The quiet layer under the compute boom

Building out the financial infrastructure for compute: the credit, the data, and the markets forming around it, and where the value will accrue.

Everyone is watching the visible part of the compute boom. The attention goes to the chips, the data centers, and the first announced exchange futures. All of that is happening on the surface. Underneath it, largely unremarked, a full financial system is being built to fund the whole thing, and that is where the real value will accrue.

In our view, the paradox that makes this urgent is simple. Capital is underwriting AI infrastructure at hundreds of billions of dollars a year, before the market has a stable collateral price, a depreciation curve, or a way to hedge. Finance is running ahead of the thing it is financing. Whoever builds the missing price and data layer sits beneath it all, powering the entire system.

Download the whitepaper to read the full perspective.