Compute is the new oil.

GPU and memory pricing can move 20–40% in months, while startups, chipmakers, and infrastructure providers remain structurally exposed to volatility. Unlike traditional commodities, compute has no forward curve, no standardized hedge, and no benchmark contracts to support the trillions in AI capital expenditures expected over the next decade.

What we’re building

Pluto is building a CFTC-regulated commodities exchange for AI infrastructure.

We treat compute and memory like commodities, beginning with standardized GPU contracts (H100, A100, B200, and successors) and expanding into other critical AI inputs such as power and rare earth metals.

Our applications have been submitted and deemed materially complete by the CFTC for both an exchange (PMEX Markets) and clearinghouse (PMEX Clearing).

Upon approval, Pluto would operate with the same regulatory framework that governs major U.S. futures exchanges.

Why this matters

Obtaining DCM and DCO approval is a high-bar regulatory process that few new entrants pursue. By choosing a regulatory-focused approach from the beginning, Pluto will be the first to launch a regulated marketplace for compute derivatives.

In commodity markets, the exchange that establishes the initial benchmark contract and forward curve typically anchors liquidity and price discovery. Early regulatory approval creates a sequencing advantage: the first regulated venue to list and clear these contracts sets the standard others reference.

By combining regulatory infrastructure with proprietary benchmark construction, Pluto is establishing the compute forward curve before the market fully commoditizes.

Who we are

Pluto was founded by Ronit and Aarav, who met at UC Berkeley studying EE/CS and have experience implementing large-scale AI systems at Fortune500 companies.

Our team combines deep technical and market-structure experience, including former staff engineers from Meta and NVIDIA, EE PhDs, and the former CFO of ElectronX.

Our public directors bring direct exchange and regulatory expertise: Rich Jaycobs (formerly of Cantor Exchange, involved in numerous DCM/DCO approvals) and Andrew Ridenour (former General Counsel at Cumberland Labs).

Our Asks

We’re looking to connect with:

• Funds focused on financial infrastructure, commodities, or AI
• Market makers interested in participating in compute derivatives
• AI companies with meaningful GPU spend interested in hedging
• Data centers and neoclouds exposed to GPU price volatility

If you’re building or investing in the financial layer of AI, please book a time here.