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About the Role
Ornn Compute bundles compute reservations from non-investment grade tenants into diversified baskets that a neocloud can underwrite as a single, more creditworthy counterparty. This role will control the structuring of those baskets: how the tranching works, how credit enhancement layers in, how the pool performs under stress, and how it all gets presented to rating agencies and institutional buyers. You will design the credit structures that sit at the core of Ornn's value proposition, working directly with the founders to define how tenant pools are composed, how risk is allocated across tranches, and how the resulting instruments are rated and distributed. You will be the person in the room with credit ratings agencies, walking them through pool composition, default correlation assumptions, and waterfall mechanics. The role spans origination-side structuring and distribution-side positioning. You will work closely with Ornn's index and derivatives team to connect the structured products to our broader compute pricing infrastructure, and with engineering to ensure the platform can support the data and reporting requirements that rating agencies and investors demand.
Responsibilities
- Design and iterate on the credit structures that transform diversified pools of non-IG compute tenant offtake into rated, investable instruments.
- Build and maintain the quantitative models that drive pool composition, tranche sizing, credit enhancement levels, and stress testing across various default and correlation scenarios.
- Own the rating agency relationship end to end: prepare materials, lead presentations, respond to methodology questions, and manage the ongoing surveillance process.
- Define the waterfall mechanics, subordination levels, and reserve account structures for each product variant.
- Work with the founders and legal counsel to structure the SPV and issuer-level documentation, ensuring alignment between the financial engineering and the legal architecture.
- Develop the investor-facing materials, including offering memoranda, pool performance reports, and credit surveillance updates, that institutional buyers expect.
Requirements
- 2+ years of experience in structured finance, securitization, or credit structuring at an investment bank, rating agency, specialty finance company, or structured credit fund.
- Direct experience building or analyzing cash flow waterfalls, tranche structures, and credit enhancement mechanisms for pooled asset classes (ABS, CLOs, CMBS, or similar).
- Demonstrated proficiency working with credit rating agencies on new issuance or surveillance, including preparing rating agency presentations and responding to methodology-driven diligence.
- Strong quantitative modeling skills.
- Familiarity with the credit characteristics of non-investment grade corporate obligors, including how to assess creditworthiness for companies with strong revenue growth but limited credit history.
- Clear written and verbal communication.
Skills
- Structured finance
- Securitization
- Credit structuring
- Cash flow waterfalls
- Tranche structures
- Credit enhancement mechanisms
- Quantitative modeling
- Credit characteristics of non-investment grade corporate obligors
- Rating agency presentations
- Methodology-driven diligence
- Technology company credit analysis
- Cloud infrastructure provider credit analysis
- AI/ML company credit analysis
- New asset class methodology development
- Securitized debt markets
- ABS
- Whole business securitization
- Esoteric asset classes
- GPU compute economics
- Datacenter infrastructure
- Cloud capacity markets
Location
- New York
Work Type
- Full-time
Experience Level
- Leadership role
Education Level
- Graduate degree from a top finance program (MBA, MFE, or equivalent)
Salary/Compensations
- Competitive salary
Benefits
- Meaningful equity
- Health coverage
- Free meals
- Additional benefits
About the Company
- Ornn is building the financial infrastructure for AI compute.
- Our price indices are live on Bloomberg Terminal.
- We structure and trade compute hedging instruments.
- We're now building a platform that brings exchange-grade mechanics like order management, matching, scheduling, and settlement to how compute capacity gets reserved and allocated.
- We're a lean team in New York, backed by leading venture and strategic investors.
Equal Opportunity
- Ornn is committed to building a diverse team.
- We evaluate candidates based on their ability to do the work, not on pedigree or background.
- We encourage applications from people of all backgrounds and experiences.