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All sectors
Compute
A data center is a supply chain. Chips, power equipment, and a grid connection all have to arrive before the first GPU-hour sells.
- Benchmark
- Planned capacity
- Carried by the business
- Capacity online
- Settles on
- Grid interconnection queues
Illustrative exampleA data center waiting on its grid connection
A worked example built from public events. It describes no client.
1
- 01The business
The developer has hedged copper, power, and the rate on its debt.
Revenue starts only when the site is energized.
- 02What happens
Large transformers are built to order with lead times measured in years, and the grid connects new load in sequence.
A slip at either step moves the first day of revenue while the debt keeps running.
- 03What the contract names
The contract names the site, its planned in-service date in the interconnection queue, and a twelve-month window from signing.
- 04How it pays
If energization passes the scheduled date by 30 days, the contract pays a third of its maximum, rising to the full amount at 90 days.
Share of the maximum it pays
- 33%30 days
- 67%60 days
- 100%90 days
The spreadWhere the hedge stops
The listed hedge follows the benchmark. The shaded gap is what stays with the business.
2
Transformer producer prices is at 475.1 index, June 1981 = 100, up 7.8% over 12 months.
What a transformer costs is published every month. The date it arrives, which sets the first day of revenue, is not.
Monthly, to September 2026. U.S. Bureau of Labor Statistics, via FRED.
Illustrative. Drawn to show the shape, not market data.
Illustrative drawing, not market data. Capacity online against Planned capacity; the shaded gap between them is the spread. A faint band marks the window a contract would cover.
The supply chainBehind one GPU-hour
Every step has its own lead time and its own record. The longest one sets the day revenue starts.
3
- Chips and memoryAccelerators and high-bandwidth memory, allocated ahead.
- Servers and networkRacks, optics, and switches, assembled to order.
- Power equipmentLarge transformers, switchgear, and turbines, built to order.
- Grid connectionStudies, upgrades, and a place in the queue.
- Halls and coolingConstruction, chillers, and liquid cooling.
CoverageWhat Oros writes terms for
Each is a spread a listed market leaves with the business in compute.
4
- 01Transformer and switchgear delivery
- 02Grid interconnection dates
- 03Chip and memory allocation
- 04Site power against the hub
- 05Planned against online capacity
The processFrom exposure to payment
The first call takes thirty minutes and stays on one material exposure.
5
- 01Define the exposureTell us the event, the place, the period, and what it costs the business.
- 02Write the termsOros names the record, the trigger, the price, the payment, and the limit.
- 03Find the capitalA counterparty takes the defined risk for a premium, with payment capped in the terms.
- 04Settle on the recordAs calculation agent, Oros applies the terms to the named record and states the result.
Other sectorsWhere neighbouring risks sit
6
The sectors whose risks run alongside this one.
All sectors
Discuss the spread you carry.
Tell us what can change, where, when, and why it matters to the business. The first call takes thirty minutes.