What you own

A share is a record in an ownership registry entitling the holder to a pro-rata portion of one asset's net rent and NAV-based redemption.

• Shares are non-transferable. They cannot be sold peer-to-peer, wrapped, or used as LP collateral.
• A rack share is exposure to its four member sleds; a pool share to all eight. Aggregates sum member NAV, shares and rent — they do not create extra supply.
• Shares are not PUNK. PUNK is a separate, proposed utility token with no claim on hardware or rent.
• Prepaid compute credits are a third, non-transferable service balance.

In a live system the legal form of this right (and who may hold it) must be established by a real entity in a real jurisdiction before any sale. None exists today.