Compute capacity is shifting from an opex line to a collateralizable, securitizable asset on sovereign balance sheets.
Compute capacity is shifting from an opex line to a collateralizable, securitizable asset on sovereign balance sheets.
The paper tracks 17 structured transactions between 2024 and 2026 in which sovereign funds used compute commitments as collateral or consideration.
We argue compute-contract cash-flow stability now approaches that of BBB corporate credit, while pricing still reflects venture-style risk premia — a structural mispricing.
For allocators, this points to an emerging fixed-income substitute with clear duration and low default correlation.