The central challenge confronting the United States today is not simply the scale of infrastructure investment required but the institutional architecture through which that investment is organized. Infrastructure is often treated as a category of public spending when it is a balance sheet problem: long-duration assets require long-duration capital structures and institutions capable of mobilizing capital across decades rather than electoral cycles. Markets and the private sector alone cannot address what might be called the trifecta that hit the United States in the last decade: supply chain fragility revealed by the pandemic, growing strategic competition with China, and the capital intensity of the artificial intelligence revolution…