{"id":15225,"date":"2025-12-07T11:24:40","date_gmt":"2025-12-07T11:24:40","guid":{"rendered":"https:\/\/infundpros.com\/?p=15225"},"modified":"2025-12-07T11:24:41","modified_gmt":"2025-12-07T11:24:41","slug":"tech-elites-are-starting-their-own-for-profit-cities","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=15225","title":{"rendered":"Tech elites are starting their own for-profit cities"},"content":{"rendered":"
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Balaji Srinivasan, former chief technology officer of Coinbase, the cryptocurrency exchange, turns to address the hundreds of tech workers and investors filling a darkened arena in Singapore \u2014 all there to learn how to build empires.<\/p>\n

\u201cI think it\u2019s fair to say,\u201d he pronounces from the stage, palms outstretched, \u201cin 2025, we have a movement.\u201d<\/p>\n

It is early October and Srinivasan is hosting what he\u2019s called the Network State Conference, an event targeting \u201cthose interested in founding, funding and finding new communities\u201d.<\/p>\n

For years, the entrepreneur has preached to clubby tech gatherings that they should gather their online comrades and set up a physical homeland \u2014 a network state, be that a city or a country \u2014 by joining together to buy land. He has hailed this as the \u201cultimate exit\u201d by Silicon Valley from \u201cfailing\u201d US institutions and democracy.<\/p>\n

But what was a fringe concept a matter of years ago is now attracting more interest as scrappy start-up chief executives and aggrieved billionaires contemplate the allure of tech-friendly havens unbound by legacy rules and regulation. While some are aspirational, reliant on their founders securing hard-to-come-by special economic zone status, there are now about 120 \u201cstart-up societies\u201d in the works, according to an open-source database shared by Srinivasan. A few have received hundreds of millions of dollars in venture capital from funds backed by the likes of investors Peter Thiel and Marc Andreessen, OpenAI founder Sam Altman and Brian Armstrong, Coinbase chief executive.<\/p>\n

Srinivasan himself has started a \u201cNetwork School\u201d on an artificial island near Singapore, where techno-optimists can work their day jobs remotely while living in a hotel together and learning how to \u201cbootstrap\u201d, or build, a new society. Membership and accommodation, which he dubs \u201csociety-as-a-service\u201d, starts at $1,500 a month. <\/p>\n

For proponents, the initiatives offer the opportunity to address all that they believe has caused a decline in American dynamism, from monetary policy to taxation. San Francisco, in particular, has for years been affected by high levels of homelessness and crime, prompting an exodus of tech workers during Covid.<\/p>\n

\u201cIt\u2019s young people being dissatisfied with stagnation, corruption and isolation,\u201d says Amjad Masad, chief executive of AI coding company Replit, who has observed the rise of the network state movement. Last year, he moved Replit to Foster City \u2014 a master-planned city built in the 1960s on marshlands near Silicon Valley \u2014 to escape what he described as the \u201csuffering on the streets\u201d of San Francisco. \u201cYoung people are clearly yearning to discover new ways of living and building through technology,\u201d he adds.<\/p>\n

But the movement\u2019s toughest critics \u2014 of whom there is no short supply \u2014 cast it as either a bid to play god or an attempt to avoid red tape, more opportunistic than idealistic. Others argue it is part of a broader rise in techno-fascism, or a form of authoritarian rule by technocrats. Either way, they assert, the movement is born from an elite victim complex. <\/p>\n

Thiel, who has a net worth of $27bn and is one of the biggest funders of the space, gave a series of Manichaean lectures in recent weeks about the \u201cAntichrist\u201d. In between arguing that AI sceptics and Greta Thunberg were Satan, he complained that wealth gives the \u201cillusion of power and autonomy but you have this sense it could be taken away at any moment\u201d.<\/p>\n

\u201cCan you imagine being that rich and that miserable?\u201d says Olivier Jutel, a lecturer at the University of Otago in New Zealand and an expert in cyberlibertarianism. \u201cThey think they are the grand solutionists that can fix all the problems, but it\u2019s so insular. But just because it\u2019s stupid doesn\u2019t mean it won\u2019t inherit the Earth.\u201d<\/p>\n

