Investor updates

Narrative

Shipped the full product surface — marketing site, the pricing oracle, an end-to-end clearing platform (Cloudflare D1 + API that issues tokenized Compute-SAFEs and writes a clearing ledger), and a 3,000-entity market directory. Compute-futures launches (CME×Silicon Data, ICE×Ornn) validated compute-as-commodity, sharpening our cross-asset thesis.

Financial snapshot

Pre-revenue (sandbox stage). Cost base lean — infrastructure on edge compute. Base-case model: Year-5 GMV $1.15B, revenue $27M, ~85% gross margin, break-even Year 4.

Risks & mitigations

• Regulatory timeline — mitigated by sandbox-first, Professional-Clients-only entry.
• Supply cold-start — mitigated by Gulf energy/datacenter design partners.
• Team depth — closing ADGM advisor + oracle quant.

Focus: ADGM sandbox application, first signed LOIs, first design-partner integration. KPIs: LOIs signed, sandbox status, cleared-deal pipeline.

Focus: sandbox admission, first cleared deals, oracle index v1. KPIs: deals cleared, GMV, take-rate realized.

Focus: first 10 deals milestone, seed raise prep. KPIs: GMV, revenue, net dollar retention of providers.