Liquid Compute
Category: AI Infrastructure
Liquid Compute is building a CFTC-regulated exchange and clearinghouse (PMEX Markets) for trading, financing, and hedging AI compute/GPU capacity. Liquid Compute was founded in 2024. The company is led by Ronit Jain. Based in New York, NY, US. Team size: 11-50. Total funding raised: $15M. Latest round: Seed. Key investors include FirstMark Capital, Chemistry, K8 Capital, Night Capital, TrueBridge, Brainchild Holdings, UFO Holdings, Y Combinator, Dmitry Balyasny (angel).
- Founded
- 2024
- Headquarters
- New York, NY, US
- Team size
- 11-50
- Total funding
- $15M
Value proposition
Turns GPU compute into a tradable, financeable commodity via a regulated exchange offering verification, clearing, settlement, price discovery, and derivatives on compute capacity.
Products and solutions
Regulated spot exchange for compute capacity (buy/sell), GPU price indices, compute derivatives/futures-style hedging instruments, and compute-backed credit/financing products (PMEX Markets).
Unique value
First mover building a CFTC-regulated physical order book and clearing venue specifically for AI compute, competing directly against index/futures products being built by ICE and CME.
Target customer
Neoclouds, GPU datacenter operators, AI companies, hyperscalers, and institutional trading firms exposed to compute price risk.
Industries served
AI Infrastructure, Financial Markets / Commodities Trading
Technology advantage
Regulatory-first approach (pending CFTC Designated Contract Market and Derivatives Clearing Organization status under PMEX Markets) combined with a physical order book for compute capacity, enabling derivatives markets on top of real, verifiable supply.
How they differentiate
Building its own vertically-integrated regulated exchange + clearinghouse (spot market and physical order book) rather than licensing an index to an incumbent exchange like Ornn does with ICE, or launching futures-only products like CME.
Main competitors
Ornn (MIT-founded, partnering with ICE on GPU compute futures via its OCPI index), CME Group (launching Compute Futures Oct 2026), Intercontinental Exchange (ICE, building GPU compute futures with Ornn)
Key partnerships
Y Combinator (W25 batch), Trading and data licensing partnerships with Susquehanna Predictions, BGC Group, and Wintermute, Pursuing CFTC designation for PMEX Markets as DCM/DCO
Major milestones
Emerged from stealth Sept 15, 2026 with $15M seed, company formerly operated under the name 'Pluto', pursuing CFTC Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) registration as PMEX Markets.
Market positioning
Early-stage regulatory-first challenger aiming to become the primary venue for compute price discovery and hedging, positioned against much larger incumbent exchanges (CME, ICE) entering the same space.
Geographic focus
United States (CFTC-regulated market), with global compute supply/demand as underlying asset base.
About Ronit Jain
Co-founded Liquid Compute (formerly named Pluto) directly out of UC Berkeley; CS @ UC Berkeley.
Latest news about Liquid Compute
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Official website: https://liquidcompute.com