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<\/picture>
Patri Friedman is founder of Pronomos Capital, which invests in experimental cities<\/span> \u00a9 Katie Hayes Luke\/The Observer\/eyevine<\/span><\/figcaption><\/figure>\n

Patri Friedman leans back on his sofa,<\/strong> head propped up by a red cushion, and steals a quick puff on his vape. \u201cThis whole movement is about reinventing governance for the 21st century, inspired by start-ups and the internet,\u201d says Friedman, grandson of free-market economist Milton Friedman and founder of Pronomos Capital, a venture firm that invests in experimental cities.<\/p>\n

Over Zoom, he explains that, as a committed libertarian, he came into the space in the hope of building a state that mirrored his politics. In a democracy, he says, \u201cpower is so diluted\u201d that the people cannot stop laws being passed that \u201chelp special interests and harm the masses\u201d.<\/em> Now, he says, he wants \u201ca home for my tribe\u201d. To that end, he is attempting to create cities that are run like a for-profit company, rather than by democratically elected officials. \u201cA private venture-backed company is the city operator and [its directors] design the laws and they earn revenue through some combination of rents, taxes, service fees,\u201d he says of his proposed model. <\/p>\n

For this to work, however, he needs targeted countries to pass legislation that will delegate to his projects the \u201cright to write some subset of the regulations\u201d. Recently, he has been exploring opportunities in eight countries in Africa, proposing initiatives that will develop around their existing economic engine, whether that is agriculture or cheap renewable power.<\/p>\n

The hard sell from Friedman and those like him is that the right projects will also boost the local community, bringing in foreign direct investment, talent and jobs. Friedman is confident that some legislation will be passed next year: \u201cThe product market fit today, for what I do, I strongly believe is helping the global south to become first-world.\u201d<\/p>\n

Friedman is cheerfully contrarian and wants to unlock what those in the space dub \u201cradical governance optionality\u201d so that even those who don\u2019t share his politics can experiment. \u201cIt\u2019s kind of like an oligopoly, right? There\u2019s 193 firms and it\u2019s super, super hard to start a new one. And it\u2019s super hard to switch [between] them,\u201d Friedman says, meaning the 193 UN-recognised nations that exist globally.<\/p>\n

\u201cMy work over the last 25 years has been, How do we lower the barrier to entry, make it so that people can start new jurisdictions so that we can innovate? Maybe somebody makes a communist city state that works incredibly well, more power to them. I just want people to be able to try new things.\u201d<\/p>\n

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\"Collage<\/picture>
<\/span>\u00a9 Anthony Gerace\/Zuitzerland<\/span><\/figcaption><\/figure>\n

Friedman\u2019s ideas are by no means new. <\/strong>In Ayn Rand\u2019s 1957 novel Atlas Shrugged<\/em>, a libertarian bible, the author imagined a free-market enclave called Galt\u2019s Gulch. During Barack Obama\u2019s presidency, far-right blogger Curtis Yarvin called for the global order to be substituted with thousands of \u201csovereign and independent mini-countries, each governed by its own joint-stock corporation without regard to the residents\u2019 opinions\u201d.<\/p>\n

In a less consequential governance experiment, every summer hundreds of San Francisco software engineers make the pilgrimage to Nevada to set up Black Rock City \u2014 also known as Burning Man festival \u2014 for a fortnight of \u201cradical self-expression\u201d, per its principles, and debauchery, before dismantling their tents and returning to their computer monitors. <\/p>\n

Some of the earliest investment into tech-aligned nation-building came from Thiel, who in 2008 donated $500,000 to the Seasteading Institute, a non-profit founded by Friedman dedicated to setting up autonomous \u201cfloating societies\u201d atop platforms in international waters.<\/p>\n

While enthusiasm for seasteading has since waned for practical reasons (\u201cI think the ocean is just too difficult and expensive,\u201d Friedman tells me), the crypto boom has breathed new life into the broader space. If decentralised currencies could be created outside of government oversight, could a new type of society be built on top of these currencies?<\/p>\n

