Stonehold
European sovereign compute · OTC source & desk

Fixed-price sovereign GPU capacity, without the lock-in.

Reserve UK/EU-resident H100 blocks at a fixed price below on-demand. Need changes? Relist what you don't use back to us. One relationship, the whole European market.

Model
OTC source · fixed-price blocks
Territory
UK & EU sovereign
Unit
NVIDIA H100 / H200
Rate
KXC Rate · weekly
Fig. 01 — The market

H100 rates are up 37% since December.

The tier you actually rent in — neocloud, not hyperscaler — has risen from $2.00 to $2.75 a GPU-hour in seven months, at five times the volatility of the administered hyperscaler rate. Every month you buy on-demand is a month you take that path unhedged.

H100 on-demand, global neocloud tier
Silicon Data H100 Neocloud Index (BBG: SDH100RT) · $/GPU-hr · Dec 2025 – Jun 2026
$2.75▲ 37.5%
$2.00$2.20$2.40$2.60$2.80DecJanAprMayJun2025-12-09 — $2.00/GPU-hr · Baseline2026-01-06 — $2.20/GPU-hr · +10% in 4 weeks2026-04-08 — $2.47/GPU-hr · Post-GTC trough2026-05-30 — $2.76/GPU-hr · Peak2026-06-05 — $2.75/GPU-hr · +12.7% on the quarter$2.00 · Dec baseline$2.47 post-GTC trough$2.76 peak$2.75Jun 2026
Neocloud index, Dec → Jun
+37.5%
$2.00 → $2.75/GPU-hr
Trailing 3-month move
+12.7%
to early June 2026
Annualised volatility
18.4%
vs 3.8% hyperscaler tier
Hyperscaler tier
$7.46
unchanged on 43 of 60 days
The hyperscaler tier sat flat in a $7.40–$7.55 band over the same window — an administered ceiling ~2.7× the neocloud rate. The market you actually buy in is the volatile one.
Fig. 02 — The dispersion

Same chip. Same week. 10.7× the price.

Twenty-five verified European providers, one SKU. The cheapest H100-hour in Europe is $1.50; the dearest is $15.98. Nobody buying one account at a time sees this picture — which is precisely why the spread survives.

The same H100, priced across Europe
On-demand list, $/GPU-hr · 25 verified providers · as of 3 Jul 2026 · log scale
10.7×low to high
$1.5$2$3$5$8$16UK-sovereignNorthern Data · UK · $2.60/GPU-hrCivo · London · $2.99/GPU-hrCivo $2.99EU-sovereignGenesis Cloud · Norway · $1.60/GPU-hrUpCloud · Helsinki · $2.05/GPU-hr (listed €1.79)Seeweb · Milan · $2.15/GPU-hr (listed €1.89)LeaderGPU · Netherlands · $2.42/GPU-hr (listed €2.07)HostKey · Amsterdam · $2.55/GPU-hr (listed €2.18)Contabo · Germany · $2.91/GPU-hrOVHcloud · Gravelines · $2.99/GPU-hrNexGen · Norway · $3.20/GPU-hrScaleway · Paris · $3.27/GPU-hr (listed €2.87)Safespring · Sweden · $3.35/GPU-hr (listed €2.93)Sesterce · France · $3.63/GPU-hrNebius · Finland · $3.85/GPU-hrLeafcloud · Netherlands · $4.70/GPU-hr (listed €4.12)CloudFerro · Poland · $7.20/GPU-hr (listed €6.29)CloudFerro $7.20EU-located · US-ownedHyperbolic · multi · $1.50/GPU-hrRunPod · France · $2.89/GPU-hrVultr · UK · $2.99/GPU-hrGcore · Luxembourg · $3.14/GPU-hrPaperspace · Netherlands · $3.39/GPU-hrLambda · Germany · $3.99/GPU-hrLambda $3.99Hyperscaler (EU region)AWS · Stockholm · $7.36/GPU-hrGCP · Netherlands · $14.07/GPU-hrAzure · Amsterdam · $15.98/GPU-hrAzure $15.98
Vertical rule = tier median. The spread between the cheapest and dearest European H100 is 10.7× — for the same silicon, in the same week. That dispersion is not noise; it is the margin a desk exists to capture on your behalf.
Fig. 03 — The KXC Rate

What sovereignty actually costs

Quote-derived medians for fixed-price H100 capacity across verified European providers, by residency tier. Week of 6 Jul 2026. Indicative only — the full per-provider sheet is free with a work email.

