Insights
What we're seeing in the compute market.
Compute credit is tightening. Residual value hedges are here for borrowers and lenders.
Credit for compute is tightening. A cash-settled floor on the compute rate prices GPU residual risk, for new deals and for lenders' existing books.
Liquid Compute’s Response to the CFTC Request for Comment on Compute Derivatives
Liquid Compute's comment letter to the Commodity Futures Trading Commission on the Listing of Compute Derivatives Contracts (RIN 3038-AF77).
The compute credit cycle just turned, and why that's a good thing.
Compute credit is repricing. Why lenders now underwrite the operator as well as the offtaker, and what the cycle means for buyers, operators, lenders and investors.
Tier 2: Trading firms, revenue-stage AI apps, and the structure that gets them financed
Part 2 of the GPU Offtaker Credit Map: trading firms, AI applications, and the financing structures that make Tier 2 contracts bankable.
Announcing a $250M Facility to Fund Compute Buyers
Liquid Compute and K8 Capital announce a $250M prepayment facility that lets qualifying buyers finance upfront deposits for compute capacity.
Tier 1: The benchmark deal
Eight private companies can back a multi-year compute contract on their own balance sheet. Who they are, how lenders structure the deals, and what the benchmark means for everyone else.
The GPU Offtaker Credit Map: 200 Private AI Compute Buyers, Ranked
A transparent framework for 200 private buyers of compute: 169 scored, 38 bankable with light or modest support, and what the tiers mean for structuring.
The Tenor Trade
Buy capacity long, sell it short, and keep the difference if you can stay filled. What the trade pays, what you are underwriting, and how to hedge it.
Announcing Liquid Compute: A $15M Seed Round to Build a Regulated Venue that Commoditizes Intelligence
Today, Liquid Compute emerges from stealth with a $15 million seed round co-led by Chemistry and Firstmark.
Hedging Compute Prices
If you buy compute, own GPUs, or lend against them, you are exposed to the price of compute whether or not you intended to be.
Compute Is Already Trading
The same GPU rents at three prices depending on how long you commit, and that ordering is a term structure people have already started trading.
Investing in the Middle Market for Compute
Why profitable, high-utilisation operators still can't get financed below the hyperscale tier, and what actually carries a compute credit structure.
Public AI Credit Just Repriced. The Compute Market Is Next.
150 basis points moved in ten weeks without a single rate card changing, and the adjustment has already started.
