Beyond
Humanity.
AI agents are multiplying across the economy — and the projections for where their population lands this decade dwarf the human workforce. The market hasn’t priced this.
Throughout all of human history, every model of economic growth has assumed that the labor force expands at the rate of human births. The next generation of AI agents breaks that assumption for the remainder of our lives. The total addressable market of every economic activity becomes, for the first time, unbounded by population.
The Shift
The world is being rewired. Right now.
Most people still think AI is a feature. A chatbot. A productivity tool. They’re wrong — and the lag between what’s actually happening and what the mainstream believes is exactly where this fund operates.
28.6M
In Production
2025 estimate (Statista)
1.3B+
Projected by 2028
Microsoft projection
2.2B+
Projected by 2030
Independent industry projection
Forward-looking projections — not guarantees. Sources in the offering materials.
Every corporation on earth is replacing the most expensive part of their cost structure — human labor — with AI agents that work 24/7, never ask for a raise, and scale infinitely. The question isn’t if. It’s how fast. And the answer is: faster than anyone is modeling. Every agent that deploys needs compute, power, memory, and networking. We own the companies that supply it.
The Case
Why this is the most consequential shift of our lifetimes.
Early Innings
Only around 3% of U.S. households currently pay for AI services (Bank of America Institute, 2026), and well under 1% of the world's population does. The United States and small pockets of Asia represent nearly all AI daily users today. Every prior technology wave looked this concentrated at this stage. The ludicrous phase has not begun.
Capital Conviction
The five largest AI hyperscalers — Amazon, Microsoft, Google, Meta, and Oracle — are currently projected to spend a combined $725+ billion this year on AI infrastructure alone. When the largest capital allocators in history all converge on the same bet, the infrastructure underneath that bet becomes the most defensible position in markets.
The New Nuclear Race
Seventeen nations have launched formal national AI strategies since 2024. The United States, China, and the EU have each allocated more to AI sovereignty than to any other peacetime technology program in history. When governments invoke wartime emergency powers to build infrastructure, the infrastructure is no longer a trend — it is geopolitical necessity.
Policy as Tailwind
In 2026 the Trump administration invoked the Defense Production Act to secure the energy and power-grid supply chains behind the AI build-out — the same period that saw Stargate's $500 billion national AI project announced. When governments deploy emergency industrial powers to lock down the inputs, the build-out is no longer a trend. Nothing is slowing this down.
The Last Monopoly
Every technology wave has produced one dominant infrastructure monopoly that captured the majority of compounding. AT&T owned the telephone network. Intel owned the chip. Google owned search. The AI infrastructure stack is still being built. The monopoly has not yet been crowned. The window is open.
Physical Bottlenecks
Three physical constraints limit agent deployment: power generation, advanced memory, and semiconductor chemicals. These are not software problems. They are physical build timelines measured in years — even as agent deployment accelerates. The companies that solve these bottlenecks will compound regardless of which AI models win.
The Infrastructure Upgrade
The infrastructure upgrade of the decade is here. We are transitioning from traditional copper interconnects to high-speed laser optical connections inside the data center. This isn’t just about speed; it’s about survival. While optical networking can slash the energy required for data transport by up to 80% per bit, the real win is a 20–25% reduction in total facility power consumption.
The Re-Rate
In our view, no major bank model yet carries a scenario for a trillion-agent economy — or for AGI or ASI. We regard these not as fringe scenarios but as increasingly the base case of the people building the systems. If the market is forced to update its models, we believe the re-rate will be swift, and infrastructure that serves the agent economy will be repriced first and fastest.
The Strategy
One Thesis. Executed with Maximum Conviction.
Every decade has one. Personal Computers. The Internet. Smartphones. The Cloud. Artificial Intelligence. Each one looked obvious in hindsight. None of them looked obvious when the real money was made. The AI agent economy is that story right now — and we are early.
We ride the biggest structural shifts in the economy with maximum conviction. Our portfolio will be long focused with positions in place to hedge any of the bottlenecks that come up along the way.
June 1, 2026 · 100 LP Maximum
Pre-Applications OpenThe thesis is live.
The trade is open.
Accredited investors only · $1,000,000 minimum · Offered under Rule 506(c)