Coatue Management — the $70 billion Tiger Cub1 that helped fund Anthropic, OpenAI, xAI, ByteDance, Snap, Spotify, and roughly every late-stage internet company that mattered over the last fifteen years2 — just launched a new vehicle called Next Frontier. Its job is not to back another model lab or another SaaS company. Its job is to buy dirt. Specifical…
