Symmetric Research
The measurement standard
for compute capital
Independent collateral verification for GPU-backed lending. Borrower-paid, lender-mandated.
Anchored to industry-standard benchmarks — independently governed, not proprietary
compute-backed debt
performance standards for lenders
GPU-backed lenders pay 11–15% for capital. Traditional data-center REITs pay 3–5%. Credit quality, depreciation, and revenue concentration explain part of that gap. The rest is uncertainty — lenders pricing in what they can't independently verify.
CoreWeave repriced from SOFR+9.62% to SOFR+4.00% in twelve months — 560 basis points of same-series compression.
What we build
Same structural role as an independent engineer in project finance — applied to an asset class that has never had one.
Pre-close commissioning
Hardware census, workload classification, degradation baseline — before the facility closes.
Monthly covenant monitoring
Verified Workload Reports with PASS / WARN / BREACH status. Continuous visibility between quarterly reviews.
Tamper-detectable audit trail
Cryptographically signed, tamper-evident reports. Drift caught in the first reporting cycle, not at refinancing.
Standardized measurement unit
A single metric that normalizes heterogeneous GPU fleets — different hardware, different facilities, different providers become comparable.
Every asset class that matured got independent measurement. Real estate got appraisers. Energy got meter operators. Compute has nothing — yet.
The standard must be independent of both sides of the lending relationship.
Team
Carl Anthony — CEO
Former CAO at NexGen Cloud. Built GPU financing proposals and saw the underwriting gap firsthand — lenders had no way to verify what they were backing.
David Wender — CSO
Founded and sold a commodity data business to ICE. Former Nymex board member. Deep background in market structure and standardization.