AI算力能否像商品一样交易？包括一家名为Ornn的热门公司在内的少数初创企业，正在对这一概念押下重注，它们致力于为GPU使用建立标准化定价，并通过商品期货式的期货市场和经纪服务连接买卖双方。
Can AI compute be traded like a commodity? A handful of startups, including a buzzy company called Ornn, are betting big on the concept as they work to create standardized pricing for GPU usage and connect buyers and sellers with commodities-style futures markets and brokerage services.
Ornn帮助将新型云服务商和数据中心的GPU算力引导给愿意支付短期合同费用的初创企业，目前正处于新一轮三笔分期融资之中，最高估值约为10亿美元，Thrive Capital和General Catalyst正在洽谈参投，知情人士透露。《The Information》此前曾报道该轮融资正在洽谈中。该公司于6月完成了一轮3300万美元的种子轮融资，由a16z crypto领投。
Ornn, which helps route GPU capacity from neoclouds and data centers to startups that are willing to pay for short-term contracts, is now in the midst of a new triple-tranche funding round with a top valuation of around $1 billion, with Thrive Capital and General Catalyst in talks to participate, per sources familiar with the matter. had earlier reported the round was in talks. The company raised a $33 million seed round led by a16z crypto back in June.
另一家参与者Silicon Data推出了基于约100个不同来源汇总数据的GPU小时租赁价格指数。其目标是做纯数据业务——不参与算力接入的经纪——并于8月从Valor Equity Partners和Atreides Management的联合AI基金处筹集了3050万美元A轮融资。
Another player, Silicon Data, has launched an hourly rental price index for GPUs based on aggregate data from around 100 different sources. It aims to be a pure data play — it doesn’t get involved in brokering access — and raised a $30.5 million Series A in August from Valor Equity Partners and Atreides Management’s joint AI fund.
前FTX US总裁Brett Harrison正在为其名为Architect的衍生品交易所增加算力交易，并于去年12月筹集了3500万美元资金。另一家公司Liquid Compute于9月从FirstMark和Chemistry处筹集了1500万美元种子轮融资，并已申请在美国推出算力期货和期权交易所。
Former FTX US president Brett Harrison is adding compute to his derivatives exchange, called Architect, and raised $35 million in funding last December. Yet another, Liquid Compute, raised a $15 million seed round in September from FirstMark and Chemistry and has applied to launch a US exchange for compute futures and options.
尽管动作频频，该领域仍面临诸多挑战。出售算力期货需要获得金融监管机构的批准，目前这些公司均尚未获批。CME Group计划在纽约商品交易所上市与Silicon Data的H100和B200 GPU租赁指数挂钩的期货，ICE计划上市参考Ornn算力价格指数的合约，但它们尚未获得监管批准。CME原定于10月5日启动，但该日期现已推迟。
Despite all the action, the sector faces plenty of challenges. Selling compute futures requires sign-off from financial regulators, which none of these companies have yet attained. CME Group plans to list futures tied to Silicon Data’s H100 and B200 GPU rental indexes on the New York Mercantile Exchange, and ICE plans to list contracts referencing Ornn’s Compute Price index, but they have yet to receive regulatory approval. CME had targeted October 5 as its start date, but that’s since been pushed back.
一些较新的参与者希望挑战现有交易所，并自身成为受监管的交易场所。
Some of the newer players want to challenge the existing exchanges and become regulated venues themselves.
美国商品期货交易委员会（CFTC）发布了一项公开征求意见，针对算力期货，这可能触及最核心的问题：算力是否足够标准化、可互换且流动性充足，以支撑一个期货市场。与金属等商品不同，随着新芯片上市，GPU 迅速贬值，这使得其金融化变得更加棘手。
The CFTC issued a public request for comment on compute futures that could interrogate the biggest question of all: whether compute is standardized, interchangeable, and liquid enough to support a futures market. Unlike, say, metals, GPUs depreciate rapidly as new chips hit the market, making financialization of them even trickier.
即使算力具有足够的可替代性，能像商品一样交易，且监管批准即将到来，目前也不清楚导致此类服务需求产生的算力短缺，是一种永久性状态，还是仅仅是一个暂时阶段。两位投资者表示，他们因这些担忧而放弃了该领域的交易。AI 狂热让许多初创公司陷入了棘手境地，不得不与行业巨头竞争以获取所需的算力。这正是新兴算力市场经纪业务兴起的驱动力。
Even if compute is fungible enough to be traded like a commodity and regulatory approvals are forthcoming, it’s not clear whether the shortage of compute that’s creating demand for these kinds of services is a permanent state of affairs or simply a transient phase. Two investors told they had passed on deals in the space due to those concerns, AI mania has left many startups in the tricky position of trying to compete with industry giants for access to the compute they need. That’s what’s driving the brokerage side of the emerging compute marketplaces.