Merchant
Revenue or power sold on the open market without a long-term contract, carrying price risk versus contracted supply.
Current numbers
~27.8%custom ASIC share of AI-server shipments in 2026; growing ~44.6% YoY (≈3x merchant-GPU growth)
~30–50%+cost-per-token / price-performance advantage cited by custom-silicon programs vs merchant GPU
1.20–2.00xminimum DSCR band — ~1.20–1.45x contracted vs ~1.75–2.00x merchant