Asset-Backed Yield & Financing Indices
Institutional reference rates for compute-collateralized lending, structured private debt, and datacenter capital equipment financing. Benchmarks gross annualized asset APY, preemption risk haircuts, and marginal power breakeven floors.
Spot Compute Benchmark Rate (Compute SOFR)
The foundational reference yield for digital asset infrastructure, tracking the unlevered, annualized gross cashflow yield (% APY) generated per dollar of GPU procurement capital expenditure. For datacenter operators and hardware owners, it benchmarks fleet revenue against OEM procurement costs, providing clear capital allocation guidance on cluster payback periods and hardware reinvestment. For private debt funds, equipment lessors, and investment banks, it establishes the risk-neutral benchmark rate required to underwrite GPU-backed debt facilities, structure hardware leases, and treat compute as an institutional credit asset class.
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Risk-Adjusted Spot Yield (The RAP Index)
Calculates the net realizable cashflow yield (% APY) of GPU hardware by applying empirical haircuts for spot preemption hazards, uncompensated idle market delays, and operational friction. For cloud operators and cluster hosts, it strips away unrealistic 100% utilization assumptions to reveal the true bottom-line cash generation of hardware fleets under live market conditions. For institutional lenders, private credit committees, and debt underwriters, it functions as the definitive stress-tested debt service coverage metric—delivering the disciplined cashflow baseline necessary to safely collateralize hardware loans without exposing lenders to default risk.
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Compute-to-Energy Floor Ratio
Compares hourly gross compute revenue directly against marginal baseload electricity and cooling costs, defining the fundamental economic shutdown threshold of GPU hardware. For datacenter facilities managers and infrastructure engineers, it serves as an automated operating margin gauge—signaling the exact moment legacy servers must be de-energized or repurposed before they begin burning cash on power. For distressed asset investors, turnaround funds, and credit monitors, it identifies the absolute price floor for compute, providing clear insight into operational runway and downside liquidation risks.
| H200 SXM5 | B200 SXM6 | H100 PCIe | L40S PCIe | H100 SXM5 | A100 SXM4 |
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