Instruments & methodology

Eleven instruments. Every method in the open.

Each instrument is a tested function from stored data to a versioned result. Inputs, formulas, weights and every revision are published here; subscribers can trace any reading back to its source rows.

Headline readings public to every visitor
Full table and history: Plus and Pro
Inputs in the data room: Pro

01 · DAILY

Neocloud & AI-Infra Scorecard

A 0–100 score per operator on the eight factors that separate winners: power (energised and contracted MW, time-to-power), contracts (take-or-pay share, tenor, counterparty grade), balance sheet (leverage, contract cover of debt), execution (delivery against promise), silicon access (allocation, generation mix), diversification (customer concentration), geography (power cost, policy, grid queues) and cost of capital. Datacentre operators and REITs are scored on their own pillar set.

Methodology: Neocloud & AI-Infra Scorecard →

HEADLINE READING

First reading at launch

top-ranked score (0–100)

INPUTS

Filings, transcripts, contract ledger, financing tape, exchange prices

OUTPUT

Score, rank, eight-factor breakdown, change on the month

ACCESS

Ranks public weekly; full factors Plus and Pro

02 · WEEKLY

AI-Infra Credit Stress Index

Built on three views of the debt financing the buildout: a funding-cost ladder ordered by who stands behind the cash flows (investment-grade, contract-anchored loans through BB contract-backed facilities, high-yield notes and converts), the debt-maturity wall by year, and contract cover — contracted backlog divided by debt. Quarterly Credit Teardowns go name by name.

Methodology: AI-Infra Credit Stress Index →

HEADLINE READING

First reading at launch

index level

INPUTS

Financing tape of loans, bonds, converts and joint ventures; bond prices; backlog disclosures

OUTPUT

Index level, ladder, maturity wall, cover ratios

ACCESS

Level public weekly; components Plus; teardowns Pro

03 · DAILY

Compute Price & Basis Heatmap

One price stack in three layers: lease ($/kW-month, the landlord layer), contract ($m per MW-year, the take-or-pay layer) and on-demand ($/GPU-hour, the spot layer) — by SKU, provider class and term, with the spread between the two reference benchmarks explained rather than averaged away, and a term-discount curve showing what 6-month, 1-year and 3-year commitments cost against on-demand.

Methodology: Compute Price & Basis Heatmap →

HEADLINE READING

$5.33/GPU-hr

Compute Terminal Public Rate Card CompositeAs of 14 Oct 2026Source

H100 on-demand composite, $/GPU-hour · as of 14 Oct 2026

INPUTS

Licensed rental indices, public rate cards, disclosed contracts, lease comps

OUTPUT

Three-layer heatmap, basis series, term-discount curve, conversion between layers

ACCESS

Headline public; full grid Plus and Pro

04 · WEEKLY

Catalyst Probability Matrix

Upcoming events that can move the theme — earnings, compute-futures milestones, sovereign programme deadlines, state moratorium bills — each with an analyst-set probability and impact, revised with a dated note.

Methodology: Catalyst Probability Matrix →

HEADLINE READING

Compute Terminal Catalyst CalendarAs of 14 Oct 2026Source

events in the next 30 days · as of 14 Oct 2026

INPUTS

Catalyst calendar, analyst assessments

OUTPUT

Matrix of probability against impact

ACCESS

Calendar for all tiers; matrix Plus and Pro

05 · DAILY

Options Positioning

Open interest, put/call ratios and implied volatility on eight bellwethers across chips, neoclouds, power and datacentre REITs.

Methodology: Options Positioning →

HEADLINE READING

First reading at launch

put/call volume, eight bellwethers

INPUTS

Exchange options snapshots

OUTPUT

Positioning table and changes

ACCESS

Pulse in the daily brief; full table Plus and Pro

06 · MONTHLY

GPU Economic Life Tracker

Converts our stored rental-price history into implied economic life and residual value by GPU generation, then shows what that implies for each company against the useful life it states in its accounts.

Methodology: GPU Economic Life Tracker →

HEADLINE READING

First reading at launch

implied H100 economic life (years)

INPUTS

Stored daily rental history, company depreciation policies

OUTPUT

Implied life, residual curve, earnings sensitivity by company

ACCESS

Plus and Pro

07 · MONTHLY

Capex & Circularity Map

Reconciles hyperscaler capex guidance, signed-but-not-commenced leases, revenue per gigawatt and the share of demand financed by suppliers, drawn as a who-owes-whom map.