Emboldened, in 2022 Srinivasan published his book The Network State, <\/em>laying out a bold vision, including that the states should be undergirded by a crypto economy. \u201cYou can found a tribe just like you can found a start-up. That\u2019s what Joseph Smith of the Mormons did. That\u2019s what Abraham did. That\u2019s what Jesus did,\u201d he said on a 2023 podcast. \u201cWhat I\u2019m really calling for is something like tech Zionism.\u201d<\/p>\n

Srinivasan\u2019s bid to set up societies that are a law unto themselves has inspired a host of projects that are more modest in their ambition: experimental cities that achieve some \u2014 but not full \u2014 autonomy from the local government, particularly in the civil and commercial realm. Soon venture capital and crypto money started flowing into these city initiatives, despite being a high-risk investment with no expectation of quick \u2014 or perhaps any \u2014 returns. \u201cThey are ideological \u2014 if you\u2019re in crypto, you\u2019re libertarian,\u201d says Replit\u2019s Masad. He argues that venture capital investment in these projects rose as returns on software investment have plateaued and investors sought \u201cthe next big thing\u201d.\u00a0<\/p>\n

Jutel offers a more sceptical explanation. Some venture capitalists have invested deeply in crypto projects that are worthless unless future economies run on their crypto tokens, he says. They are therefore incentivised to promote network states, with their large crypto component, to keep the dream alive, he says, and have \u201cassumed this big role in not simply funding this but being the key figureheads of this\u201d.<\/p>\n

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\"An<\/picture>
Pr\u00f3spera is a gated community on a Honduran island<\/span> \u00a9 Pr\u00f3spera<\/span><\/figcaption><\/figure>\n

In <\/strong>Mountainhead<\/strong><\/em>, the 2025 satirical film<\/strong> by Succession<\/em> creator Jesse Armstrong, four tech moguls stranded in a Utah lodge plot how they might set up a new world order. Perhaps, one of the characters suggests, they should take over El Salvador as a test run? Or just head straight for the US?<\/p>\n

The reality may be just as wild. Arguably the most evolved experiment in alternative governance is Pr\u00f3spera, a gated private community on a Honduran island run by a Delaware-based company, where close to 1,000 residents can enjoy co-working spaces, a beach resort and a golf course. As a for-profit semi-autonomous zone, Pr\u00f3spera has low taxes, its own labour rules and an arbitration system run by retired Arizona judges who hear its cases online. Bitcoin is one of the currencies of choice.<\/p>\n

Its founder, Venezuelan-born wealth fund manager Erick Brimen, describes his work as \u201can evolved way to drive socio-economic development\u201d through public-private partnerships. As evidence that the initiative is \u201cvery much focused on lifting people up\u201d, including Honduran locals, he highlights that Pr\u00f3spera has created more than 4,000 jobs and brought more than $150mn in foreign direct investment to the area. \u201cThe vibes that you feel here are really positive [against] a backdrop where people are fleeing a country out of desperation to try to find a way to make a living,\u201d <\/em>he says. \u201cWe are succeeding beyond expectation.\u201d<\/p>\n

Already it has raised tens of millions of dollars from Friedman\u2019s Pronomos and venture capital funds backed by Altman and Andreessen, among others. In January, Brian Armstrong announced that Coinbase\u2019s venture arm would invest in Pr\u00f3spera as it was \u201cin line\u201d with its \u201cmission of creating economic freedom\u201d.\u00a0<\/p>\n

Despite this, Jutel notes that Pr\u00f3spera still \u201chasn\u2019t attracted the best talent, founders, funders \u2014 you still need to be in the midst of San Francisco where all the deal flow is happening and all the labour you need.\u201d But Pr\u00f3spera\u2019s hands-off approach to medical regulation has made it a mecca for people seeking experimental treatments as the field of longevity \u2014 or trying to live forever \u2014 becomes more popular in Silicon Valley circles. Former tech founder turned biohacker-influencer Bryan Johnson went there for otherwise-unapproved follistatin gene therapy treatment.<\/p>\n

