Update.
June/July
26
2026
Our latest capital deployment, underwritten through Channel Point's operator-led approach.
Notable updates from across the portfolio — milestones that shape long-term value creation.
A featured theme we're actively underwriting, alongside the other names and markets currently on our radar for our partners.
The binding constraint on data center development is no longer capital, land, or silicon — it is interconnection. Queue times in the major markets now run years, and the political appetite for new transmission has narrowed sharply as retail ratepayers absorb the cost of serving hyperscale load. Utilities are increasingly unwilling, or politically unable, to move at the speed demand requires.
That is precisely why behind-the-meter power is not one option among several — it is realistically the only path to delivering capacity on the timeline the market needs. Generating on site, adjacent to the load, sidesteps the queue entirely and converts a multi-year regulatory dependency into a construction schedule.
The value creation sits in the transformation. Raw land trades at a fraction of entitled, pre-energized land — and pre-energized land trades at a fraction of a delivered data center site. Capturing that spread means securing power rights and entitlements before the market prices them in.
We underwrite this theme with one hard requirement: we participate only alongside sponsors with institutional-grade development pedigree — teams with a demonstrated record of delivering large-scale powered assets, and the balance sheet and utility relationships to execute. In a market drawing substantial speculative entry, sponsor quality is our primary risk control.
Co-founded by Jeff Bezos and Vik Bajaj as co-CEOs, Project Prometheus is building what it calls an "artificial general engineer" — AI tools meant to compress the loop from design to manufactured object across jet engines, batteries, aerospace, industrial systems, and mobility. Where language models automate knowledge work, Project Prometheus targets the physical economy, where a single design iteration can take years and cost millions.
The company announced a $12B Series B at a roughly $41B valuation in June 2026, following a $6.2B Series A. Reported investors include JPMorgan Chase, BlackRock, Goldman Sachs, DST Global, and Arch Venture Partners, with Bezos participating in both rounds. Project Prometheus operates from San Francisco with offices in London and Zurich, and has recruited researchers from OpenAI, DeepMind, Meta, and Nvidia. Bajaj frames the goal as making the dream-build loop roughly ten times faster.
Channel Point is offering participation in the Series B round.
Top-tier franchises have historically behaved less like operating businesses than like scarce, appreciating assets: supply is fixed by league structure, media rights reprice on long cycles, and ownership rarely turns over. Recent rule changes permitting institutional and minority capital across several major leagues have opened positions that were previously inaccessible — but very few clear our bar.
Every opportunity we advance is extremely carefully curated, and each one pairs a minority stake in the franchise with a defined adjacent opportunity — an apparel or consumer-brand platform, or real estate around the venue, where district development can represent a meaningful share of total enterprise value. We treat the club as the anchor and the adjacency as where much of the return is actually created; we do not pursue a franchise position on its own.
