NVIDIA HGX H200 (SXM5) vs. HGX B200 Blackwell (SXM6) — Thermal Load, CapEx & 36m TCO Comparison
Evaluates Hopper H200 (10.2 kW IT load) against Blackwell B200 (14.5 kW IT load, 1,440GB HBM3e) across DLC facility power draw, 0m OEM anchor pricing, and 36-month self-hosted $/GPU-h. · Live ECB EUR/USD 1.1130 (2026-10-29)
| Benchmark Dimension / Underwriting Metric | 8x NVIDIA H200 SXM5 141GB HBM3e (HGX 8-GPU Server) | 8x NVIDIA B200 SXM6 180GB Blackwell (HGX 8-GPU Server) | Spread / Underwriting Rule |
|---|---|---|---|
| Accelerator & Node Topology | 8× H200 SXM5 (141 GB) | 8× B200 SXM6 (180 GB) | 1128 GB vs. 1440 GB node VRAM |
| Chassis & Interconnect Fabric | HGX SXM5 Baseboard (4U DLC / 8U Air) | HGX Blackwell Baseboard (Direct Liquid Cooled Recommended) | SXM NVSwitch vs. PCIe/OVX topology |
| 100% Peak Nameplate IT Power (kW / Node) | 10.5 kW | 14.4 kW | +3.9 kW per node delta |
| 0m New OEM Reference Ask (USD / EUR per Node) | $368,000 (€330,638) | $515,000 (€462,713) | $+147,000 CapEx spread per node |
| US Texas ERCOT 36m Net Own TCO (4-Node Cluster, USD) | $811,401 | $1,137,897 | 72% utilization · DLC PUE 1.12 · $0.0680/kWh |
| Germany DE-LU 36m Net Own TCO (4-Node Cluster, EUR) | €806,687 | €1,128,882 | 72% utilization · DLC PUE 1.12 · Eurostat X_VAT |
| Implied Self-Hosted Unit Cost ($/GPU-h US-TX · €/GPU-h DE) | $1.34/h (€1.33/h) | $1.88/h (€1.86/h) | Net of 36m residual recovery |
| ASA Liquidation Recovery Factors (OLV 90–180d / FLV 30–60d) | 86.0% OLV / 62.0% FLV | 84.0% OLV / 58.0% FLV | Exact dollar curves in €79 Pack / Pro API |
| Senior ABL Borrowing-Base Eligibility Gate | INELIGIBLE_INSUFFICIENT_MARKET_EVIDENCE | INELIGIBLE_INSUFFICIENT_MARKET_EVIDENCE | Requires n>=5 fresh (<=60d) comps & Enterprise DC EULA |
Cross-Market & Architecture Visual Benchmark (GPUValuation.com)
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