Should you lease or buy GPU servers?
Lease GPU servers if you plan to replace them when the term ends, and buy them if you’ll keep running them after the last payment. The choice comes down to who’s stuck with what the GPUs are worth at the end, so here’s how an EFA, a $1 buyout, a 10% option and an FMV lease each handle that, and what a $1MM-plus purchase needs.
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What are the four ways to lease or buy GPU servers?
GPU equipment leasing and buying come down to four structures. Our $1 buyout vs. FMV lease guide shows how to spot each one in the paperwork, so I’ll stick to how they play out on GPU hardware.
| On GPU servers | EFA | $1 buyout lease | 10% option lease | FMV lease |
|---|---|---|---|---|
| Who holds title during the term | You, from day one | The funder, until you pay the $1 | The funder, until you buy | The funder |
| Terms at Five West | 24 to 84 months | 24 to 60 months | 24 to 60 months | 24 to 60 months |
| Due at the end | Nothing | $1 | 10% of the original cost | Your choice: buy at market value, extend, upgrade or return |
| Who carries the resale risk | You | You | You, since the purchase is usually required | The funder, if you return them. You pay market value to keep them. |
| Payment on $1,341,714 over 36 months | About $42,666 | About the same as the EFA | Lower than the EFA, quoted deal by deal | Lowest, quoted deal by deal |
Estimated example for an established business only, with no money down, on three 8-GPU B200 servers. Which structures fit depends on the transaction and the company’s financials, and 10% and FMV terms on GPUs depend on the program, so ask us. Not an offer.
Read the 10% line closely. On those three servers, it’s $134,171 due at the end. If the paperwork says PUT or “shall purchase,” you have to buy, even if the GPUs are worth far less by then. The Uniform Commercial Code treats a non-cancelable lease that binds you to buy, or lets you buy for a nominal amount, as a security interest, so have your attorney read the wording.
Who carries the residual risk on a GPU lease?
On an FMV lease, the funder does, as long as you hand the servers back. On an EFA or $1 buyout, you do. The residual is what the GPUs are expected to be worth when the term ends, and it’s why the FMV payment comes in lowest.
There’s a catch. If the GPUs hold their value and you want to keep them, you pay market value. The H100 shows how that can go:
| What was measured | Figure | Date | Source |
|---|---|---|---|
| Used or refurbished H100, at peak scarcity | Up to $50,000 per GPU | Mid-2024 | Hashrate Index |
| Used 8-GPU H100 server | About $150,000 to $180,000 | April 2026 | Hashrate Index |
| Refurbished 8-GPU H100 system, median ask | $246,000 | August 2026 | Hashrate Index |
| New 8-GPU H100 node, median ask | $324,438 | August 2026 | Hashrate Index |
| H100 one-year rental contract | $1.70, then $2.35 per GPU-hour | October 2025, then March 2026 | SemiAnalysis |
| H100 rental index | $2.97 per GPU-hour | November 5, 2026 | Silicon Data |
Listed asking prices we found, checked November 5, 2026, not appraisals or offers. The Hashrate Index rows are published market figures, and the August medians are posted asks, not closed sales. These sources measure different things, so they aren’t one price history.
So H100 resale prices slid hard after 2024, and Hashrate Index tied that to supply catching up. Then, with B200 and B300 systems already on sale, H100 rental prices climbed in 2026.
You can’t budget on a swing like that, which is why FMV terms on GPUs depend on the program. A program that can’t predict resale value can set a lower residual, and that means a higher FMV payment. I’d pick the structure that still works if the GPUs are worth very little at the end.
What happens to a GPU lease when the next chip ships?
Nothing changes on your contract. The payment stays the same and the servers keep running. Equipment contracts generally can’t be canceled, and when a funder buys what you picked and leases it to you, the Uniform Commercial Code’s model text makes your payments irrevocable once you accept the goods.
Those chips will keep coming. NVIDIA calls it a one-year rhythm, it began production shipments of Vera Rubin in August 2026, and its March roadmap had Feynman in 2028. A 36-month term signed this month ends in November 2029. Your options depend on the structure:
- FMV lease. At the end, you can buy the servers at market value, extend, upgrade or send them back. On qualifying leases, a mid-term upgrade rolls the remaining balance into a new lease, so ask what the new payment would be.
- EFA or $1 buyout. Keep the servers working, move them to lighter jobs, or resell them. A resale before payoff means paying off the balance first, so ask how an early payoff is figured.
How does your refresh plan change the answer?
It pretty much decides it. Servers usually get replaced every three to five years, so start with the month you expect to pull these.
- You’ll replace them when the term ends. Look at an FMV lease on 36 or 48 months, if the program will write one on your GPUs.
- You’ll run them until they stop earning. Use an EFA or $1 buyout. After payoff, you’re paying for power, space and support, and nothing to a funder.
- You’ll probably keep them but want a smaller payment. A 10% option fits, if the program offers one and you’ll have the cash for the buyout.
- You honestly don’t know. An FMV lease keeps the choice open, at the market price when the term ends.
On any lease, check who pays to de-rack and ship the servers, and what working order means for a node with one failed GPU. Tell us your refresh date, and your funding professional will run the structures with you.
What’s the monthly payment if you buy GPU servers?
