The board

2,048 H100 · Mar–Aug 2027 · US East

Dodona Value · Sample contract

$6.40M

Range −$2.50M to $20.04M · 128.9¢ on the dollar · Held

Value to the holder of the remaining 9.04M GPU-hours, as of 20 Oct 2026. Ornn GPU index as of 19 Oct 2026 Live · method v0.1-testIndex data: Ornn daily index, used here for demonstration only; not licensed for commercial valuation.

List for sale

Demo only. Nothing is listed, offered, sent or stored. Dodona never holds funds.

Value over the last 90 days

Each point re-values the contract on that day, using that day's index and the hours still remaining then.

$8.41M $0 22 Jul 2026 19 Oct 2026

Term sheet

Contract

GPU
H100
Count
2,048
Configuration
SXM-IB
Region
US East
Window
1 Mar 2027 – 31 Aug 2027
Remaining GPU-hours
$22.16M still to pay
9.04M
Contract price
$2.45/h
Term type
Take-or-pay

Market and credit

Index today
Ornn H100 index
$2.98/h
Forward average
After ×1.00 region and config basis
$3.27/h
Price gap
Forward average minus contract price
+$0.82/h
Volatility
Annualised from weekly changes
54.5%
Provider
Tier-1 neocloud
B+ · 78c bonds
Default hazard
Implied by the bond price
18.3%/yr
Discount rate
5.0%/yr
How this value is computed
  1. Market today. Take the latest index price for this GPU. Measure how much it moves week to week (volatility) and its recent trend (drift). Weekly changes are used because the daily index swings and snaps back, which overstates risk over months. Cap the trend at 30% a year and halve it, because 90 days is weak evidence.
  2. Expected prices. Project the price forward month by month along that trend: F(t) = index × e^(drift × t).
  3. This exact contract. Adjust for location and hardware. Europe is 4% higher. PCIe is 15% lower than SXM with InfiniBand.
  4. Hours left. Count the GPU-hours left in each remaining month. The remaining cost is those hours × the contract price.
  5. Provider risk. Read a default risk from the provider's bond price. A 78c bond implies about 11% a year of credit spread. Weight later months by the chance the provider is still there.
  6. Discount. Bring each month back to today at 5% a year.
  7. Value. Add up hours × (expected market price − contract price), discounted and credit-weighted. If the holder can cancel, months where the market is below the contract price count as zero.
  8. Range. Re-run with prices one volatility move lower and higher over the contract's midpoint tenor.
  9. Cents on the dollar. (Remaining cost + value) ÷ remaining cost × 100. Above 100 means the locked price beats the market.

Method v0.1-test. Formulas and assumptions are in the project's valuation note. Buyer credit, seasonality and liquidity are not modelled yet.