Value by age
Fair valueOrderly sale, 90 daysForced sale, 30 days
GPU index
What a GPU is worth to a lender, by model and age
Fair value, orderly and forced liquidation value and an advance per unit. Built on the Safewaterline on-demand rate, a median of public GPU listings, and the Safewaterline residual model. Updated as listings are read.
rental input as of
curves as of · model v0.1
curves as of · model v0.1
On-demand rate
H100
Monthly rate, table
| Month | Rate $/hr | Listings | 1-yr-old unit | 3-yr-old unit |
|---|
Curves are the Safewaterline income model, not observed sales. The rate is the median of public listings in the 90 days before each month-end. See methodology.
| Input or output | Value | Status |
|---|
Curve by age
| Age | Fair value | % new | Orderly | Forced | Advance |
|---|
What each status means
listing A public price read from a provider's page on a date, quoted and linked. The rate is the 90-day median of these.
model A Safewaterline estimate from stated parameters. Reproducible from the published script.
comp An observed sale or auction result. None published yet. The curve becomes a benchmark when this column fills.
filings Read from a public SEC filing, with the quote.
What the desk adds
Exchanges price the hour. Safewaterline prices the unit over its life and what a lender gets back if it has to sell. The second number is the one in the credit memo, and it comes from the same model the desk lends on.
Not on this page
Forward rental curves, token prices and benchmark tests. Those belong to the exchange index administrators. Robot, equipment and ship curves wait for the desk to have comps. See Research for the frameworks.
Risk profiles
One score per asset, one per fleet type
Four questions a lender asks before the advance rate: how fast it obsoletes, how deep the resale market is, how hard it is to enforce, and who pays the borrower. 25 points each. The desk sets the score each quarter and publishes the reason.
scores as of
GPUs, by model
GPUs, by fleet type
Robots, equipment and ships framework
Scored by the same four questions, from public research. No value curve is published for these until the desk has its own resale comps.
Scores are opinions of the Safewaterline credit desk about a class of asset. They are not a rating of any borrower, and no borrower's data is used to set them. How the score is built.
Register
Who lends to whom against GPUs, read from SEC filings
One row per facility. Every cell carries the quote from the filing that proves it. Nothing on this page comes from a Safewaterline loan. It is public by construction.
filings
read
read
Disclosed lending by quarter
GPU-backed facilities by the quarter they were signed, split by how the loan is repaid
disclosed since 2023
A, repaid from contracted cash flowsB, an SPV holds the GPUsOther or not stated
Agents and trustees
| Agent | Borrowers | Facilities | Size |
|---|
Most recent facilities
Open the full register, certificates and regbook ↗| Borrower | Agent | Size | Rate | Signed | Advance rate |
|---|
Borrower links open the filing on sec.gov. A blank advance rate means the agreement does not state one, which is itself a finding: most large GPU facilities price the offtaker's credit, not the hardware.
Research
Four asset classes, one lender's question each
Breadth in words, depth in numbers. GPUs and robots have reports built from sourced research. Equipment and ships have the framework the desk will fill as it lends.
reportGPUs
Why rental price is not collateral value. Who sets the benchmark, what the three exchange stacks settle on, and where the recovery data has to come from.
Read → reportRobotsSix axis arms fell 40% in price in five years. What that does to a lease book, which fleets hold value, and why the integrator, not the arm, carries the margin.
Read → frameworkHard equipmentYellow iron, combines and CNC. The benchmark exists at the auction house. The questions Safewaterline adds are fleet level.
Read → frameworkShipsClarksons sets the price and the model for this firm. What is left for a small fleet, open registry lender to know.
Read →Rule for adding a value curve
A class gets a published curve when the desk has closed loans in it and would lend against the published number. Until then it gets a framework and a risk score, never a decimal point.
Rule for every number
It carries a status: licensed, model, comp or filings. It links to a source or to the script that made it. If neither exists, it is not published.