Investors
The third input has no market yet.
Compute is traded by the hour. Energy is traded by the megawatt. The third input of this era has no market yet, because almost nobody can manufacture it. We can.
Backing
Two firms underwriting the same read.
Y Combinator and General Catalyst don't often end up on the same cap table for the same reason. Here, they did.
YC's standard bet is a pattern before the market has priced it, the same read behind its earliest wave of AI-native funding. The wager here sits upstream of the model layer: back the supply chain before the industry admits it needs one.
General Catalyst underwrites theses built to hold for years, not one product cycle. The wager here: whoever manufactures their own operational data owns an asset the open web can't reproduce and a competitor can't shortcut.
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