This article was produced in partnership with Type Investigations and with support from the Fund for Investigative Journalism.

When Eli Regalado first heard God speak to him, he wondered whether he was hallucinating. Now he likens the experience to having “a thought that is not my thought.” Divine words echo in his mind like a line from a movie or the memory of a loved one’s voice. “It’s not ‘You better do this,’” he says. “It’s just a knowing inside you: This is what you do.”

Holy messages arrive daily while Eli is praying, reading, or watching television. Sometimes they surface in prophetic dreams or missives from strangers. Occasionally, they appear midsentence, when he pauses to ask, “Lord, what do you want to say here?” 

Eli’s wife, Kaitlyn, tends to get heavenly dispatches in the shower, when she finally has a moment to herself. Other times, she seeks counsel from above. “I’ll be writing in my journal and praying and asking questions and just believing what I’m hearing is Him,” she says. 

God’s directives have been manifold. According to the Regalados, He told them to get married, buy a house, and start having kids. When Eli owned a marketing firm in Colorado, He told him what to name it, whom to hire, and which clients to take on. Then God told him to start preaching in his living room and online. Always, the couple obeyed. 

In 2021, when Eli was 41 and Kaitlyn was 28, divine guidance steered them in an unexpected new direction: crypto. 

That October, the Regalados later testified in court, Eli’s sister and her husband gifted the couple some of their holdings in a little-known digital coin. “Take this to my people for a wealth transfer,” Eli heard God say. He and Kaitlyn felt that they were being called to sell the cryptocurrency to fellow Christians. 

Later, though they had no background in crypto, they came to believe that God wanted them to launch their own coin. Learning as they went, the Regalados created a new cryptocurrency called INDXcoin, which they promoted through family, friends, and contacts in evangelical Christian circles. “I was really feeling that this is the wave of the future,” says Debbie Bonilla, a retired pharmacy technician in her 70s who bought INDXcoin with her husband, Jose. The couple learned about the currency through friends—a minister and his wife, who had also invested. “We just trusted that their judgment was good,” Jose says.

Starting in November 2022, Debbie and Jose withdrew a total of $70,000 from their retirement accounts—a large share of their nest egg—to buy INDXcoin. In all, more than 500 people handed over a total of more than $3 million to the Regalados.

But within a year after the Bonillas bought in, the project collapsed. Investors who had entrusted the Regalados with large sums of cash lost it all, leaving many to wonder where the funds went and some to question whether they had fallen victim to an elaborate fraud.

“Poof—the money just evaporated,” Debbie told me. “Like, how does that happen?”

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Though Eli believed God was leading him into crypto, he claims he was initially apprehensive. “Absolutely not,” he recalls thinking. “I don’t know anything about cryptocurrency, and I don’t want to be caught up in some church scam.”

The crypto market was booming, and the Regalados knew people who’d made a fortune investing in early-stage coins. But a growing interest in digital assets also meant a rise in crypto fraud. 

In 2025, crypto scammers collected at least $14 billion worldwide, a 17% increase from the previous year, according to blockchain analytics firm Chainalysis. And in the United States, victims of fraudulent crypto investment schemes reported $7.2 billion in losses to the FBI. 

Fraud is on the rise partly because many people who invest in crypto don’t fully understand how it works, and launching digital coins is relatively easy. More than 3 million cryptocurrencies were minted in August 2026 alone, according to the website CoinMarketCap. “It’s just something anybody can create,” says Jason Ghetian, a former FBI special agent who has served as an expert witness in crypto cases.

In the US, much of the crypto market lacks the oversight and investor protections in place in traditional finance, including rules around transparency and safeguarding customer assets. “There isn’t adequate disclosure; there’s fraud, there’s manipulation of the price, there’s conflicts of interest,” says Timothy Massad, former chairman of the US Commodity Futures Trading Commission (CFTC). The sector is overseen by a tangled web of state and federal regulators, including the CFTC, the Securities and Exchange Commission, the Financial Crimes Enforcement Network, and others. But “every agency has its own tests and definitions,” says Carol Goforth, a law professor at the University of Arkansas who has written a textbook on crypto regulation. “It is a complicated, fragmented, and often inconsistent approach.” 

After the industry spent around $135 million backing crypto-friendly candidates in the 2024 election cycle, the federal government significantly scaled back enforcement efforts. Last year, the Justice Department disbanded its unit focused on crypto crimes, and the Trump White House created a working group aimed at “eliminating regulatory overreach on digital assets.” 

