Compute Capital

(USA), Inc.

Institutional marketplace

The Institutional Marketplace for Compute Does Not Yet Exist.

Compute Capital (USA), Inc. is working to change that. Compute is financed one transaction at a time. It is not yet traded and settled as an institutional asset class. Compute Capital (USA), Inc. is building the over-the-counter infrastructure required for it to become one.

Pricing enginesSpeak with the desk

What this firm is

An Agency Institutional Broker and Calculation Agent. We provide customer trade structure pricing, indicative secondary markets, trade structure term sheets, trade confirms, and fair-value and mark-to-market valuations. When a customer needs hardware, the firm takes a delayed-draw term loan to lenders who already buy that paper.

What this firm is not

  • Not a warehouse of chips, megawatts, or protection.
  • Not a lender. Not a commitment to fund.
  • Not a designated contract market.
  • Not a listing dressed up as a market.

Eight portals

Our Portals represent internal Pricing Engines where trade structures are priced for clients and offered to the Institutional Marketplace at our clients’ discretion.

  1. 01

    Re-leasing/Re-contracting

    Lease portals are markets. The original invoice is not the mark.

  2. 02

    GPU rent

    The card, rented, as its own underlier.

  3. 03

    Inference

    Output. Not the chip that produced it.

  4. 04

    Memory

    A separate portal. Not a footnote on the hour.

  5. 05

    Residual value

    Leftover at a date. Not debt per megawatt.

  6. 06

    Data-center credit

    The tenant and the rental hall. A credit confirm, not a cell in the commodity annex.

  7. 07

    Compute–Power

    Compute minus delivered power. A spark, not a blended invoice.

  8. 08

    Arranged financing

    A GPU facility taken to lenders. This firm does not write the cheque.

The OTC market is not an adjunct to the listed future.

Futures open interest grows where the OTC trade clears. Power showed it. Compute will not be different. A rental-index future listed in front of a documented bilateral book is a contract. It is not yet a market.

Pricing
A named print. Sources are not averaged.
Indications
Two-way markets. The mid is not a posted offer.
Duration
Portfolio tenor, not a single invoice.
Mark-to-market
A quarterly number a CFO can defend.
Settlement
Trade confirms and reporting, transaction by transaction.
Documentation
ISDA where the risk is a derivative. Facility paper where the risk is a loan.

The firm’s comment to the CFTC