Two lanes · quotes and executed · Q3 2026

Collateral Reference Prices

Two different prices exist for the same chip, and confusing them is how collateral gets mis-valued. A quote is what supply is offered at. An executed price is what hardware actually sold for. We publish both, side by side, never blended — with the sample size behind every median and the spread between the two.

H100 SXM5 80GB
Used
Large orders clear near the low end; small lots near $27,000. Supply expanding as hyperscalers cycle to Blackwell.
Different channel from the quote above: executed figures are retail secondary sales (largely single cards and small lots), the quote is institutional and volume-weighted. Ratio shown is like-for-like within the retail channel (retail ask ÷ retail executed). Thin sample.
Indicative quote (institutional)
$22,000–$27,000
Executed · retail secondary
$13,300 · n=11 · trailing 90d
retail ask ÷ executed · 1.94×
Executed data: CCIR
Q3 2026
Compute Exchange
B
H100 PCIe 80GB
Used
PCIe trades at a structural discount to SXM5 — no NVLink fabric for distributed training. Refurbished trades 10–15% above used.
UNRESOLVED: this executed median sits above our quoted range, which should not happen. Sample is only 4 sales. Likely causes: SKU definition differs (94GB NVL vs 80GB PCIe), the quote is bulk-basis, or the sample is unrepresentative. Treat both figures as provisional until reconciled.
Indicative quote (institutional)
$16,000–$20,000
Executed · retail secondary
$25,617 · n=4 · trailing 90d
retail ask ÷ executed · 1.31×
Executed data: CCIR
Q3 2026
Compute Exchange
B
A100 80GB SXM4
Used
~50% below ~$15,000 MSRP; highest secondary-market volume.
Widest gap in the set. Retail asks for this part run 2.3× above executed prices — a 2020-generation chip carrying heavy listing overhang against thin real demand. Executed figures are retail secondary sales, not bulk.
Indicative quote (institutional)
$7,000–$9,500
Executed · retail secondary
$5,400 · n=25 · trailing 90d
retail ask ÷ executed · 2.31×
Executed data: CCIR
Q3 2026
Compute Exchange
B
H200 141GB
Used
Supply low — most H200 fleets are still in their first deployment cycle. Prior single dealer listing (H200 NVL, refurb, $33,995, June 2026) was withdrawn.
Tightest spread in the set — current-generation parts with real scarcity clear closer to ask. Executed figures are retail secondary sales, not bulk.
Indicative quote (institutional)
$30,000–$35,000
Executed · retail secondary
$25,525 · n=20 · trailing 90d
retail ask ÷ executed · 1.31×
Executed data: CCIR
Q3 2026
Compute Exchange
B
H200 141GB (Refurbished)
Refurbished
10–15% premium over used H200 for documented diagnostics and supplier warranty. Very limited refurbished supply.
No executed record: published transaction data does not separate refurbished from used H200, so no clean executed median exists for this condition grade.
Indicative quote (institutional)
$32,000–$36,000
Executed · retail secondary
No executed record
Q3 2026
Compute Exchange
B

Quote lane: aggregated institutional supplier quotes, volume-weighted, via Compute Exchange. Executed lane: retail secondary transaction medians via CCIR (ccir.io), drawn largely from single-card and small-lot sales — a different channel from the quotes, and shown beside them rather than merged. Asks lead and overstate executed prices. No figure here is an appraisal, a quote to you, or investment advice. Confidence grades: A = three or more independent sources with executed-transaction evidence; B = two independent sources; C = single source or carried forward, flagged. See Methodology.