CFTC seeks input as CME targets Oct. 5 compute futures

The U.S. Commodity Futures Trading Commission is preparing to request public input on futures tied to artificial intelligence computing capacity, according to an Aug. 17 Bloomberg report.

The agency reportedly sent a draft request to the White House Office of Management and Budget for review. Once that review ends, the CFTC could open a public comment period lasting 30 or 60 days.

No request had appeared on the CFTC’s public comment pages or in the Federal Register by Aug. 18. The exact questions, comment deadline and effect on pending contracts therefore remain unconfirmed.

The regulatory process comes as CME Group reportedly targets Oct. 5 for two compute futures contracts using Silicon Data benchmarks. The planned launch remains subject to regulatory review.

CFTC review could define compute as a derivatives market

Compute futures would allow market participants to trade contracts linked to the future cost of renting graphics processing units. GPUs provide the processing capacity needed to train and operate many artificial intelligence systems.

The market could give AI developers, cloud providers and data center operators a way to manage changing rental prices. Financial traders could also gain exposure to compute pricing without owning chips or operating data centers.

The CFTC’s reported request is broader than approval of an individual contract. It could seek information about benchmark reliability, market manipulation, settlement methods, liquidity and how exchanges define a standardized unit of compute.

A request for comment would not constitute a proposed rule or a final regulatory decision. It also would not automatically block CME’s target date unless the CFTC separately objects to the contracts or requires further review.

Bloomberg reported that the public consultation could complicate launch plans for CME and Intercontinental Exchange. The CFTC has not publicly confirmed a delay.

CME plans contracts using Silicon Data benchmarks

CME and Silicon Data first announced their partnership on May 12. The exchange said the planned futures would use daily benchmarks tracking on demand GPU rental rates.

Silicon Data collects pricing information across GPU markets, where costs can differ by hardware, provider, region and contract duration. CME argues that standardized benchmarks could make those fragmented prices easier to compare and hedge.

“Compute is the new oil of the 21st century,” CME Chairman and Chief Executive Terry Duffy said in the official announcement. His description represents CME’s assessment of the market rather than a regulatory classification.

Silicon Data CEO Carmen Li said existing compute prices can “vary dramatically” between providers and regions. The company claims its benchmarks provide consistent pricing for a market that has historically lacked transparent reference rates.

Reports now place CME’s intended launch on Oct. 5, but the date does not appear in the exchange’s original May announcement. CME has consistently stated that any launch remains subject to regulatory review.

Contract specifications, including size, expiration months and settlement procedures, will be needed before traders can assess the products fully.

ICE is developing competing compute contracts

Intercontinental Exchange announced separate plans in May to list U.S. dollar denominated, cash settled contracts using Ornn’s Compute Price Index.

Ornn’s index tracks transaction prices across GPU models including Nvidia’s H100, H200, B200 and RTX 5090. ICE said its contracts could provide price discovery across multiple types of computing hardware.

ICE later announced another planned product using NativX’s COIL Index. The benchmark tracks tokenized, energy normalized compute and connectivity. The related contracts would trade alongside ICE’s existing electricity and natural gas products.

Power is a major cost for data centers, making energy prices closely connected to compute economics. ICE said placing the products on the same exchange could let operators manage electricity and GPU price exposure together.

Both ICE projects remain subject to regulatory processes, and the exchange has not announced a fixed launch date. The development of several competing benchmarks could give users more choice but may also divide liquidity across contracts.

Crypto infrastructure is increasing AI capacity

The emerging derivatives market follows rapid investment in U.S. data centers and GPU infrastructure. External forecasts cited by Forbes place AI infrastructure spending near 2% to 2.5% of U.S. gross domestic product in 2026, although those figures are private estimates rather than government data.

Several cryptocurrency mining companies have converted power infrastructure to AI workloads. Their access to electricity, cooling equipment and large industrial sites makes some mining facilities suitable for high performance computing.

As previously reported, TeraWulf generated more revenue from AI hosting than Bitcoin mining during the first quarter of 2026.

In related coverage, Galaxy Digital delivered 133 megawatts of computing capacity to CoreWeave under a 15 year agreement at its former Bitcoin mining campus in Texas.

These long term arrangements show demand for tools that can measure and manage compute costs. They do not establish whether a standardized futures market will attract enough trading activity.

Public questions and contract filings come next

The next formal development would be OMB completion of its review and publication of the CFTC’s request. Only the published document can confirm the questions and response deadline.

CME must also complete the applicable CFTC contract filing process. Registered exchanges can submit new products through self certification, but the CFTC can review contract terms and require additional action where permitted by law.

Public feedback may focus on whether the underlying benchmarks resist manipulation, represent executable rental prices and remain reliable when newer GPUs replace older hardware.

Market participants may also address settlement disruptions, regional pricing differences and whether compute contracts resemble energy, commodity index or financial futures.

The Oct. 5 launch remains a target rather than a confirmed trading date. Regulatory review, contract filings and operational readiness could still change the timetable.