Why we cap the membership

There's an easy version of this business where the membership grows every quarter and the number on the slide goes up and to the right. We're not building that one.

A hundred seats in the Club. Fifty in the Circle. Twenty-five in Private. When they're gone, they're gone — the cap does not move. Not because we couldn't sell more, but because the thing we're selling is partly the smallness itself.

Restraint is a feature

Every member event stays the size where you'll actually meet people. Every early-access drop stays meaningful because the room is small. Scarcity isn't a growth hack here; it's the product.

We'd rather turn away the hundred-and-first member than dilute what the first hundred signed up for.

So the cap holds. It's the one promise we've decided never to renegotiate.