Investor Note
A Market Infrastructure for AI Compute Capacity
Abstract
The market for AI compute now runs on multi-year, take-or-pay commitments worth several hundred billion dollars a year — illiquid, non-standardised, and impossible to price, transfer, hedge, or finance with any discipline. This investor note sets out the missing market infrastructure: a tokenized venue built on a standard contract for compute capacity, capacity rights issued as tokens on a public blockchain, and atomic settlement against regulated digital money. It lays out the opportunity, the compute unit, the tokenized design, the path to market, and the financing sequence.
Executive summary
The problem. AI compute is now procured through multi-year, take-or-pay commitments worth several hundred billion dollars a year — private, bespoke contracts that cannot be priced, transferred, hedged, or financed with any discipline. The result is a textbook missing market.
The concept. Build the missing infrastructure as a tokenized venue: a standard contract for compute capacity, capacity rights issued as tokens on a public blockchain, and atomic settlement against regulated digital money.