Manifesto

The Infrastructure Moment

For the past two decades, venture capital chased software. The pitch was simple: zero marginal cost, infinite scale, compress the world into apps. We built communication layers, marketplaces, and SaaS tools. We optimized for growth at all costs and priced companies like they'd grow forever.

It worked—until it didn't.

The 2021 vintage is underwater. Unicorns are trapped between "too big to sell" and "not good enough to IPO." Companies stay private for 15 years because public markets won't pay for 30% growth at 50x revenue. AI is rebuilding every software category from scratch, making billion-dollar incumbents obsolete in 18 months. The old playbook is broken.

Meanwhile, something else is happening.

America is rebuilding its industrial base. Not just because of policy or patriotism—because the economics finally work. Decades of offshoring, just-in-time inventory, and "asset-light" thinking left us with 52-week lead times for critical parts, foreign dependence on everything from chips to drones, and supply chains that collapse when one ship gets stuck in a canal.

The math changed. Reshoring isn't just a political talking point anymore. Automation, AI-driven design, and distributed manufacturing make domestic production competitive for the first time in 40 years. Defense budgets are growing across both parties. Energy infrastructure is being rebuilt for the first time since the 1970s. The companies solving these problems are solving consensus problems with massive TAMs and decades of runway.

This is the infrastructure moment.