The clearing house for physical compute.
Silicon Exchange is the neutral exchange and central counterparty for physically delivered compute — certified, graded silicon bid and offered into an open auction, uniform-price cleared, and guaranteed through central clearing. Operated by NACCO, which owns no compute and takes no position. Compute, settled like power.
Modeled on the electricity market: compute is measured as a continuous flow (capability × time, the MWh-of-compute), graded by independent verifiers, priced by a transparent reference index built from real cleared trades, and settled through a central counterparty that manages the money and the credit risk. NACCO owns no silicon and takes no position — it runs Silicon Exchange, certifies the grade, and clears the trade.
Why Silicon Exchange
Neutral operator
We own and operate no silicon and take no market position — functional control, not ownership. Neutrality is the product.
A physical market
Buyers get actual delivered compute capability — a lease for a window — not only financial exposure, alongside cash-settled products for hedgers.
A real, verifiable standard
Compute is graded by independent third-party verifiers against a reproducible reference, so a unit of a grade means the same thing everywhere.
Priced like a commodity
The reference price is built from real cleared trades — transparent and manipulation-resistant. Prices emerge from the auction; we never set them.
Measured like power
The unit is the continuous-flow capability measure — SPH, the MWh-of-compute — with GPU-hours for hedger quotes.
Self-governing
Stakeholder-governed with an independent board: the exchange + central-counterparty + self-regulatory structure markets have used for a century.
For sellers & silicon owners
Guaranteed offtake, transparent price discovery, and a certified grade that lets your best silicon earn a premium and clear first.
For buyers, AI labs & enterprises
Lock in compute capability and cost ahead of need, with a verified grade and a guaranteed, cleared delivery — hedge your compute like you hedge power.
Trade compute like a commodity.
Apply for a membership license, register your silicon or your demand, and clear into a transparent, neutral market.