The Reference Rate for AI Compute
 
Early access · Invitation only
The Reference Rate for AI Compute

ICX H100
US Spot

A transparent, repeatable, daily reference rate for deliverable AI compute. One instrument. One anchor. Built so the market can mature.

ICX H100 US Spot Reference Rate
$2.68
per GPU-hour · Settlement · Live
24h Change
-$0.04 (−1.5%)
7d Range
$2.52 – $2.89
Providers Sampled
14
Explore
H100 Spot Prices Across Providers
Normalized to $/GPU-hour for a single NVIDIA H100 80GB in the US. On-demand rates only. Updated daily.

Provider Price Feed

Live Data
ProviderTier$/GPU-hrΔ vs ICXConfigStatus
ICX H100 US Spot — 30 Day History
$3.40$3.00$2.60$2.20$1.80
$2.68
ICX Spot Rate
$4.82
Hyperscaler Avg
$2.14
Specialist Low
2.6×
Price Dispersion
How ICX Calculates the Rate
Transparent. Repeatable. Independent of hardware cost models.
01

Collect

Gather executable on-demand H100 hourly pricing from a diversified panel of US-based cloud providers. Multi-GPU clusters normalized to per-GPU equivalent.

02

Normalize

Standard Compute Unit: 1× NVIDIA H100 80GB, US-located, hourly provisionable. Variants flagged and adjusted. All prices in $/GPU-hour.

03

Clean

Trim statistical outliers. Exclude stale quotes and non-executable listings. Apply minimum data thresholds before publication.

04

Publish

Averaged rate published daily at 4:00 PM ET. Consistent timing. Full methodology documentation available. History downloadable.

05

Price ≠ Cost

ICX reflects transaction prices, not hardware ASP or production expense. Commodity benchmarks measure markets, not drilling costs.

06

Governance

Published methodology. Documented update process. Minimum data requirements. The remedy for data risk is governance, not complexity.

Benchmark First. Then Everything Else.
Derivatives cannot precede credibility. ICX follows the established path: measure → adopt → structure → financialize.
Phase 1 — Now

Measurement

Publish a consistent daily reference rate. Establish volatility patterns, seasonal shifts, and supply tightness in a neutral instrument.

Adoption

Startups benchmark vendor quotes to ICX. Procurement teams embed ICX in forecasts. The signal: "ICX plus spread" enters the market vocabulary.

Structure

Term expectations, forward curves, and realized volatility measures derived from observed spot data. Analytic layers, not separate businesses.

Financialization

Bilateral swaps. Cash-settled futures. Only after the benchmark is sufficiently trusted and liquid. Trust is the prerequisite, not the product.

ICX measures the market
so the market can mature.

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