I came to compute from credit, and the first thing I saw was how it gets paid for. An AI company signs a three-year contract and puts 20 to 30% down, out of the money it just raised. The fastest-growing industry in the world has been funding its most important input with its most expensive capital. Today we announced a $250M prepayment facility with K8. Buyers finance the deposit against the contract instead of paying it from equity, and every draw is verified by us before it funds. Oil producers have borrowed against forward sales for decades. Compute couldn't, because there was no standard contract and no price to mark it against. Now there is. This is the first structure, not the last. There is a lot more coming from the @liquidcompute team, and the industry is going to look different for it. Everyone wants to trade compute. Not many want to do the hard work of financing it. We do, because financing is where every real market starts, and we're building the rest of it: the index to price compute, the venue to trade it, and the exchange to hedge it. If you buy compute and are tired of paying deposits from equity, or you allocate capital and want in on GPU-backed lending, whether asset-based or through this facility as it grows, reach out. Our inbox is open.