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.