Ornn Discusses Third Series A Tranche at Potential Valuation Above $1 Billion

Ornn is discussing a third tranche of its Series A financing that could value the compute-trading startup above $1 billion if the deal closes. The talks follow Ornn’s second Series A tranche, which closed at an $800 million valuation. The company raised $33 million in seed funding in June, led by a16z crypto. Ornn builds financial infrastructure for AI computing capacity. It connects buyers seeking short-term GPU contracts with neocloud providers and data centers, and publishes a compute price index carried on Bloomberg Terminal. Intercontinental Exchange (ICE) plans to offer contracts tied to Ornn’s index, subject to regulatory approval.