Pr\u00f3spera shuns the \u201cnetwork state\u201d label, saying it follows Honduran sovereignty. Critics argue that the special economic zones legislation that allowed for Pr\u00f3spera to be established was championed by a corrupt former government whose leader, Juan Orlando Hern\u00e1ndez Alvarado, has just been released from prison, where he was serving a sentence for narco-trafficking and weapons crimes, following a pardon from Trump. The government at time of writing (an election took place on November 30) since tried to repeal its charter on the grounds that, as ruled by the country\u2019s supreme court, self-governing special economic zones are unconstitutional. Pr\u00f3spera is now suing the government for $11bn \u2014 just under a third of the country\u2019s GDP \u2014 for lost future profits, through an international arbitration process. <\/p>\n

Guillaume Long, Ecuador\u2019s former minister of foreign affairs and a research fellow with the Center for Economic Policy and Research, describes it to me as \u201ca predatory project in a weak state\u201d, adding: \u201cIf you\u2019re a weak state and you\u2019re giving over large portions of land to a private state, there\u2019s a really dystopian, really futuristic and really feudal aspect to this.\u201d<\/p>\n

Cornell University historian Raymond Craib, author of Adventure Capitalism: A History of Libertarian Exit, from the Era of Decolonization to the Digital Age<\/em>, says it offers a warning to elected politicians about the dangers of carving out semi-autonomous zones: \u201cPrecisely what Pr\u00f3spera is doing [suing Honduras] is precisely the argument governments are going to make about why you should not be editing your constitution to allow for this.\u201d<\/p>\n

Brimen waves off much of the criticism as \u201clazy\u201d, standing by his decision to sue the Honduran government. \u201cWhat they need to do is follow the law,\u201d he says. \u201cThat is the way it should be and I\u2019m proud of it, and Honduras will be better for it.\u201d<\/em><\/p>\n

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Not all models are as bold.<\/strong> Some will flirt with self-governance while baulking at Srinivasan\u2019s full network state \u201cexit\u201d push. One area gathering traction is extended \u201cpop-up cities\u201d \u2014 where tech workers and creatives descend on one location for what is essentially a weeks-long conference-meets-co-working session.<\/p>\n

\u201cWe want to create what [Ethereum founder] Vitalik Buterin called a \u2018micro exit\u2019 \u2014 a temporary exit to experiment, then go back and spread those learnings around the world,\u201d says Timour Kosters, co-founder of Edge City, a non-profit that bills itself as a \u201csociety incubator\u201d. From mid-October, it hosted a month-long pop-up in Patagonia for 500 residents, with events held on topics such as artificial intelligence and longevity. \u201cThere\u2019s a lot of builder energy,\u201d he says.<\/p>\n

Others focus on improving governance in existing cities without pursuing exclusive sovereignty, inspired by regulation-lite so-called \u201ccharter cities\u201d such as Singapore, Hong Kong and Dubai, which have more legal autonomy. Donald Trump promised during his 2024 presidential campaign that he would develop 10 charter cities in the US, dubbed \u201cfreedom cities\u201d in order to boost American innovation in light of the US-China tech race, sending ripples of excitement through the space and prompting some projects to now lobby for their own initiatives to be taken up.<\/p>\n

Mark Lutter, founder of the non-profit Charter Cities Institute, admits that he \u201cpoked the hornets\u2019 nest\u201d by publicly arguing San Francisco\u2019s idyllic Presidio district should gain that status, prompting a backlash from liberal locals. Among his other proposals, earlier this year, he released a white paper about turning Guant\u00e1namo Bay into a \u201cfreedom city\u201d with the tagline \u201cFrom Detention To Development\u201d.<\/p>\n

Meanwhile, Silicon Valley billionaires including Andreessen, Reid Hoffman and Michael Moritz have put money into California Forever, a group that has quietly bought up $1bn worth of land in Solano county in its bid to build a walkable mega-development with affordable housing and a shipping complex \u2014 without extra autonomy.<\/p>\n

One of the more whimsical and rebellious attempts at setting up a new city has been led by 29-year-old Dryden Brown, a homeschooled professional surfer with a penchant for Austrian economics. Over the past few years, he has gathered libertarian friends, influencers and Silicon Valley edgelords \u2014 first over group chat then at opulent dinners in New York and elsewhere \u2014 to brainstorm what a techno-utopian city-state should look like, dubbing the movement Praxis.<\/p>\n

