ICE and Ornn to Launch GPU Compute Futures Contracts

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Key Terms

futures contracts financial

A futures contract is an agreement to buy or sell a specific quantity of an asset at a set price on a predetermined future date. Investors use them to lock in prices or to bet on price moves; like agreeing today on the price of a loaf of bread you'll buy months from now to avoid surprise cost changes. Because these deals often require only a small upfront payment compared with the contract size, they can both protect against risk and magnify gains or losses.

price discovery financial

Price discovery is the process by which buyers and sellers interacting in a market establish the current fair value of a security, like an ongoing auction where bids and offers meet to produce a transaction price. It matters to investors because good price discovery provides a reliable signal of demand and risk, helping determine trade prices, gauge market sentiment, and reveal when prices may be skewed by low liquidity or temporary shocks.

hedging tools financial

Hedging tools are financial contracts or strategies used to reduce or offset the risk of losses from price swings in assets like stocks, currencies, commodities, or interest rates. They matter to investors because they act like insurance for a portfolio—limiting downside when markets move against a position, though often at a cost or by capping potential gains. Common examples include options, futures, swaps and diversification strategies.

cash-settled financial

Cash-settled describes a financial contract that is resolved by paying the monetary difference between agreed and actual prices, instead of delivering the underlying asset. For investors, it matters because it simplifies trades—like settling a bet with cash rather than handing over the item—and affects liquidity, tax treatment, and counterparty exposure, since you receive or pay only the value change rather than owning or transferring the actual security or commodity.

derivatives financial

Derivatives are financial contracts whose value depends on the price or performance of another asset, such as a stock, bond, commodity, currency or interest rate. Investors use them to hedge against risk, to speculate on future price moves, or to gain exposure without owning the asset — like buying insurance or placing a leveraged bet — so they can both protect portfolios and magnify gains or losses, affecting risk and market liquidity.

05/19/2026 - 09:00 AM

Offers new price discovery and hedging tools for the global compute market

ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, and Ornn, a market leading compute company building financial markets for AI, today announced plans to launch a suite of GPU compute futures contracts based on Ornn’s Compute Price Index (OCPI), which tracks live-traded spot prices for GPU compute across major hardware types.

“As AI has rapidly moved from research labs and academic campuses to becoming one of the most important drivers for the global economy, the market for compute has evolved just as quickly and is in desperate need of a globally accepted pricing mechanism and risk management tool,” said Trabue Bland, SVP of Futures Markets at ICE. “Ornn’s index, which is bringing greater transparency into the volatile cost of GPUs, is a natural fit for futures markets and we’re excited to offer a new tool for price discovery and risk management.”

The new futures contracts will be U.S. dollar denominated and cash-settled.

“As one of the largest GPU marketplaces serving AI developers and enterprises globally, we’ve seen firsthand how volatile and fragmented the compute market has become,” said Jasper Zhang, Co-Founder and CEO of Hyperbolic Labs. “The GPU market today increasingly resembles a global commodity market more than a traditional cloud market, yet the financial infrastructure around it is still in its early stages. Reliable benchmark pricing and hedging tools are becoming essential for both neocloud providers and AI labs managing large-scale compute exposure. We see Ornn’s index as an important foundation for bringing greater transparency, liquidity, and efficiency to the compute economy.”

OCPI is the first compute index to be built only from printed transactions, and will serve as the reference rate for cleared GPU compute derivatives. Contracts may reference the OCPI series covering H100, H200, B200, RTX 5090, and additional GPU types as the market develops.

“Compute has grown into a trillion-dollar market, yet it still lacks the pricing and risk-transfer infrastructure that every other major commodity relies on,” said Kush Bavaria, Co-Founder and CEO of Ornn. “Ornn puts a foundational piece of that infrastructure into place. Listing futures on ICE puts the risk-transfer layer in front of the institutional buyers and operators who need it most.”

The contracts will be launched subject to regulatory approval.

To learn more about ICE’s global markets, please visit www.ice.com/about/exchanges-clearing.

To learn more about Ornn, please visit www.ornn.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

About Ornn

Ornn is the compute company building financial markets for AI. Ornn operates a multi-product stack for the GPU compute economy. Ornn Data publishes the Ornn Compute Price Index, OCPI, a transaction-based GPU pricing benchmark distributed on Bloomberg Terminal. Ornn Exchange acts as a venue for compute risk transfer. Ornn's mission is to make AI infrastructure development more financeable, by providing the pricing and hedging tools that commodity markets have historically relied on. For more information, visit www.ornn.com.

Category: Exchanges

SOURCE: Intercontinental Exchange