HGX H100 vs. HGX B200 Blackwell — Senior ABL Borrowing-Base Eligibility & ASA OLV/FLV Haircut Comparison
Explains why seasoned HGX H100 SXM5 nodes with n>=5 secondary comps qualify for senior ABL borrowing base while newly delivered HGX B200 SXM6 clusters trigger an INSUFFICIENT_MARKET_EVIDENCE halt. · Live ECB EUR/USD 1.1130 (2026-10-29)
| Benchmark Dimension / Underwriting Metric | 8x NVIDIA H100 SXM5 80GB (HGX 8-GPU Server) | 8x NVIDIA B200 SXM6 180GB Blackwell (HGX 8-GPU Server) | Spread / Underwriting Rule |
|---|---|---|---|
| Accelerator & Node Topology | 8× H100 SXM5 (80 GB) | 8× B200 SXM6 (180 GB) | 640 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) | 10.2 kW | 14.4 kW | +4.2 kW per node delta |
| 0m New OEM Reference Ask (USD / EUR per Node) | $324,438 (€291,499) | $515,000 (€462,713) | $+190,562 CapEx spread per node |
| US Texas ERCOT 36m Net Own TCO (4-Node Cluster, USD) | $889,787 | $1,137,897 | 72% utilization · DLC PUE 1.12 · $0.0680/kWh |
| Germany DE-LU 36m Net Own TCO (4-Node Cluster, EUR) | €874,896 | €1,128,882 | 72% utilization · DLC PUE 1.12 · Eurostat X_VAT |
| Implied Self-Hosted Unit Cost ($/GPU-h US-TX · €/GPU-h DE) | $1.47/h (€1.44/h) | $1.88/h (€1.86/h) | Net of 36m residual recovery |
| ASA Liquidation Recovery Factors (OLV 90–180d / FLV 30–60d) | 88.7% OLV / 64.6% FLV | 84.0% OLV / 58.0% FLV | Exact dollar curves in €79 Pack / Pro API |
| Senior ABL Borrowing-Base Eligibility Gate | INELIGIBLE_INSUFFICIENT_MARKET_EVIDENCE | INELIGIBLE_INSUFFICIENT_MARKET_EVIDENCE | Requires n>=5 fresh (<=60d) comps & Enterprise DC EULA |
Cross-Market & Architecture Visual Benchmark (ClusterCollateral.com)
Synchronized with clean-IP SQLite WAL telemetry (M-2026.10-r2)Need Custom Node Counts, 12–60m Amortization or the €79 Excel (.xlsx) Audit Pack?
Run custom cluster scenarios in USD ($) or EUR (€) on the interactive workbench or unlock full Pro API telemetryThe one-time €79.00 B2B Scenario Pack delivers a 4-sheet live-formula Excel (.xlsx) workbook + 2-page Investment Committee PDF brief for your exact cluster size, utilization, cooling PUE, and debt LTV structure.