Ornn in Talks for Third Tranche of Series A at Valuation Above $1 Billion

Computing-power trading platform Ornn is negotiating a third tranche of its Series A funding, which could value the startup at more than $1 billion. According to ChainCatcher, Axios Pro reported that the deal, if completed, would make Ornn the highest-valued startup in the sector. The talks follow Ornn’s second Series A tranche, which valued the company at $800 million, and come about four months after its seed round. In June this year, Ornn raised $33 million in a seed round led by a16z crypto. Ornn builds financial infrastructure for AI computing power, connecting GPU capacity from neocloud providers and data centers with buyers seeking short-term contracts. The company also publishes a computing-power price index that is available on the Bloomberg Terminal. Intercontinental Exchange plans to launch contracts linked to the index, but has not yet received regulatory approval.