Pricing engines · Subject

Eight portals. Eight engines.

Each portal follows the pricing engine and workbook. Portal engagement requires interaction with Desk trading staff. Portals are not open to the public and have no live link to the public. A lease is the card, not the hall. A token is not an hour. A spark is not a blended invoice. Loan margin is not credit protection. Nothing here is firm until final terms are agreed with Desk trading staff. Customers approve final terms in a term sheet and authorize the Desk to offer the trade to the open market as directed.

01
Re-leasing / Re-contracting
A new lease if someone signs. CC-RV if nobody does.
02
GPU-Rent · CC-LMTM
The hour, the mark, and the lease swap on that invoice.
03
Inference
Loaded. TS-INF-01. Tokens.
04
Memory
Loaded. A GB-hour of HBM.
05
Residual value
Loaded. CC-RV.
06
Data-center credit
Loaded. TS-DC-CDS-01.
07
Compute–Power
Loaded. Model A, and Model B beside it.
08
Arranged financing
Two engines. The loan, and the notes.

01 · Re-leasing / Re-contracting

36 months the money outlives the offtake

If a replacement signs: A new lease, then a new LBS. No pillar exists past month 36.
If nobody signs: CC-RV at month 60
That residual, book: $4,917,730
Bid / offer: $4,524,312 / $5,311,149

Tool A if someone signs: a new lease, then a new LBS. Tool B if nobody signs: CC-RV. The two are not averaged. The swap on the invoice already signed stays in 02.

02 · GPU-Rent · CC-LMTM

OCPI_H100 · 24 months

F-bar, the hour: $2.41
K*, the mark: $2.51
Contract: $2.55
Two-way on K*: 2.39 / 2.62
Book mark: $730,759

Lock, name, and anything bundled into the wrap sit inside K*. A rental future sees F-bar. It does not see the mark.

02 · Lease swap · LBS-INV

Invoice versus one named index

Index: OCPI_H100
Par K_b: $0.14
Bid / offer, pay A: 0.07 / 0.22

This swap sits on the lease already signed. It is not the re-lease. β = 1. Posted and printed are not averaged.

03 · Inference · TS-INF-01

H100 · 512 GPU · BATCH · 12 months

Output, $/M tokens: 1.29 / 1.40 / 1.51
Input mid: 0.35
Package, blended pair: 0.56 / 0.61 / 0.66
Rent used only as the identity: $2.62

P_out = F_rent / tokens per hour. tok/s is a desk assumption until a named fixing exists. Do not average this with rent or memory.

04 · Memory

H100 · 80 GB HBM · 1,024 GPU

$/GB-hr: 0.0090 / 0.0095 / 0.0099
Memory, $/GPU-hr: 0.76
Check against the rent: Inside the hour

A 70B weight load that fits one H200 and not one H100 is a memory ticket. It is not a footnote on the hour.

05 · Residual value · CC-RV

Leftover at the offtake date

Per GPU, present value: $9,511
Book: $9,739,588
Bid / offer: $8,960,421 / $10,518,756

Haircut 25 percent. Discount 8 percent. Not the rental mid. Not KACI-ROCH.

06 · Data-center credit · TS-DC-CDS-01

AI-native · post-COD · 5-year · $100 million

Name running: 650 bp
Hall factors: 233 bp
Running, bid / par / offer: 857 / 883 / 908 bp

Corporate CDS prices the name. The hall factors price what the name does not. Factor one is zero so the tenant is not counted twice. This is not the spark.

07 · Compute–Power · CSPI

H100 · 4,096 GPU · 36 months of compute · 12 years of power

Model A, clean spark: 2.09 / 2.11 / 2.12
Delivered power: $58.86 / MWh · $0.054 / GPU-hr
Model B, spark plus credit: 2.17 / 2.19 / 2.21

Model A is one commodity ticket. Model B is a second ticket under the 2014 Definitions. The credit is not written into the spark. Sources are not averaged.

08 · Arranged financing · TS-FIN-01

Tier 2 · Helios West · 50 MW

Debt the lenders would take: $80,500,000
All-in: 8.60%
DSCR: 4.06× against 1.35× · inside
Mapped DC-CDS, not the margin: 883 bp

SOFR plus a margin is a lender coupon. The mapped running is protection on the tenant. They are not averaged. This firm takes the ticket to lenders. It does not write the cheque.

08 · GPU-ABS · TS-ABS-01

Helios Lease Co · 4,096 H100 · 36 months · K $2.50

Class A: 5.90% / 6.00% / 6.10%
Class B: 8.50% / 8.75% / 9.00%
Class C, dollars: $34,604,163 / $37,613,220 / $40,622,278
Collateral: $250,754,803

Notes on the hours. Class C is CC-RV, not KACI-ROCH. The loan above is a different ticket. This firm does not buy the notes.