Research
Research & perspectives
Notes from operating the market: where term paper is actually clearing, and how compute credit is getting structured.
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.
Stanley Lee
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.
Stanley Lee
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.
Stanley Lee
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.
Stanley Lee
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.
Stanley Lee
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.
Stanley Lee
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.
Stanley Lee
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.
Ronit JainNew research goes out on LinkedIn first.
Index prints, term structure, and how compute credit is getting structured. If you operate capacity or lend against it, that is the feed to be on.