The daily Blackwell Ultra benchmark has slipped under $7 for the first time, and the anecdotes underneath it are louder than the index. The read from the desk: on-demand is finding its level; committed term capacity is where the market is actually clearing.
Silicon Data's B300 rental price index — a standardized, like-for-like reading across neoclouds and GPU marketplaces — printed $7.55/GPU-hr through the first days of November and now sits at $6.95. Its October 10 reading was $6.71 against $5.93 for B200, $3.43 for H200 and $2.82 for H100, so the Blackwell Ultra premium over B200 has compressed to roughly a dollar an hour.
The noise came from a widely shared post on November 2 claiming that providers who were quoting $7.90 a month ago are now offering B300s at $4.60 with no commitment. It is one unverified anecdote, and listed on-demand rates still run from about $6 on the cheapest neoclouds to nearly $18 on hyperscalers. But it landed because it rhymes with what the index is doing: marginal on-demand B300 capacity is being discounted to fill.
What is not moving is the committed market. Multi-year B300 term deals on the Ax3 marketplace have been pricing between $4.09 and $4.90/GPU-hr for months, and new November listings came in at the same band. The spread between on-demand and term is narrowing from the top, not from the bottom.
What it means if you're buying: A softer spot market is leverage on a term negotiation, not a reason to stay on-demand. The $4.60 anecdote is a no-commitment, fill-the-rack price on capacity that can be pulled when the next training run arrives; a 3-to-5-year term at the same number comes with a date, a site and a deposit schedule. If your 2027 plan needs B300 or GB300 at scale, the term floor in the low-to-mid $4s is where to transact, and it has not moved while spot has.
What to do about it: On the marketplace now: DENEB (B300 from $4.09, GB300 from $4.58, Texas, RFS Q1 2027), POLLUX (2,048× B300 air-cooled, South Florida, $4.60 on 5-yr, Phase 1 January 2027) and BELLATRIX (3,360× B300 bare metal, Southern Ontario, $4.60 on 5-yr). Sellers with idle B300 on-demand racks: list them on a term before the index does the pricing for you.
Index data · silicondata.com ↗ · Summary and analysis by Ax3