\"A<\/picture>
A design for a future Praxis project. Dryden Brown founded Praxis with backing from Patri Friedman, Sam Altman and the Winklevoss twins<\/span> \u00a9 Praxis<\/span><\/figcaption><\/figure>\n

\u201cThe key word in the scene would be \u2018based\u2019,\u201d says Richard Craib, founder and chief executive of AI hedge fund group Numerai and a seed investor in the initiative, referring to the internet slang for being unapologetically politically incorrect. (Richard Craib is no relation of Raymond Craib.) The vibe among enthusiasts, he said, was: \u201cAre you based? How based are your views?\u201d<\/p>\n

Another Praxis diner, who spoke on condition of anonymity, is less generous. \u201cIt felt like everyone was pontificating with the intellectual calibre of a state college seminar,\u201d the person says. Still, Craib was drawn to the project as a \u201cmoonshot investment in something divergent\u201d with a distinct \u201cneo-Promethean\u201d aesthetic, he explains. He is not alone \u2014 Brown explains he has assembled 150,000 prospective citizens, among them key members of Elon Musk\u2019s controversial so-called Department of Government Efficiency initiative, and he has raised early funds from investors such as Friedman\u2019s Pronomos Capital, Sam Altman\u2019s Apollo Projects and the Winklevoss twins, followed by half a billion dollars from a crypto investment company.<\/p>\n

Praxis recently announced plans to start a \u201cdefence-focused spaceport city\u201d called Atlas at Vandenberg Space Force Base in California, already home to companies including Musk\u2019s SpaceX and Jeff Bezos\u2019s Blue Origin. This, experts note, could become a hub for defence tech companies and workers at a moment when US venture capital is readily flowing into the space. <\/p>\n

But Brown is also looking to establish a non-US city that can \u201caccelerate western traditional progress\u201d next year, citing the potential future need for a techie escape from America. \u201cThere has been deep integration with the tech elites in the Valley and DC in the White House in this Trump administration,\u201d Brown says. \u201cBut if we get a populist Democrat in [2028] \u2014 a [Zohran] Mamdani or an AOC [Alexandria Ocasio-Cortez] \u2014 the fear is that the friendliness might not persist towards technology.\u201d<\/p>\n

\n

For most, there is a long road ahead<\/strong> with multiple hurdles. \u201cA lot are speculative and don\u2019t end up materialising,\u201d says Erin McElroy, author of the book Silicon Valley Imperialism<\/em>, noting that the designers and funders often believe they can bypass laws that they are ultimately unable to.<\/p>\n

Many \u201care not anti-state but [are] efforts to rework what the relationship with the state is\u201d, says Cornell\u2019s Craib. He notes that Pr\u00f3spera has caught the interest of some US politicians, with a small group of Republican officials from Florida visiting the site in November. In a blog post, Pr\u00f3spera said this underscores the \u201cgrowing US interest in Pr\u00f3spera Honduras as a platform for investment, innovation, and economic growth\u201d.<\/p>\n

\u201cIt\u2019s not just another version of Burning Man. It\u2019s wedged into the new round of people who have begun to occupy the corridors of government. There\u2019s a convergence that is troubling,\u201d Craib says.\u00a0<\/p>\n

There is also the lingering question of the impact of these projects on the local communities where they are built, with critics casting them as likely to displace or harm citizens. Pr\u00f3spera has been publicly castigated by some residents of the neighbouring African Caribbean fishing village of Crawfish Rock for disrupting the local community. (Brimen claims that these critics \u201care being paid by political parties and opposition groups to act as if there are tensions\u201d where there are not.)<\/p>\n

Patri Friedman initially pushes back on the notion of these projects as neocolonialist, declaring \u201cmost of our projects are greenfield\u201d. He pauses. \u201cAlthough, in Africa, we are looking at land parcels large enough that there will be people living there, in which case we will offer relocation bonuses to pay for anybody who wants to move out of the zone.\u201d<\/p>\n

And what about fears that this marks the rise of techno-fascism? \u201cI mean, we are funding companies that will operate non-democratic cities,\u201d he says, shrugging. \u201cAnd if you\u2019re not into that you shouldn\u2019t move there.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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