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Every era of computing has been built inside a factory.
A facility structured to produce a specific output, optimized for that output, owned by whoever controls access to it.
The mainframe was one. The cloud was another.
The AI buildout is the newest, and the fight over who owns it is already underway.
That is why I wrote this series: The Compute Factory. Across eleven articles, split into two parts, it traces one pattern when a workload overwhelms the infrastructure built for it, a new factory gets built to replace it and follows the capital that funds each rebuild.
This series is free because understanding who owns the means of compute production should not be limited to the people already inside the deals.
Series Overview
The series runs in two arcs. The first traces how the compute factory was built, broken, and rebuilt across four decades. The second follows the capital behind it the financing structures, the offtake agreements, and the sovereign money now anchoring the whole stack. Read in order, they build a single argument.
Part One: The Compute Factory — How We Got Here
The six-article spine. Each one is a break in the pattern, and each break sets up the next.
Open Compute Project: The Hardware Moat Facebook Built and Gave Away
Two GPUs: The Infrastructure Shift That Priced Most Investors Out
The Retrofit Problem: Why Legacy Data Centers Cannot Serve AI Workloads
Part Two: The Capital Behind the Factory
The five-article capital arc. Who finances the factory, how the offtake agreement became the asset, and where sovereign money is flowing before demand arrives.
Why Meta’s $26B Leaseback Rewrote AI Infrastructure Financing
Why Sovereign Wealth Funds Are Becoming the Compute Factory’s Anchor Capital
What the Hyperscaler Balance Sheet Actually Tells Investors About AI Infrastructure
The Data Center Valuation Model Breaks on the Compute Factory
Why This Series Matters
The compute factory is not a new idea.
It is the oldest idea in industrial capitalism own the means of production, control the output running on new physics.
By the end of these eleven articles, you will see the AI infrastructure buildout the way the capital behind it does: not as a technology story, but as a question of who owns the factory, who finances it, and who captures the premium when the workload shifts again.
Stay subscribed to follow along, and by the end you will recognize the next break in the pattern before it is announced.
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