There is a gold rush underway to build marketplaces for compute. Startups and decentralized networks, cloud intermediaries, and new exchanges are all racing to connect hardware owners with users who need GPUs and other accelerated compute. The prize is enormous: the market that gets the details right will concentrate volume

Traditional order books amplify volatility and trading risk, driving a negative feedback loop that undermines the market. Instead, trading through flows dampens risk and drives a virtuous cycle, enabling markets to thrive in spite of volatility and low liquidity.

The Space Modernization NPRM streamlines licensing—and pushes us into a more congested orbital environment. Market-based spectrum management rules are the next logical step.

New data centers are pushing our power grid to its limits. At Forward Market Design, we believe that our grid will be best-served by a price-first interconnection process that unifies large loads and generation.

The FCC’s Upper C-Band NPRM appears straightforward—unlocking 100 to 180 MHz. Yet the consequences of that range diverge sharply: incremental for terrestrial networks, but structural for satellite incumbents. That gap is what drives pricing, incentives, and strategic choices going forward.

When we think about meeting our growing demand for energy, the interconnection process is as important as the plants themselves. At Forward Market Design, we believe that system operators can improve interconnection by adopting a price-first approach.

Granular forward trade incentivizes a more responsive grid The U.S. electricity grid faces unprecedented load growth. Earlier this year, Texas grid operator ERCOT forecast new data centers would add 77 GW of load to the grid between 2025 and 2030, driving a 121% increase in total load. Even the