ICE and Ornn plan GPU compute futures contracts

Intercontinental Exchange Inc. (NYSE: ICE) and Ornn announced plans to launch GPU compute futures contracts based on Ornn's Compute Price Index, which tracks spot prices for GPU compute across hardware types.

The contracts will be U.S. dollar denominated and cash-settled, subject to regulatory approval. OCPI represents the first compute index built from printed transactions and will serve as the reference rate for cleared GPU compute derivatives.

"As AI has rapidly moved from research labs and academic campuses to becoming one of the most important drivers for the global economy, the market for compute has evolved just as quickly and is in desperate need of a globally accepted pricing mechanism and risk management tool," said Trabue Bland, SVP of Futures Markets at ICE.

Contracts may reference OCPI series covering H100, H200, B200, RTX 5090, and additional GPU types as the market develops. The index tracks live-traded spot prices for GPU compute across major hardware types.

"Compute has grown into a trillion-dollar market, yet it still lacks the pricing and risk-transfer infrastructure that every other major commodity relies on," said Kush Bavaria, Co-Founder and CEO of Ornn.

Jasper Zhang, Co-Founder and CEO of Hyperbolic Labs, noted that the GPU market increasingly resembles a global commodity market rather than a traditional cloud market. Zhang said reliable benchmark pricing and hedging tools are becoming essential for neocloud providers and AI labs managing compute exposure.

The announcement comes as demand for AI computing resources has increased volatility in GPU pricing. The futures contracts aim to provide price discovery and risk management tools for the compute market.

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