CCIR Compute Credit Index Research
Saturday, July 18, 2026
PIPELINE · BY 07:30 ET
Market Intelligence · 2026-07-18

Committed Term Structure

The price of guaranteed capacity, by tenor. Posted committed asks from one month to three years, and the discount each tenor carries to on-demand — the term axis the on-demand headline can't see.

Section 01 · Committed asks by tenor

The Neocloud Committed Term Curve

Committed par curve · USD per GPU-hr as of 2026-07-18
$0$1$2$3$4$5$6$7 OD 3M 6M 1Y 2Y 3Y 1Y −10%1Y −15%1Y −21% H100 · on-demand (Neocloud, guaranteed) · mean $3.27 · 21 sources / 26 obs · Published H100 · 3M committed vs own OD: −3.9% — within-provider spread (4 provider pairs) → $3.14 implied off the $3.27 on-demand rate H100 · 6M committed vs own OD: −5.5% — within-provider spread (4 provider pairs) → $3.09 implied off the $3.27 on-demand rate H100 · 1Y committed vs own OD: −10.0% — within-provider spread (7 provider pairs) → $2.94 implied off the $3.27 on-demand rate H100 · 2Y committed vs own OD: −19.2% — within-provider spread (2 provider pairs) → $2.64 implied off the $3.27 on-demand rate H100 · 3Y committed vs own OD: −38.6% — within-provider spread (4 provider pairs) → $2.01 implied off the $3.27 on-demand rate H200 · on-demand (Neocloud, guaranteed) · mean $4.17 · 14 sources / 14 obs · Published H200 · 3M committed vs own OD: −5.5% — within-provider spread (4 provider pairs) → $3.95 implied off the $4.17 on-demand rate H200 · 6M committed vs own OD: −7.9% — within-provider spread (4 provider pairs) → $3.85 implied off the $4.17 on-demand rate H200 · 1Y committed vs own OD: −15.0% — within-provider spread (6 provider pairs) → $3.55 implied off the $4.17 on-demand rate H200 · 2Y committed vs own OD: −18.2% — within-provider spread (2 provider pairs) → $3.41 implied off the $4.17 on-demand rate H200 · 3Y committed vs own OD: −29.1% — within-provider spread (2 provider pairs) → $2.96 implied off the $4.17 on-demand rate B200 · on-demand (Neocloud, guaranteed) · median $6.40 · 8 sources / 8 obs · Published B200 · 3M committed vs own OD: −4.5% — within-provider spread (2 provider pairs) → $6.11 implied off the $6.40 on-demand rate B200 · 6M committed vs own OD: −8.5% — within-provider spread (2 provider pairs) → $5.85 implied off the $6.40 on-demand rate B200 · 1Y committed vs own OD: −11.5% — within-provider spread (2 provider pairs) → $5.67 implied off the $6.40 on-demand rate A100 · on-demand (Neocloud, guaranteed) · mean $1.82 · 12 sources / 14 obs · Published A100 · 3M committed vs own OD: −5.1% — within-provider spread (3 provider pairs) → $1.73 implied off the $1.82 on-demand rate A100 · 6M committed vs own OD: −10.1% — within-provider spread (3 provider pairs) → $1.64 implied off the $1.82 on-demand rate A100 · 1Y committed vs own OD: −20.7% — within-provider spread (6 provider pairs) → $1.45 implied off the $1.82 on-demand rate A100 · 3Y committed vs own OD: −56.6% — within-provider spread (4 provider pairs) → $0.79 implied off the $1.82 on-demand rate B200 1Y committed vs own OD: −11.5% — within-provider signed spread (both legs one operator's book), operator-equal median of 2 provider pairs B200 5.67 −11% vs OD H200 3Y committed vs own OD: −29.1% — within-provider signed spread (both legs one operator's book), operator-equal median of 2 provider pairs H200 2.96 −29% vs OD H100 3Y committed vs own OD: −38.6% — within-provider signed spread (both legs one operator's book), operator-equal median of 4 provider pairs H100 2.01 −39% vs OD A100 3Y committed vs own OD: −56.6% — within-provider signed spread (both legs one operator's book), operator-equal median of 4 provider pairs A100 0.79 −57% vs OD
Posted committed asks across the Neocloud segment · as of 2026-07-18 · a market-intelligence series
Chart notes
  • OD anchor = the observed Neocloud (operator-tier T2) guaranteed on-demand rate, pooled across all regions (US, EU, APAC) — the same pooled panel as the committed tenors, so the committed-vs-on-demand step is like-for-like. Committed tenors are thin; pooling preserves panel depth. Unlike the US-only headline on /rates, this anchor reads below it when European postings price lower.
  • Each tenor = the OD anchor stepped down by the within-provider term spread — each operator's committed ask vs its own on-demand rate, published as the operator-equal median (one vote per operator), never a raw pool of posted discounts. So the line's drop equals the end-label at every tenor.
  • This avoids the composition bias in a raw committed-vs-OD median, which differences two different provider panels and overstates the discount (H100 1Y: −24% cross-panel vs −12% within-provider). The plotted tenor levels are therefore OD-consistent implied levels, not raw medians.
  • Hollow points = thin (fewer than 3 provider pairs). Hover any point for the spread and pair count. Points render only at published tenors — a line with no 2Y point runs 1Y to 3Y directly.
  • A committed price is a fixed schedule — the posted price of a commitment starting today for its full term. It is not a forecast of future on-demand rates, and this chart is not a forward curve.
  • Term axis compressed (√months) so the short end reads · 1-day snapshots · B300 joins as its committed panel clears the gate.