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Market Intelligence · Committed Term as of 2026-08-22

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 cannot see.

Section 01 · Committed asks by tenor

The Neocloud Committed Term Curve

Committed par curve · USD per GPU-hr as of 2026-08-22
$0$1$2$3$4$5$6$7 OD 3M 6M 1Y 2Y 3Y 1Y −12%1Y −12% H100 · on-demand (Neocloud, guaranteed) · mean $3.72 · 23 sources / 38 obs · Published H100 · 3M committed vs own OD: −4.8% — within-provider spread (5 provider pairs) → $3.54 implied off the $3.72 on-demand rate H100 · 6M committed vs own OD: −8.4% — within-provider spread (6 provider pairs) → $3.41 implied off the $3.72 on-demand rate H100 · 1Y committed vs own OD: −12.4% — within-provider spread (6 provider pairs) → $3.26 implied off the $3.72 on-demand rate H100 · 2Y committed vs own OD: −19.2% — within-provider spread (2 provider pairs) → $3.01 implied off the $3.72 on-demand rate H100 · 3Y committed vs own OD: −39.5% — within-provider spread (2 provider pairs) → $2.25 implied off the $3.72 on-demand rate H200 · on-demand (Neocloud, guaranteed) · mean $4.47 · 14 sources / 16 obs · Published H200 · 3M committed vs own OD: −5.0% — within-provider spread (5 provider pairs) → $4.25 implied off the $4.47 on-demand rate H200 · 6M committed vs own OD: −7.9% — within-provider spread (6 provider pairs) → $4.12 implied off the $4.47 on-demand rate H200 · 1Y committed vs own OD: −11.8% — within-provider spread (6 provider pairs) → $3.94 implied off the $4.47 on-demand rate H200 · 2Y committed vs own OD: −18.2% — within-provider spread (2 provider pairs) → $3.65 implied off the $4.47 on-demand rate B200 · on-demand (Neocloud, guaranteed) · median $6.69 · 9 sources / 10 obs · Published B200 · 3M committed vs own OD: −3.0% — within-provider spread (3 provider pairs) → $6.49 implied off the $6.69 on-demand rate B200 · 6M committed vs own OD: −9.5% — within-provider spread (4 provider pairs) → $6.05 implied off the $6.69 on-demand rate B200 · 1Y committed vs own OD: −4.0% — within-provider spread (2 provider pairs) → $6.42 implied off the $6.69 on-demand rate A100 · on-demand (Neocloud, guaranteed) · mean $2.03 · 13 sources / 23 obs · Published A100 · 3M committed vs own OD: −3.0% — within-provider spread (3 provider pairs) → $1.97 implied off the $2.03 on-demand rate A100 · 6M committed vs own OD: −4.0% — within-provider spread (3 provider pairs) → $1.95 implied off the $2.03 on-demand rate A100 · 1Y committed vs own OD: −4.0% — within-provider spread (2 provider pairs) → $1.95 implied off the $2.03 on-demand rate B200 1Y committed vs own OD: −4.0% — within-provider signed spread (both legs one operator's book), operator-equal median of 2 provider pairs B200 6.42 −4% vs OD H200 2Y committed vs own OD: −18.2% — within-provider signed spread (both legs one operator's book), operator-equal median of 2 provider pairs H200 3.65 −18% vs OD H100 3Y committed vs own OD: −39.5% — within-provider signed spread (both legs one operator's book), operator-equal median of 2 provider pairs H100 2.25 −40% vs OD A100 1Y committed vs own OD: −4.0% — within-provider signed spread (both legs one operator's book), operator-equal median of 2 provider pairs A100 1.95 −4% vs OD
Posted committed asks across the Neocloud segment · as of 2026-08-22 · 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. The /rates headline pools the US & EU core only, so this anchor can read below it when APAC 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.

Per-chip instrument pages: H100 · H200 · B200 · A100  · all chips →

The curve above is computed from operators that post tenor ladders: committed rates quoted as discounts to their own on-demand asks. Capacity-guarantee contracts sold as flexible bands (take-or-pay blocks, duration-banded clusters) are a different product kind. They are recorded as their own series and shown at their duration below, never blended into this curve, including where they price above the operator's own on-demand list.

Section 02 · Named operators, published schedules

Hyperscaler Reservation Schedules

Hyperscaler reserved · US · USD per GPU-hr as of 2026-08-22
$0$2$4$6$8$10$12 OD 1Y 3Y 1Y −31%1Y −45%1Y −36% H100 · on-demand (US, guaranteed) · median $11.06 of AWS $6.88 · Azure $12.29 · GCP $11.06 (each provider's lowest posted US rate) H100 · 1Y reserved (US, guaranteed) · median $7.67 of AWS $4.33 · Azure $7.87 · GCP $7.67 (each provider's lowest posted US rate) H100 · 3Y reserved (US, guaranteed) · median $4.86 of AWS $2.97 · Azure $5.40 · GCP $4.86 (each provider's lowest posted US rate) H200 · on-demand (US, guaranteed) · median $10.60 of AWS $7.91 · Azure $10.60 · GCP $10.60 (each provider's lowest posted US rate) H200 · 1Y reserved (US, guaranteed) · median $5.82 of AWS $4.98 · Azure $5.82 · GCP $7.31 (each provider's lowest posted US rate) H200 · 3Y reserved (US, guaranteed) · median $4.65 of AWS $3.42 · Azure $5.28 · GCP $4.65 (each provider's lowest posted US rate) A100 · on-demand (US, guaranteed) · median $4.10 of AWS $3.43 · Azure $4.10 · GCP $5.07 (each provider's lowest posted US rate) A100 · 1Y reserved (US, guaranteed) · median $2.62 of AWS $2.18 · Azure $2.62 · GCP $4.20 (each provider's lowest posted US rate) A100 · 3Y reserved (US, guaranteed) · median $1.80 of AWS $1.46 · Azure $1.80 · GCP $3.50 (each provider's lowest posted US rate) H100 4.86 −56% vs OD H200 4.65 −56% vs OD A100 1.80 −56% vs OD
Median of AWS · Azure · GCP posted schedules (lowest US rate each) · guaranteed · OCI excluded (on-demand only) · as of 2026-08-22
Chart notes
  • Each point is the median of AWS, Azure and GCP — the three hyperscalers that publish committed terms — with each provider entering as its lowest posted US guaranteed rate at that tenor. The same three providers stand behind every point, so the curve connects through on-demand and the percentage tags are honest within-panel discounts. US only; this section does not pool geographies.
  • OCI is excluded, deliberately. OCI publishes on-demand prices only — no reserved or committed rate appears on any public OCI surface we capture, for any chip we track. Adding an on-demand-only seller would change the panel at one tenor and manufacture curve shape. If OCI ever posts a committed lane, it joins.
  • A reservation price is a fixed schedule — the posted price of a commitment starting today, held for its term. Not a forecast of future on-demand rates.
  • AWS's H100 1-year leg is its convertible reserved class — AWS publishes no standard 1-year offering for that instance, and the convertible rate is its only posted 1-year commitment.
  • H200 is absent for the same panel discipline. AWS's posted US H200 reserved rates left its price file on 2026-08-11 (last US print 2026-08-10; its APAC and EU H200 reserved rates remain posted). With only two of the three providers publishing US committed H200 terms, the curve does not draw. It returns when the full panel prints.
  • Azure lists 5-year reservations but no 5-year point prints yet — the tenor joins when the full panel publishes it. Hover any point for the three provider rates behind the median.
Suggested citation Compute Credit Index Research, GPU Committed Term Structure, https://ccir.io/term, retrieved 2026-08-22.