nulkharim

Nothing is impossible, exceed your limits.

[RAX Finance @RaxFinance]

Friday check-in 👋

What’s caught your attention in AI compute this week?

A new GPU, a data centre trend, or the future of ComputeFi?

We’re curious what the Rax community is following. Drop your thoughts below 👀

[RAX Finance @RaxFinance]

Compute is being planned on a multi-year horizon.

Chipmakers are already securing EUV tools for 2029 and 2030.
ASML says customers are asking for more machines every day, even as 2027–2028 capacity expands.

The industry is locking in the manufacturing base for the next wave of AI capacity years in advance.

Via @wallstengine

[RAX Finance @RaxFinance]

📊 Open question for the compute market:

By the end of 2027, what % of APAC third-party GPU capacity will be traded on secondary markets rather than remain locked in long-term contracts?

We’re talking about neoclouds and independent operators, excluding hyperscaler self-use. Secondary trading includes unused or residual contracted capacity changing hands.

Our working hypothesis: 15–25%.

Why?
• Multi-year take-or-pay contracts still dominate, with limited early-exit options.
• Secondary trading is emerging, but liquidity, standardisation, and counterparty trust are still developing.
• As market infrastructure matures, more unused capacity could find a second buyer.

What’s your prediction, and why? 👀

Let’s revisit this in 12 months and see who got closest.

[nulkharim @nulkharim]

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[RAX Finance @RaxFinance]

Scenario:

You sign a 12-month GPU contract for $2.5/hr.

3 months in:
• Your project pivots and needs a different region
• Your original contract still has 9 months left
• You're locked in, paying $216K for ~13 GPUs you can't use

What would you want?

A) Transfer the contract to someone else
B) Redeem it for other compute (different region/model)
C) Eat the cost — that's business
D) Something else? Tell us below.

💬 Reply with your choice + RAX Finance Waitlist address.
🎁 We’ll reward great answers with 5 Unboxing Opportunities!
🔗 https://t.co/blgzDVUsow

[RAX Finance @RaxFinance]

Why regional compute pricing matters: the financing gap no one is talking about

AI infrastructure spend is exploding — but ownership structures differ sharply by region, and that gap is showing up in financing costs.

[RAX Finance @RaxFinance]

Exactly.

The bottleneck is connecting power, construction, equipment, and cloud capacity on one timeline.

The suppliers and operators determine whether a site gets built quickly or stays stuck in the queue.

Compute capacity creates most of its value only after it’s online and serving demand.

[RAX Finance @RaxFinance]

Why compute pricing lacks regional benchmarks:

Observation 1: Massive regional spreads
Same H100 card, wildly different economics across markets
Not 10-20% differences — we're seeing 2-3x spreads
Driven by: power costs, export controls, demand concentration

Observation 2: No one publishes regional clears
Cloud marketplaces show listing prices (not actual trades)
Real contracts are confidential bilateral deals
Lenders can't price risk without a settlement benchmark

Observation 3: This is exactly where electricity was in the 1990s
Before ISOs started publishing Locational Marginal Prices
Before you could hedge regional basis risk
Before financing could scale

RAX is building the missing layer: regional price discovery for compute.

Not because it's novel (electricity solved this 30 years ago)
But because compute is $180B annual spend with zero pricing infrastructure in Asia/MENA.

That's the gap we're closing.

[RAX Finance @RaxFinance]

The compute market is at the stage where:

• Electricity was in the 1990s (before deregulation)
• Oil was in the 1950s (before posted prices → spot markets)
• Carbon credits are today (trading exists, but fragmented)

We're watching commodity infrastructure form in real-time.

What we're building: https://t.co/atMVIN7M2v

[RAX Finance @RaxFinance]

$40B, just to buy the chips.

SpaceX is lining up Apollo-led financing for Nvidia capacity: about $10B in bank loans and $30B in investment-grade debt, aimed at Vera Rubin.

It is a compute purchase large enough to be financed like infrastructure.

Power, land, and chips are now the constraint.
The market is underwriting the factory, not the demo.

Via @wallstengine

[nulkharim @nulkharim]

@ossenbtc lfg hoodgo

[RAX Finance @RaxFinance]

Three things every commodity market needs:

1. Fungible units
Gold: 1 oz = 1 oz anywhere
Compute: every contract is unique ❌

2. Price transparency
Oil: WTI, Brent published daily
Compute: real deals are confidential ❌

3. Tradeable infrastructure
Electricity: day-ahead markets exist
Compute: can't resell a signed contract ❌

That's the gap we're closing.

More on commodity formation: https://t.co/atMVIN7M2v

[RAX Finance @RaxFinance]

To everyone who’s been waiting with us — we hear you. 🤍

We know many of you have been on the Waitlist for a while, and we truly appreciate your patience.

We’re now moving deeper into ComputeFi, with discussions already underway for our first batch of idle compute partnerships.

And yes — your community points still matter. Holding an NFT will not only come with its own benefits, but also boost your community points.

We’re getting closer, and there’s more to share soon!

Thank you for staying with us!
We’re building this with you!

[Ryfinite @ryfinite]

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it's Ryfinite.

[nulkharim @nulkharim]

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[nulkharim @nulkharim]

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[RAX Finance @RaxFinance]

Compute is being contracted like capacity, not bought like hardware.

Oracle is selling Tencent access to ~100,000 advanced chips over 5 years, about $7B, with ~30% paid upfront.

Broadcom is lining up as much as $42B of financing against Anthropic’s multi-year compute commitment.

Nebius is buying inference tech so GPUs spend less time idle.

That is the real market:
power, chips, utilization, and who is willing to prepay for the output.

The scarce layer is still compute.

[RAX Finance @RaxFinance]

The listed price is not the traded price.

Public marketplaces show H100 at $3.25/hr.
Real year-long contracts clear at $2.10–2.70.

Why the gap?

Bilateral negotiations are confidential.
Nobody publishes what actually traded.

Price discovery needs transparency.

🔗 Join the Waitlist: https://t.co/LuaHr8A0uT

[RAX Finance @RaxFinance]

Compute capacity is shifting east.

East Asia: Semiconductor and data centre expansion
Southeast Asia: Power + connectivity advantages
India: Scale + cost efficiency
MENA: Capital meets ambition

Infrastructure is growing fast.

But pricing transparency? Still catching up.

Building a more transparent and accessible compute market is exactly what @RaxFinance is working toward.

[RAX Finance @RaxFinance]

Commodity formation playbook:

Gold → London Fix (1919) → futures market
Oil → posted prices → spot market → Brent/WTI
Electricity → bilateral → pools → day-ahead markets

Compute → ?

We're watching the pattern repeat in real-time.

🔗 Join the Waitlist:
https://t.co/0sXOt71OLm