Liquid Compute has raised a $15 million seed round and filed applications with the U.S. Commodity Futures Trading Commission for designated contract market and derivatives clearing organization status, according to founder Ronit Jain. The company said it wants to build what it described as the first regulated order book for trading compute contracts with both cash-settled and physically delivered structures. Liquid Compute argues that compute is heterogeneous and cannot be stored, making it closer to electricity than oil. Based on that view, it plans to build an efficient short-term market first, then support a cash-settled derivatives layer that operates in a model similar to PJM or ERCOT. Over the past few months, the firm said it has worked with Susquehanna International Group, BGC Group and Wintermute to provide liquidity in OTC transactions for AI startups, neocloud providers and lenders. The round was co-led by Chemistry and FirstMark Cap, with participation from K8 Cap, Night Capital, UFO Holdings, TrueBridge CP, Brainchild Holdings, Y Combinator, Dmitry Balyasny and angel investors from companies including CoreWeave, Jane Street and OpenAI.
Liquid Compute has completed a $15 million seed round and filed applications with the U.S. Commodity Futures Trading Commission for designated contract market (DCM) and derivatives clearing organization (DCO) status, founder Ronit Jain said.
The company said it plans to build what it described as the first regulated order book for trading compute contracts that support both cash settlement and physical delivery.
How the company frames compute markets
Liquid Compute said compute is heterogeneous and cannot be stored, making it more comparable to electricity than oil. On that basis, its plan is to build an efficient short-term market first, then support a cash-settled derivatives layer, with an operating model similar to PJM or ERCOT.
Recent counterparties and client groups
Over the past few months, the firm said it has worked with financial institutions including Susquehanna International Group, BGC Group and Wintermute. Those OTC liquidity services were provided to AI startups, neocloud providers and lenders.
Investors in the seed round
The seed financing was co-led by Chemistry and FirstMark Cap. Participants also included K8 Cap, Night Capital, UFO Holdings, TrueBridge CP, Brainchild Holdings, Y Combinator, Dmitry Balyasny, and angel investors from companies including CoreWeave, Jane Street and OpenAI.
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