The cheapest capital in our model is not money — it is everything a company no longer has to build from scratch. Each business we operate leaves behind reusable assets: engineering tooling, go-to-market playbooks, regulatory groundwork, hiring networks, and direct lines to customers and partners.
The next company inherits that base. It ships faster, raises on better terms, and reaches customers it could not have reached alone. Over time the portfolio behaves less like a set of independent bets and more like a compounding system.
We deliberately mix equity and token-based holdings across the frontier-technology stack so the network effects run both ways — infrastructure companies feed applications, and applications stress-test infrastructure.
Compounding is slow until it isn't. The work is to keep the inputs honest: real revenue, real users, real ownership — and let the system do what compounding systems do.
Agentic coding is changing the unit of software production: the developer increasingly designs, supervises, and improves a factory of connected build, audit, deployment, and operating systems.
Coding agents make extensible software more valuable: more users can now turn small, personal workflow frictions into working tools.
Agentic coding changes the developer's job: less uninterrupted implementation, more dispatching, reviewing, and switching well between parallel streams of work.