Overview
Terraform is HashiCorp’s infrastructure-as-code tool, which defines cloud and on-premises resources in configuration files and plans and applies changes; HCP Terraform is its managed service for remote state, runs, policy and collaboration. IBM completed its acquisition of HashiCorp on 27 February 2025 for US$35 per share in cash, an enterprise value of US$6.4 billion, and the products are now branded IBM HashiCorp[16][15].
HCP Terraform is priced per managed resource: Essentials from US$0.10 per resource per month, Standard from US$0.47 and Premium from US$0.99, with Standard and Premium including HCP Waypoint; prices apply to eligible business customers[15]. Resource-based pricing is transparent but can become expensive for large estates, and the managed service is restricted to eligible business customers[15].
What HCP Terraform does
- Declarative infrastructure as code
- Remote state and runs
- Policy enforcement
- Per-resource billing
- HCP Waypoint (Standard and Premium)
HCP Terraform pricing
Essentials: from US$0.10/resource/month. Standard: from US$0.47. Premium: from US$0.99. Business customers only.
HCP Terraform strengths and limitations
Strengths
- Widely adopted IaC tool
- Multi-cloud scope
- Published per-resource rates
- Managed state and policy
Limitations
- Per-resource costs grow with estate
- Business customers only
- IBM integration may alter roadmap
- Learning curve for configuration language and state
Appears in
HCP Terraform alternatives and competitors
Alternatives to HCP Terraform: companies ranked in the same lists.
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Datadog
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