CAPITAL INTENSITY ISN'T BAD

Summary from the TLDR Founders newsletter

Hard tech startups using asset-backed financing achieve lower dilution than software companies burning equity on customer acquisition. Crusoe Energy proved this by raising just $1.59B in equity to build massive data centers by securitizing generators and GPUs separately. Mastering structured finance turns capital intensity into a competitive advantage since physical assets create deeper moats than expensive customer acquisition in crowded software markets.