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Notes on building forever.
Essays on permanent capital, AI-native SaaS economics, and what we're learning operating our brands.
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3 of 26 essays match your filters
May 24, 2026·Investors·5 min read
Proprietary data is the only real AI moat in vertical B2B SaaS.
Model access is not a moat. Cobalt Glacier underwrites AI features on the data behind them — workflow-generated, non-obvious schema, closed feedback loop — not the model in front of them.
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May 22, 2026·Investors·6 min read
Gross margin floors in AI-native B2B SaaS: how we underwrite the cost stack.
Cobalt Glacier's 70% steady-state gross margin floor for AI-native acquisitions, the three axes that determine where the floor sits, and the patterns that disqualify a business regardless of topline growth.
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May 4, 2026·Operator notes·2 min read
AI doesn't lower SaaS prices. It widens margins.
The reflexive take is that AI commoditizes software. The actual outcome, for operators who run the math, is the opposite.
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