UK-sovereign
€2.05 /GPU-hr
−1.9% wk ·  −28% vs on-demand
2 providers · Civo, Northern Data
EU-sovereign
€1.89 /GPU-hr
−0.6% wk ·  −31% vs on-demand
9 providers · Genesis, UpCloud, Seeweb, OVHcloud +5
EU · US-owned
€1.74 /GPU-hr
+0.4% wk ·  −22% vs on-demand
5 providers · RunPod, Vultr, Gcore, Lambda, Paperspace
The sovereignty basis
KXC Rate tier medians, premium over EU-located/US-owned capacity · week of 6 Jul 2026
+17.8%UK over US-owned
+0%+5%+10%+15%+20%UK-sovereignUK-sovereign — €2.05/GPU-hr, +17.8% over reference2.05 · +17.8%EU-sovereignEU-sovereign — €1.89/GPU-hr, +8.6% over reference1.89 · +8.6%EU · US-ownedEU · US-owned — €1.74/GPU-hr, reference tier1.74 · reference
Attestable UK residency costs +17.8% over EU-located, US-owned capacity; EU-sovereign costs +8.6%. Global indices normalise geography out of the price. If residency is a hard constraint for you, this is the number that governs your budget — and no one else prints it.

Full per-provider rates + weekly sheet + European provider index. Free.

Indicative · quote-derived · not for contract settlement.

Sources — Silicon Data — H100 Index, May 2026: Two Tiers, Two Regimes · Silicon Data — H100 Price Spike (Jan 2026) · Silicon Data — H100 Hyperscaler Index, April 2026 · Stonehold European provider index (internal). The KXC Rate is Stonehold's own weekly print; index levels above are published third-party observations, not our estimates.
Fig. 04 — Why Stonehold

Reserved pricing, minus the trap

Sovereign capacity should not force a 36-month lock-in. The desk gives AI teams fixed-price blocks with a clean exit.

01

Fixed price without lock-in

Reserve UK/EU-resident H100 capacity below on-demand — without a 12–36 month commitment you can't unwind. Blocks are fixed-price and transferable.

02

Residency you can attest

UK-only or EU-sovereign, certifications attested in writing for your risk team and client DDQs. Evidence lands in the procurement file, not a follow-up email.

03

One counterparty, whole market

Reserve through Stonehold instead of opening accounts across every European cloud. One relationship, the vetted European market.

04

Relist what you don't use

If plans pivot or capacity sits idle, relist the remainder back to us and we work to re-place it through our bilateral capacity network.

Fig. 05 — How the desk works

Transact through one relationship

Four steps, with the option to relist if your needs change.

STEP 01

Tell us workload + residency tier

Training, tuning, or inference; UK-only, EU-sovereign, or EU-located; timing, size, budget.

STEP 02

We quote a fixed-price block

Sourced from vetted sovereign capacity, with price, dates, provider tier, and residency evidence.

STEP 03

Reserve it through Stonehold

One contract, one counterparty, access to the vetted European market. Transferable if needs change.

STEP 04

Relist unused capacity

Don't need the remainder? Relist it to us and we work to re-place it.

Fig. 06 — Research

Sovereign compute, measured

Data and analysis on the European GPU market — rate methodology, residency, and the economics of reserved capacity.

The weekly sovereign GPU rate sheet, in your inbox.

Fixed-price H100 medians across UK/EU residency tiers, the full per-provider index, and new research. One email a week. Free.

Weekly sovereign GPU rate sheet + provider index. No spam. Unsubscribe anytime.

Fig. 07 — Desk questions

FAQs

Fixed-price blocks, residency evidence, single-counterparty buying, and relisting unused capacity.

Do you provide GPUs directly?

We don't run data centres. We buy sovereign capacity wholesale and sell it to you as fixed-price blocks, then take back and re-place capacity you no longer need where possible. You get one contract and access to the whole vetted European market.

How do you vet capacity?

We review pricing, availability, cluster stability, provider ownership, location, energy profile, and written residency evidence. The quote includes the tier and evidence your procurement or risk team needs.

Do I need to switch providers?

Reserve through Stonehold as your single counterparty — no need to open accounts across providers. If you already have strategic provider relationships, we can structure around them where the capacity and residency tier fit.

How does Stonehold improve cost and optionality?

We source fixed-price sovereign blocks below on-demand where supply allows. If your needs change, you can signal interest to relist the remaining capacity back to us instead of being trapped in a long reserved commitment.

Who is Stonehold designed for?

AI teams, regulated enterprises, labs, and infrastructure buyers that need UK/EU-resident H100 capacity, predictable pricing, and optionality without managing every provider relationship themselves.