We evaluated incremental costs and life‐years gained in the sexually active population during 2019 to 2030 in ASPIRE (A) and Ring Study (B) scenarios, and over the lifetime of the PrEP‐exposed cohort in ASPIRE (C) and Ring Study (D) scenarios. We assessed unprioritized PrEP implementation covering 30% of women aged 22 to 45, age‐based PrEP covering 50% of women aged 22 to 29, incidence‐based PrEP covering 50% of high‐incidence women aged 22 to 45, or PrEP covering 50% of female sex workers aged 22 to 45, in combination with ART implementation reaching UNAIDS Fast‐Track targets 8. Interventions on the cost‐effective frontier are shown in bold, labelled with incremental cost per life‐year gained relative to the next‐best strategy. Note that vertical axis scales differ for intervention (A to B) and lifetime (C to D) horizons. ART, antiretroviral therapy; FSW, female sex worker; LYG, life‐years gained; PrEP, pre‐exposure prophylaxis.