GPUs are rapidly transforming from compute tools into a new class of financial assets, with companies like CoreWeave leading the way. CoreWeave, which went public in 2025, has amassed $14.2 billion in debt, primarily backed by NVIDIA’s H100 and H200 chips. This shift presents a unique challenge: traditional financial structures depend on durable assets that retain value over time, while GPUs may become obsolete in just three years. The market is still developing the necessary infrastructure for trading and valuing these assets, which includes standardized valuation methods and liquid secondary markets. In just 18 months, GPU-backed credit markets grew to over $10 billion. CoreWeave’s substantial financing facilities illustrate this rapid rise, starting with a $2.3 billion facility in 2023 and reaching $7.5 billion by May 2024. However, the pricing reflects significant risk; initial borrowing rates were around SOFR+13%, but improved to around 110 basis points for AAA-rated assets by early 2025. This evolution is complicated by NVIDIA's strategy of investing in companies that use its products as collateral, creating a circular dependency that risks market stability if demand for older GPUs falters. Valuation remains a critical issue. Current prices for H100s range from $25,000 to $40,000, but secondary market values vary widely based on age and demand. Depreciation rates are inconsistent, with estimates suggesting GPUs retain about 50% of their value after three years. The secondary market is fragmented, and GPUs are location-dependent, complicating ownership transfers. Tokenization of GPUs in crypto markets aims to address these challenges by providing instant liquidity and transparent audits. Meanwhile, derivatives like compute futures are emerging, which could stabilize revenue for GPU owners and hedge against depreciation risks. The success of this financialization hinges on developing reliable valuation models and liquid markets.