The “AI compute demand is collapsing” crowd may want to look away. B200 spot pricing just hit $7.12/hr with 87.1% utilization. H200 is at $4.99/hr and 78.4% utilization. Real transactions. Real demand. No vibes. More at

This has been the thesis for me for quite a while now Compute will be the largest and most traded commodity and @OrnnExchange is the one to provide the infrastructure Been following them for a year ago and they've made insane progress. Their recent raises don't lie either.

Kalshi CEO @mansourtarek_ thinks compute could become the largest commodity on the planet, creating the largest derivatives market alongside it. He says companies already spend roughly $1 trillion a year on compute, with that figure potentially growing 10x by 2030. As prices become more volatile and compute becomes a larger corporate expense, producers and buyers will increasingly want to hedge their exposure. “Historically, if that market has any degree of success, it ends up being at least 10 to 15 times the underlying market.”

The largest and most useful byproduct of compute markets will be the futures curve. A credible forward curve turns fragmented GPU quotes into a shared view of future scarcity. @Kalshi has built the first forward curve in the market.

REDUX: If you didn’t yet, check out my epic interview with Kush Bavaria (@bavaria_kush), CEO and Co-Founder of @OrnnExchange! Fresh off the $33M raise, and now backed by @a16z, @Link_Ventures, and others, the Ornn team went from idea to $100M+ valuation within 8 months - possibly the fastest for an MIT company ever. Plus, Larry Fink publicly calls for exactly what Kush & team are already building. The desperation for Ornn’s product is growing daily. My agents are literally grinding to a halt. The foundation labs need an ocean of compute hours that doesn’t exist. Ornn provides hyperscalers the stability to rationalize that investment, while creating an entirely new asset class for investors who want to back the AI revolution. Link below - tune in!

H100 ornn index spot prices are falling, now at $2.42 per hour, roughly 40% below the May peak. The ecosystem is concerned that this is a sign that compute demand and by extension the appetite for AI is waning. (1/5)🧵

SITUATION EXPLAINED: Compute is the defining commodity of the global economy. @bavaria_kush, CEO of @OrnnExchange, which just raised $33M: "I think most of the economic output by America in the next five years, ten years, is going to be based off of compute production." "Which means that people are gonna take in compute, they're gonna do some service on top of it, produce tokens, and they're gonna have some output that creates money off of it. So they're gonna turn compute into dollars at the end, and that process is gonna happen throughout more and more enterprises." "If you look back to the 1900s, most of the companies and the largest enterprises were all powered by oil. And now everything's being powered by compute." "I think all the enterprises and even the Fortune 500 companies will be hedgers of this as their compute bills go up off the charts."

Galaxy Ventures is proud to back @OrnnExchange in their $33M seed round. @willnuelle and @vikramcantsingh from the Ventures team on why we invested: Compute is becoming one of the largest asset classes in the world. $650B in GPU spend projected for 2026, forecasted for $7T by 2030. Yet it lacks the market structure commodities like oil, power, and metals rely on.

I first met @jackbminor in my sophomore year of high school at a summer camp at Stanford. Last summer – seven years down the line – I randomly bumped into Jack and two of his friends while wandering through a flea market in Hanoi, Vietnam during my grad trip. These two friends were @bavaria_kush and @wayne_nelmz. Six months later, Jack called me into the Ornn office (aka their apartment) to chat about tokenization. A 30-min chat ended up lasting for two hours and those two hours turned into months. Today I’m pleased to announce Galaxy Ventures’ participation in @OrnnExchange’s seed round.

Most investors have no way to see what AI actually costs to run. That changes today. @OrnnExchange is partnering with ProCap Financial to bring our compute pricing into ProCap Insights, the first agentic research for independent investors. Their agents price compute through Ornn data. Compute is a commodity.