What SF Compute does. When you finance a GPU cluster, you need to get an "offtake" agreement. Basically, someone has to agree to rent the cluster from you, typically for a 3+ year period. If that agreement falls through (the person fails to pay), then the person who owns the cluster gets wiped out, and their lender ends up with a bunch of GPUs, rather than say, money. It really looks like the world is deploying more capital into the AI build out than any infrastructure project in the history of the world. You remember when people said there was going to be a Manhattan project for AI? The current build out is the size of 20 Manhattan projects. We’re so far past the Manhattan project it’s not even funny. This is the cost of a war. It would be really bad if that scale of capital was secured against offtake agreements (long term contracts) with application layer companies who turn around and sell to their customers on a month to month basis. If the AI SaaS has a bad few months, can the AI SaaS continue to front their compute bill? They could in CPUs, because in SaaS you might have a company with $20m in the bank, and has a $1m/year "CPU" bill. But in GPUs, you have a startup that raised $20m, but a $20m+/year compute bill. So a small shift in demand means lights out for your business, because the products are so levered. That works as long as you can plug the gaps with venture capital & high margins. But across the board, AI applications are lower margin than their SaaS counterparts, giving them less buffer to save them in a bad month. And even in a hot market, venture capital won't necessarily save you if you're running unprofitably with a massive liability. That’s the problem we solve. We let people buy long term contracts they can “exit”, by selling back. That lets them get liquidity in the most critical moments, ensuring they turn a profit rather than a loss on tight margins. In other words, we prevent a bubble. When we do that, it opens up blocks of compute for smaller use cases too, like academics or startups. When we started, we were "Junelark", a 2-person audio model company that bought too big of a cluster. We had bought 12 months, but could only afford 1 month. To avoid bankruptcy, we had to sublease the other 11 months by acting as GPU brokers. Our audio model company was forced to pivot or die because we didn't have liquidity. To make SF Compute, we split the company down the middle. One side of the house makes a billing company, a ledger, an order book, and a compliance program. The other side makes a systems engineering company. To make this work, you need to run the clusters. So we make the low level cloud stack that interacts with BMC (Redfish & IPMI), UFM, built a UEFI app that replicates PXE boot in weird environments, and a virtualization layer kind of like EC2. It’s a massively complex machine filled with nitty gritty challenges. Today, we’re growing faster than Cursor and we’re scaling to secure the risk of the largest infrastructure build out in the history of the world. We’re hiring across the board for rust programmers, systems engineers, and GTM, and we’d love for you to join us to prevent an AI bubble.