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Methodology

Index Methodology

How we track 200+ companies across hardware, infrastructure, and protocol layers of the compute economy.

Start with the basics
01

What We Track

The Compute Index captures the full stack of infrastructure powering the AI and Web3 economy, from raw silicon to protocol-layer execution environments. We segment coverage into three primary layers:

L1: Hardware Layer

Semiconductor foundries, GPU manufacturers, ASIC designers, and mining hardware producers. Includes public equities like NVIDIA ($NVDA), Taiwan Semiconductor ($TSM), Advanced Micro Devices ($AMD), and private companies raising institutional capital.

L2: Infrastructure Layer

Data center operators, power providers, cooling technology companies, and REITs with compute-optimized facilities. Includes Equinix ($EQIX), Digital Realty ($DLR), Constellation Energy ($CEG), and emerging hyperscale operators.

L3: Protocol & Cloud Layer

Cloud compute providers, Web3 infrastructure protocols, validator networks, and proof-of-work mining pools. Includes public cloud (AWS, Azure, GCP), private infrastructure platforms (CoreWeave, Lambda Labs), and decentralized compute networks.

Geographic Coverage

We currently track companies operating in North America, Europe, and Asia-Pacific. Geographic classification is based on primary operational jurisdiction, not place of incorporation. A company incorporated in the Cayman Islands but operating data centers primarily in the US is classified as North America.

Asset Types

Coverage includes publicly traded equities, ETFs with compute exposure ≥ 40%, and select private market benchmarks where reliable data is accessible. We do not include derivatives or leveraged instruments in the base index.

02

Data Sources

NeonBridge aggregates data from three source categories, each with defined refresh cadences and quality checks.

Public Company Filings

  • ▸SEC EDGAR filings: 10-K, 10-Q, 8-K for US-listed companies
  • ▸Earnings calls and investor day presentations
  • ▸International equivalents (TSX, LSE, HKEX) via exchange data partners
  • ▸Real-time price feeds (15-min delayed for equities)

Private Company Data

  • ▸Venture databases: PitchBook and Crunchbase
  • ▸Company announcements and press releases
  • ▸Proprietary research and primary source interviews
  • ▸Hash rate, validator counts, and staking economics

Ecosystem & Infrastructure Data

  • ▸GPU pricing indices (NVIDIA H100, A100 spot market rates)
  • ▸Data center power pricing by region (PJM, ERCOT, CAISO)
  • ▸On-chain analytics for proof-of-work mining operations
  • ▸Patent filings from USPTO and EPO for R&D pipeline signals
03

Update Frequency

Different data types carry different latency profiles. We are explicit about what is real-time, what is batched, and what is curated on a longer cycle.

Data TypeCadenceSource
Equity prices15-min delayYahoo Finance
Blockchain metricsReal-time (~12s blocks)On-chain RPCs
GPU spot pricingDailySpot market indices
Power pricingHourlyISO/RTO feeds
SEC filingsOn publicationEDGAR RSS
Earnings dataQuarterlyEarnings calendar
Index compositionMonthly reviewInternal committee
04

Quality Standards

Index inclusion is governed by a published criteria set reviewed monthly by our data committee. Transparency and reproducibility are core principles.

Inclusion Criteria

  • ✓Primary revenue from compute infrastructure (hardware, data centers, or protocol layers)
  • ✓Significant capital deployed in AI training infrastructure or Bitcoin mining operations
  • ✓Strategic positioning as a compute layer supplier to hyperscalers or enterprise customers
  • ✓Publicly verifiable data: at least one audited annual report available
  • ✓Active operations: company must have generated compute-related revenue in the prior 12 months

Exclusion Criteria

  • ✕Pure financial holding companies with no direct compute operations
  • ✕Companies with less than 6 months of trading history
  • ✕ADRs where underlying data is unavailable in English
  • ✕Companies subject to OFAC sanctions or equivalent international restrictions

Methodology Feedback

We publish methodology changes with 30-day advance notice. Institutional subscribers receive direct notification. If you have questions about our methodology or believe a company should be added or removed, contact our data team.

data@neonbridge.com →