiling
Mar 15 Boost Run unnamed 1,280 3Y 3.45 stated; GPU servers only S-1
Mar 31 SharonAI ESDS 8,208 5Y 3.30 stated 10-Q Ex. 10.17
Apr 22 Axe Compute unnamed 2,304 3Y 4.29 from contract value; includes storage 8-K
May 11 QumulusAI unnamed 1,024 3Y 3.70 stated; bare metal S-1/A
May 21 Boost Run Thinking Machines 5,000 3Y 3.59 from contract value; includes storage, CPU 8-K
Jul 9 Boost Run unnamed 1,536 4Y 4.13 from contract value; includes 15 separate CPU servers, about 5 PB storage 10-Q
Jul WhiteFiber unnamed 128 3Y 4.76 from "aggregate revenue opportunity" 10-Q
Jul 21 KIDZ AI Canopy Wave 256 5Y 3.98 from contract value 8-K
Jul 27 Axe Compute unnamed 9,200 5Y 3.72 from contract value 8-K
Aug WhiteFiber BaseTen 1,392 3Y 4.52 from "aggregate revenue opportunity" 10-Q
Aug WhiteFiber unnamed 576 5Y 3.47 from "aggregate revenue opportunity"; revenue share not in value 10-Q
Rates as disclosed. The chart and trend lines use GPU-only estimates for the three bundled contracts. Those are $4.13 for Axe Compute (April), $3.40 for Boost Run / Thinking Machines and $3.94 for Boost Run (July). Total: 30,904 GPUs.

04 Method and limits

Rates. Where a filing states a rate, we use it. Otherwise the rate is contract value divided by GPUs, years and 8,760 hours.

Bundles. Three contracts include CPU servers or storage. We estimate those costs at posted cloud rates, at half of list, and remove them. That lowers each rate by about 4% to 5%.

Weights. Each contract counts in proportion to its GPUs. One contract is 45% of the three-year weight. Two contracts are 95% of the five-year weight. With equal weights, three-year rates rose about 35% and five-year rates about 11%.

Sample. The sellers are small listed companies that must disclose. Their contracts are a sample of B300 pricing. Larger private contracts are not in the record.

Product mix. The early three-year contracts are mostly bare metal on large orders. The later ones are GPU cloud on smaller orders. We checked posted prices for the same sellers. Bare metal and GPU cloud differ by about 0% to 4%. If we take 4% off the two late WhiteFiber contracts, the three-year rise is about 19%, or about $170 million on 10,000 GPUs.

Other terms. SharonAI's order describes its total as "inclusive of all taxes." Its master agreement adds VAT or sales tax to invoices and grosses up any withholding. We treat $3.30 as the rate before tax. WhiteFiber discloses "aggregate revenue opportunity," which may differ from firm contract value.

05 Sources