A GPU loses roughly half its resale value within three years, and rental rates for older chips are down 50 to 70%. A chip bought in 2025 and installed in 2027 has two of its best earning years gone before it earns a dollar.
CoreWeave has not funded a dollar of its GPUs from operations
A case study of the largest GPU rental business: what it earns, what it owes, and what the credit market is really pricing.