December 2025
Running Infrastructure at Scale
Lessons from the trenches on reliability, operations, and the work that compounds.
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Ideas at the intersection of code and capital.
Essays on infrastructure investing, technical strategy, and building systems that endure.
December 2025
The Unbundling of Stripe
Where the next layer of payments infrastructure gets built.
Read essay →December 2025
The $1M-$10M ARR Dead Zone
Why infrastructure companies stall here, and how to break through.
Read essay →November 2025
Pricing Infrastructure: A Framework
The tactical guide to pricing APIs, platforms, and developer tools.
Read essay →November 2025
Infrastructure Economics: How the Best Companies Print Money
The most lucrative infrastructure companies print money in silence. Here's what they built, how they monetize, and why margins matter more than headlines.
Read essay →November 2025
The Billion-Dollar Exits: Infrastructure M&A Case Studies
Five infrastructure acquisitions that created generational wealth. What acquirers paid for, why the deals worked, and what founders can learn.
Read essay →November 2025
How Infrastructure Founders Built Generational Wealth
Time to exit, ownership stakes, strategic decisions, and the compounding effect of patience.
Read essay →October 2025
Lessons from 50 Infrastructure Diligence Calls
Patterns across winners, losers, and everything in between.
Read essay →October 2025
Why Most VCs Can't Evaluate Infrastructure
The pattern matching problem and what it means for founders.
Read essay →October 2025
The Micro-Acquisition Playbook
How to buy, improve, and run small infrastructure businesses.
Read essay →October 2025
Unit Economics for Infrastructure Companies
A framework for understanding the true cost of serving customers.
Read essay →October 2025
What Operators See That Investors Miss
The gap between pitch deck and production reality.
Read essay →October 2025
Building Systems That Endure
On reliability, restraint, and the infrastructure that lasts.
Read essay →November 2025
Why Infrastructure Pricing is Harder Than Building
Most infrastructure startups fail not because of bad technology, but because of bad unit economics.
Read essay →November 2025
What Makes Infrastructure Defensible
Technical moats in infrastructure aren't about patents or network effects. They're about depth.
Read essay →October 2025
Why We Invest in Infrastructure
On technical depth, unit economics, and the systems that compound.
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Why We Acquire Infrastructure Businesses
On durable systems, operator ownership, and the businesses that compound quietly.
Read essay →September 2025
In Search of the Next Layer of Infrastructure
A letter on capital, conviction, and the systems beneath the surface.
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