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GPU TCO & $/GPU-hour

Estimate owned cost per productive GPU-hour — server capex over its depreciation life, installed-to-active allocation, electricity at TDP × PUE, opex, and a facility charge per kW of IT (standalone default $210/kW-month, inside CBRE's Q1 2026 Northern Virginia asking range of $190–235) — then compare against the rate you would actually sign: a contract or reserved rental (H100 ~$2.00/GPU-hr, the SemiAnalysis InferenceX 'retail' rate (its glossary defines retail as a three-year reservation price)), not the on-demand list.

ScenarioNVIDIA GB300 NVL72 · 56 active / 72 installed GPUs · 1 racks · 0.14 MW IT · $9M programguide defaults (as of 2026-09)Edit the shared scenario →

GPU TCO & cost-per-GPU-hour

Server cost$GPUs / serverGPUsDepreciation lifeyr5 years is the middle of the 4–6 year GPU economic life the guide uses (Goldman Sachs); 2–3 years is the contested bear case — test 3/5/7GPU TDPWServer power multiplier× GPU TDPTotal server IT power ÷ aggregate GPU TDP — 30% host overhead → 1.30 (not 0.30)Annual-average IT load% of nominalIndependent of productive utilization; use the electrical load study.PUEratio≥1 by definitionPower price$/kWhOwned-use utilization%Annual productive hours used to recover ownership costInstalled / active allocation×Installed GPUs ÷ active GPUs; allocates stranded rack slots to productive unitsOpex%/yrFacility / colocation charge$/kW-month ITCBRE N. Virginia Q1 2026 asking $190–235 for 250–500 kW, energy billed separately. For a self-built hall enter its capital recovery per kW-month (connected: derived from the scenario's building capex); 0 only if the facility is sunk.Contract rental comparator$/GPU-hrThe rate you would actually sign. SemiAnalysis InferenceX 'retail' rate (its glossary defines retail as a three-year reservation price), Sep 2026: H100 ~$2.00, GB200 ~$4, GB300 ~$5; H100 1-yr contract ~$2.1–2.7. On-demand list runs far higher (H100 ~$3.5, GB200 ~$16, GB300 ~$18): context, not a comparator.

$6.11 / active GPU-hr · server ownership, energy and facility charge

Annual cost / active GPU$37,450

· Depreciation$22,320

· Energy$1,943

· Opex$8,928

· Facility charge$4,259

· Installed-to-active allocation1.286× across all four cost lines

Breakeven utilization vs contract rental86%

The facility charge puts space and power delivery into the owned cost, so it compares like-for-like with a rental rate that already includes them; energy is billed separately at PUE. Compare against the contract rate you would actually sign, not an on-demand list price. Ownership beats that rate only above the breakeven utilization computed from your own inputs — below it a debt-financed cluster bleeds cash → Ch 1.8.

Worked decision — stated assumptions

All ledger inputs are assumed teaching values chosen to exercise this chapter’s method; they are not market quotes, OEM performance claims or operating records. Arithmetic uses the full entered precision.

Assumed inputs
Input	Value
Server cost	240000 $
GPUs / server	8 GPUs
Depreciation life	3 yr
GPU TDP	1000 W
Server power multiplier	1 × GPU TDP
PUE	1 ratio
Annual-average IT load	100 % of nominal
Power price	0.1142 $/kWh
Owned-use utilization	50 %
Installed / active allocation	1.25 ×
Opex	5 %/yr
Facility / colocation charge	0 $/kW-month IT
Contract rental comparator	4 $/GPU-hr

Illustrative server-ownership decision: assume $30,000 per installed GPU, three-year straight-line cost allocation, $1,000 annual energy, annual opex equal to 5% of purchase cost, and 1.25 installed GPUs per active GPU. Annual cost per active GPU is (30,000 / 3 + 1,000 + 1,500) × 1.25 = $15,625. At 50% productive use, divide by 4,380 hours: $3.57 per productive GPU-hour.

An assumed like-for-like $4/hour rental crosses that cost at 15,625 / (8,760 × 4) = 44.6% utilization. Above that point ownership wins this stated numerator; below it rental wins. With all other inputs fixed, five- and seven-year ownership lives reduce the result to $2.43 and $1.94/hour. These are life sensitivities, not evidence that the fleet earns for those periods. The facility charge is set to zero here to isolate the server; a rental rate includes powered, cooled space, so enter the facility's capital recovery per kW-month and reconcile services outside either quote before making a full-service purchase decision.

At 40% productive use, ownership costs $4.46 per productive GPU-hour and the assumed $4 rental wins. Change productive use, not the independent electrical-load assumption.

Guide derivation. Method and handoff: Chapter 1.8 — Business Models, Economics & ROI.

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