Metrisk · Independent valuation practice
Institutional Valuation for AI Infrastructure
Metrisk is an independent valuation practice for the compute that secures institutional credit. A lender commissions a named scope of work; Metrisk verifies the asset population against the Compute Registry, applies its methodology to the verified population, puts the conclusions through a second qualified reviewer, and issues a signed report with a fixed version identifier that a credit file can rely on. Metrisk has no interest in the transaction and no fee that depends on the answer.
A request is an intake enquiry. Work begins only when a written scope of work is issued and accepted.
What Metrisk Delivers
Six conclusions. A request names the ones the credit decision needs, and the scope of work states them before any analysis begins — a conclusion that was not commissioned is not quietly added, and one that was is not quietly dropped.
| Conclusion | Definition |
|---|---|
| Current Market Value | What the asset population would exchange for today between a willing buyer and a willing seller, each informed and neither compelled — the base against which an advance rate is set. |
| Residual Value | What the same population is expected to be worth at a stated future date under continued normal use, so a facility that amortises past that date can be sized against what will still be there. |
| Orderly Liquidation Value | Net proceeds from a disposal conducted over a defined marketing period by a seller under compulsion but not under time pressure — the realistic recovery when there is time to sell properly. |
| Forced Liquidation Value | Net proceeds from a compressed, publicly advertised sale with no opportunity to find the right buyer — the downside a workout desk plans against. |
| Recovery analysis | What the lender actually collects after repossession, de-installation, storage, transport and sale costs on a stated timeline, rather than a gross value before the cost of getting to it. |
| Supportable Exposure | The facility amount the collateral supports at a stated advance rate and a stated premise of value — the figure a credit committee can vote on. |
Every conclusion is stated against one effective date, one asset population and one verification level. Where the evidence does not support a conclusion that was requested, the report says so in those words rather than publishing a weaker figure under a stronger name.
Use Cases
The purpose is not a category for filing. It determines the premise of value, the intended users, the evidence required and the shape of the report, so it is fixed at intake and written into the scope.
| Purpose | The decision it supports |
|---|---|
| Origination | Sizing a new facility against the compute being financed, before the credit approval is written. |
| Refinancing | Re-establishing value on an existing position at a new effective date, where the original basis is stale or was never independent. |
| Borrowing base | Supporting a periodic borrowing-base certificate with an independent value for the eligible equipment. |
| Portfolio review | Revaluing exposures across several borrowers on one consistent basis, so positions are comparable to each other. |
| Annual revaluation | The scheduled annual mark a facility agreement requires, on the same methodology as the prior year. |
| Restructuring | Establishing what the collateral is worth before terms are amended, so concessions are priced against evidence. |
| Default / recovery planning | Orderly and forced liquidation conclusions with the costs of recovery, for a position that is already impaired. |
| Financial reporting | A valuation prepared for a stated accounting purpose, with the basis and the intended users named in the report. |
| Other institutional purpose | An institutional purpose not listed here. Tell us the decision the valuation supports and the scope is written to it. |
The Process
Six stages. Each one has a state you can see in your workspace, a named person responsible for it, and something specific that is or is not required of you.
Request
You state the subject, the purpose and the conclusions the decision needs. Metrisk runs conflict and independence checks and issues a scope of work with a committed delivery date.
Evidence
Metrisk issues a named list of required evidence — collateral schedule, invoices, serial evidence, deployment and configuration records — each with the reason it is required.
Verification
The asset population is normalised, matched against the Metrisk Compute Registry, checked against Passport records and, where available, confirmed against operating telemetry.
Analysis
A named analyst applies the Metrisk methodology to the verified population and produces each requested conclusion against the stated effective date.
Review
A second Metrisk professional who did not prepare the conclusions reviews the population, the method and the conclusions, and either approves them or returns them with changes. That separation is enforced by the system, not by process. Review of a Metrisk conclusion is performed by a second Metrisk professional. It is not review by an independent third party.
Report
The approved conclusions are issued as a report signed by a named individual, with a fixed version identifier and an integrity fingerprint, delivered to the named recipients in your workspace. No individual signing a Metrisk report currently holds a machinery, technical specialties or real property valuation designation, and Metrisk does not attribute a designation to anyone who does not hold it.
Independence
A valuation is worth what its independence is worth. These are the specific arrangements that keep Metrisk outside the transaction it is valuing, and the check that runs before an engagement is allowed to open.
The Deliverable
One signed report, issued at a fixed version with an integrity fingerprint, delivered to named recipients. This is its section structure — the same list the report generator works from, so this page cannot advertise a section the product does not produce.