THESIS · POST-SOFTWARE CYCLE

Capital at the physical layer. Where sovereignty is built.

Zhan Capital researches and invests at the intersection of sovereign AI infrastructure, energy systems, and digital monetary networks. We track the physical foundations of the next economic cycle.

Read the Thesis View Portfolio
FOCUS 3 Verticals
CYCLE Post-Software
COVERAGE Hashprice · Rare Earth · Nuclear
FOUNDED Zhan Capital LLC
SCROLL
Sovereign infrastructure over software multiplesHashprice modeling at the marginEnergy is the new balance sheetRare earth supply chains determine the outcomeDigital monetary networks settle in physical realitySovereign infrastructure over software multiplesHashprice modeling at the marginEnergy is the new balance sheetRare earth supply chains determine the outcomeDigital monetary networks settle in physical reality
WHERE WE FOCUS

Three theses. One physical layer.

We do not invest in software as a category. We invest in the infrastructure that makes the next cycle possible.

Sovereign AI Infrastructure

Nations and institutions are building compute capacity outside US hyperscaler control. We model the capital requirements, supply chain chokepoints, and geopolitical vectors that determine who wins.

AI INFRASTRUCTURESOVEREIGNTYCOMPUTE
$1.3T
PROJECTED CAPEX BY 2030
14+
SOVEREIGN AI PROGRAMS TRACKED

Energy at the grid layer

AI load growth and Bitcoin mining have collapsed the margin for error in baseload power. We cover nuclear restarts, grid interconnection queues, and the economics of 24/7 carbon-free supply.

ENERGY SYSTEMSNUCLEARGRID
24/7
BASELOAD REQUIREMENT
3x
DATA CENTER LOAD GROWTH FORECAST

Digital monetary networks

Bitcoin is the first monetary network with a physical cost floor. Our hashprice models track miner margins, difficulty-adjusted breakevens, and the long-arc thesis for non-sovereign capital settlement.

BITCOINHASHPRICEMONETARY NETWORKS
21M
HARD CAP
Hashprice
CORE RESEARCH METRIC
RESEARCH ACCESS

Thesis-driven research for the physical cycle.

Zhan Capital publishes primary research across sovereign AI infrastructure, energy grids, and digital monetary networks for institutional partners and qualified investors.

Request Access