Ornn Discusses Third Series A Tranche at Potential Valuation Above $1 Billion

Ornn is discussing a third tranche of its Series A financing that could value the compute-trading startup above $1 billion if the deal closes.

The talks follow Ornn’s second Series A tranche, which closed at an $800 million valuation. The company raised $33 million in seed funding in June, led by a16z crypto.

Ornn builds financial infrastructure for AI computing capacity. It connects buyers seeking short-term GPU contracts with neocloud providers and data centers, and publishes a compute price index carried on Bloomberg Terminal.

Intercontinental Exchange (ICE) plans to offer contracts tied to Ornn’s index, subject to regulatory approval. Jump Trading has also planned to make markets in compute futures being developed by CME Group and ICE, bringing a trading firm into the market for contracts tied to GPU capacity.