The infrastructure dividend of the AI build-out
Capital expenditure on compute now rivals the railway booms of the nineteenth century. We examine where durable equity value accrues in the AI stack — and where it evaporates.
Read more§ 01Market perspective
What we're watching.
Research and viewpoints from the Valenor investment team — written for founders, limited partners, and anyone who thinks in decades.
Enterprise software after the seat
As AI agents perform work once billed per user, pricing power is migrating from seats to outcomes. What that means for the next decade of enterprise business models.
Read moreVenture in a higher-for-longer world
Private-market pricing has re-anchored to fundamentals. Why disciplined reserves and honest marks are once again a competitive advantage.
Read moreSecuring the machine-to-machine economy
Autonomous software now transacts, negotiates and provisions on our behalf. Identity and containment for machine actors is this decade's defining security market.
Read moreSovereign clouds and the new geography of compute
Regulation, energy and geopolitics are redrawing the map of the cloud. The case for regional champions in a market long assumed to be winner-take-all.
Read moreHealthcare's quiet software revolution
Beneath the headlines about AI diagnostics, care delivery itself is being re-platformed. Where clinical outcomes and venture returns finally align.
Read moreThe industrialisation of deep tech
From fusion to protein design, frontier science is reaching bankable milestones. How we underwrite technical risk without romanticising it.
Read moreEuropean venture comes of age
Europe now produces more new developers than the United States. The structural forces compounding beneath a decade of steady progress.
Read moreInfrastructure as destiny
Every platform shift is won at the infrastructure layer first. Lessons from three cycles of investing beneath the application stack.
Read moreThe 2026 economic outlook for company builders
Rates, labour markets and the capital cycle — a practical read on the operating environment for growth-stage technology companies this year.
Read more