On an EFA or $1 buyout, three B200 servers at $1,341,714 come to about $42,666 a month over 36 months. Stretching to 60 months brings that to about $27,852, but you’d still be paying on five-year-old servers.
| Example purchase | Amount | 36 months | 48 months | 60 months |
|---|---|---|---|---|
| Three 8-GPU B200 servers | $1,341,714 | About $42,666 | About $33,389 | About $27,852 |
| Four 8-GPU B300 servers | $2,119,832 | About $67,410 | About $52,752 | About $44,004 |
Estimated examples for an established business only, with no money down, on an EFA or $1 buyout lease. Amounts use Exxact’s starting prices of $447,238 per B200 server and $529,958 per B300 server: listed asking prices we found, checked November 5, 2026, not appraisals or offers. Networking, racks and installation are extra. Actual payments depend on credit, the equipment and the term.
There’s no FMV column because that payment depends on the residual a program sets. With good credit, you usually don’t need a down payment. The Quote Builder runs up to $2 million with no credit pull.
Should you lease the GPUs and own the power, cooling and racks?
Often, yes. UPS systems, switchgear, cooling and racks usually outlast the servers, so they suit an EFA of up to 84 months, while leases stop at 60. Our data center equipment financing guide runs the numbers on a split.
It takes two agreements, since a financed piece and a leased piece can’t share one. Our usual $15,000 minimum counts on the total. If the project clears $1MM but one piece doesn’t, tell us up front, and we’ll say how it can be placed.
Before you sign seven years on cooling, ask your integrator what it can carry next. Supermicro lists a GB300 NVL72 rack at 132 to 140 kW, and The Register reported a 600 kW rack for Rubin Ultra back in 2025.
Can you get an operating lease on GPU servers?
It depends on the program, so ask us. An FMV lease is usually what people mean by an operating lease for GPU servers. How it lands on your books is your CPA’s call. Under ASC 842, it’s a finance lease if it meets any one of these tests, and an operating lease if it meets none:
- Ownership passes to you by the end of the term.
- You hold a purchase option you’re reasonably certain to use.
- The term covers the major part of the remaining economic life.
- The payments’ present value, plus any residual you guarantee, is substantially all of the fair value.
- The equipment is so specialized the funder has no other use for it.
On the term test, the standard sets no bright line, but PwC notes one approach treats 75% or more of the remaining economic life as the major part. If your CPA uses five years for GPU servers, a 48-month lease goes over that and a 36-month lease doesn’t.
If you report under GAAP, expect it on the balance sheet either way. The election to leave a lease off covers only terms of 12 months or less. On tax, you’re generally the owner on an EFA or $1 buyout, and on a true FMV lease you generally deduct the payments. Your CPA should confirm both.
What do you need for a $1MM-plus GPU lease?
The programs we place these deals with currently look for deals of $1MM and up, with $25MM annual revenue required and 3+ years in business preferred. That $25MM figure is specific to these programs. Every deal this size needs a full financial package, and it starts with a short proposal request on our large-ticket financing page. A credit decision typically follows within 2 to 10 business days of a complete package.
A purchase under $1 million falls outside these programs. It goes on the standard programs on our IT hardware financing page, which start around $15,000, and our H200, B200 and GB300 guide shows where each system lands.
Newer companies usually start smaller, and our startup financing guide covers that. New and used equipment can both qualify, depending on the program. There is no age limit, though older equipment can be tougher to get done, and it typically gets a shorter term.
Frequently asked questions
Is it better to lease or buy GPU servers?
Lease them if you plan to replace them when the term ends, and buy them on an equipment finance agreement or $1 buyout if you’ll keep running them. FMV terms on GPUs depend on the program.
What is an operating lease for GPU servers?
It usually means a fair market value lease, where you can buy the servers at market value, extend, upgrade or return them at the end. Whether it counts as an operating lease on your books depends on its terms under ASC 842, so ask your CPA.
What happens to a GPU lease when a new chip comes out?
Your payment stays the same, since equipment contracts generally can’t be canceled. Qualifying leases have add-on and upgrade paths mid-term, and at the end of a fair market value lease you can upgrade or return the servers.
Can you lease GPU servers for under $1 million?
Yes, on our standard programs, which start around $15,000. The data center programs look for deals of $1MM and up, so a smaller purchase falls outside them.
Can leased GPUs and financed power gear go on one agreement?
No. A financed piece and a leased piece need two agreements, and the usual $15,000 minimum counts on the total. If everything goes on the same structure, GPU servers, racks, networking, cooling and power gear can share one agreement, with installation on qualifying deals.
Do you need a down payment to lease GPU servers?
With good credit, you usually don’t need a down payment. Startups usually put some money down.
Comparing a lease and a purchase?
Send your itemized quote and your refresh date. A dedicated funding professional will lay the structures side by side and tell you plainly what’s possible on your GPUs.
This article is general information about leasing and financing GPU servers, not tax, legal or accounting advice or a commitment to finance. Prices shown are listed asking prices and published market figures on the date checked, not appraisals or offers. Example payments are estimates for an established business with no money down; actual terms and payments depend on credit approval, the equipment and the structure. How a lease is classified for accounting depends on its terms and your business, so confirm it with your CPA. All financing is subject to credit approval and underwriting.