// Blog
Notes on building forever.
Essays on permanent capital, AI-native SaaS economics, and what we're learning operating our brands.
3 of 26 essays match your filters
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.
NRR is the only B2B SaaS metric that compounds.
ARR is a snapshot. Net revenue retention is the engine. On a permanent-capital holding period, the gap between 105% and 125% NRR is the difference between a good business and a category-defining one.
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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