Methodology: Capex & Circularity Map →

HEADLINE READING

First reading at launch

big-4 capex guidance, $bn

INPUTS

Guidance, lease commitments, supplier disclosures

OUTPUT

Reconciliation table and dependency map

ACCESS

Plus and Pro

08 · WEEKLY

Global AI Datacentre Pipeline Tracker

A curated, evidence-graded register of every announced campus of 500 MW or more worldwide, read as gigawatts by region and status, probability-weighted, with each developer's delivery-versus-promise record.

Methodology: Global AI Datacentre Pipeline Tracker →

HEADLINE READING

First reading at launch

probability-weighted GW in the pipeline

INPUTS

Permits, filings, press releases, open site datasets

OUTPUT

GW by region and status, weighted totals, weekly changes

ACCESS

Totals public weekly; register Plus, data Pro

09 · MONTHLY

Regional Power Readiness Index

Thirteen datacentre markets scored on interconnection queue depth and phantom load, firm power and behind-the-meter options, equipment lead times, land and permitting, and regulatory stance. Weights are published.

Methodology: Regional Power Readiness Index →

HEADLINE READING

First reading at launch

top-ranked market score (0–100)

INPUTS

ISO queues, utility filings, lead-time series, regulation map

OUTPUT

Score and sub-scores per market, change on the month

ACCESS

Ranks public monthly; sub-scores Plus and Pro

10 · WEEKLY

Compute Markets Monitor

Tracks the market for compute itself as it forms: implied forward curves, realised volatility and the basis between the reference indices; venue milestones at CME, ICE, Kalshi, Architect and Polymarket; CFTC rulemaking and reviews; and, once futures trade, volume and open interest.

Methodology: Compute Markets Monitor →

HEADLINE READING

Compute Terminal venue-status tableAs of 14 Oct 2026Source

venues trading compute futures · as of 14 Oct 2026

INPUTS

Index levels, exchange notices, Federal Register and CFTC filings, venue data

OUTPUT

Curve and volatility panel, venue status table, rulemaking log

ACCESS

Status table public; curves and volatility Plus and Pro

11 · MONTHLY

Build Cost & Lead-Time Index

What it costs and how long it takes to build AI capacity: all-in cost per MW by market and design class, the liquid-cooling premium, lead times for transformers, switchgear, breakers and gas turbines, construction-labour indicators and the month's contract awards to EPC firms and builders. Built for contractors, equipment suppliers and developers as much as investors.

Methodology: Build Cost & Lead-Time Index →

HEADLINE READING

First reading at launch

all-in cost per MW, $m

INPUTS

Broker and engineering cost studies, OEM and utility disclosures, contract-award register, labour statistics

OUTPUT

Cost per MW by market, lead-time series, labour gauge, award log

ACCESS

Headline public monthly; series Plus; data Pro

Where the numbers come from

Every stored figure carries its source, as-of date and ingestion time. If a feed fails, the cell stays empty and the failure is logged — nothing is filled in from memory.

Exchange closes

Daily exchange closes for 48 names in the coverage universe, including non-US shares on their own trading calendars; returns, 52-week ranges and basket statistics are computed from them. Names awaiting their first trading day are tracked but left out.

GPU rental prices

Our Public Rate Card Composite, built from providers' published on-demand list prices, plus the open GetDeploying GPU price dataset (CC BY 4.0) — weekly medians of advertised on-demand prices, not transaction indices. Licensed rental indices are not used on this site.

SEC filings

Reported capex, revenue, lease commitments, depreciation policy and customer concentration from SEC EDGAR filings (10-K, 10-Q, 8-K, S-1/F-1), each stored as a dated fact with its filing link.

Open datasets

Epoch AI Frontier Data Centers (CC BY 4.0) and ISO interconnection-queue data, with attribution kept on every chart.

News

Our own one-line summaries across 13 news topics, each linked to the original publisher, deduplicated across outlets and approved by an analyst before publication. Article text is never reproduced.

Analyst-curated registers

Deals, campus pipeline, contract ledger, lease comps, PPA log, lead times, financing tape and regulation map. No row without a source link; drafts stay proposed until approved.

Revision log: every change to an instrument's method is dated and published on its methodology page. No method changes since launch.