The SEC has dropped or retreated from the majority of its active lawsuits against crypto firms, including many with financial ties to the president, the New York Times reported. Donald Trump and his family have netted at least $2.3 billion from their crypto ventures since his reelection, Reuters recently estimated. In August 2026, the SEC proposed new rules that would narrow the circumstances in which crypto transactions fall under securities laws, further limiting the agency’s oversight of the industry. “Any future enforcement will have an uphill battle,” Goforth says. 

Even when crypto projects operate aboveboard, prices are often driven by speculation, and large swings are common. Investing in crypto comes with considerable risk, experts say. “With the exception of stablecoins, crypto assets are essentially Ponzi schemes,” says Hilary Allen, a law professor at American University. “There is nothing behind them—no cash flow, no productive capacity—so the only way they can be more valuable is to draw more people in.”

In recent years, state and federal authorities have brought a series of cases against people they allege ran crypto scams that targeted religious communities—an example of what’s known as affinity fraud. Among them are a couple accused of using faith-based appeals to defraud primarily Haitian immigrants of more than $1 billion, an Instagram influencer who took in over $12 million from Muslim followers, and a Miami pastor charged with stealing millions from his Spanish-speaking congregation. “‘God told me’—who can argue with that?” Ghetian says. 

“The ties you have with other people—the trust you have—is what the people who are running the scam play on,” says Tung Chan, commissioner of the Colorado Division of Securities. In a civil case filed in January 2024, she accused the Regalados of using investors’ Christian faith to dupe them into buying crypto that was “essentially worthless.” 

The suit, filed in Denver District Court, alleged that the couple spent around $1.3 million—nearly 40% of the funds they raised—on personal expenses. Purchases included high-end vacations, designer clothing, jewelry, cosmetic dental work, a Range Rover, an au pair, and extensive home renovations. In her lawsuit, Chan contended that the couple’s “drive to make money” was matched only by “their reckless disregard of securities laws and profound lack of scruples towards their investors.”

Then, in July 2025, Denver’s district attorney charged the Regalados with 40 felonies, including theft, racketeering, and securities fraud. If convicted, they could face decades in prison. But the couple maintain that they haven’t done anything wrong and were simply carrying out God’s wishes. 

“If you think following the Lord is reckless, then yeah, we were very reckless,” Eli told me. “Because we just listened and did what the Lord said to do.”

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Eli says that when he first heard from the heavens, he was behind bars. 

It was 2002, and he was 22, facing eight years in prison for stealing a Honda Civic. Eli had originally been sentenced when he was 20 but was let out after just seven months; he was sent back to jail when he violated the terms of his probation by breaking a beer bottle on a man’s face. 

This time around, as Eli tells it, his public defender warned him that it was “legally impossible” that he’d be released early again. But he heard a voice in his head repeating, “I’m going to give you probation.” And then it happened: A judge suspended his sentence. The incident became core to his worldview: “It first has to … look completely impossible,” he says, “and then that’s when God resurrects it.” 

After he got out of prison, Eli’s religious zeal didn’t stick. He threw himself into a worldly goal: making money. “I just need to put on this success mask,” he recalls thinking, “so that people would see me as valuable.” He marked “no” when asked about felony convictions on job applications and eventually discovered that he had an aptitude for sales. He hawked everything from vacuum cleaners to leads for contractors, before pivoting to marketing. 

In 2010, Icosa Magazine, a Denver-based publication, brought Eli on as a consultant. “He is the most charismatic bullshitter I have ever met in my life,” says Jan Mazotti, who was editor-in-chief at the time. She recalls Eli telling her that Kimbal Musk, Elon Musk’s brother, had offered to let the magazine host events at his restaurant: “I called up there, and they were like, ‘I have no idea what you’re talking about.’” (Eli doesn’t recall the incident.)

In 2013, Eli launched Mad Hatter Agency, a marketing firm specializing in crowdfunding campaigns. Nikko Lobato, an early employee, observed that Eli got a rush from selling that reminded him of Leonardo DiCaprio’s character in the film The Wolf of Wall Street. Eli accepted so many projects, Lobato says, that he sometimes ended up “overpromising and underdelivering.” Four clients I contacted were satisfied; three were not, including one who ended his contract “due to poor performance.” Mike Stemple, an entrepreneur and author, told me that Eli volunteered to help him market a course but never did. (Eli says they had a “personality conflict.”) “My hope, Eli,” Stemple wrote in an email, “is that you understand that your gift to be able to sell anything to anyone … can easily be destructive.” 

Eli’s personal life was chaotic. “I was always in and out of relationships,” he says. “I was drinking, partying, doing drugs.” He blames his professional missteps on cocaine use and a “nervous breakdown.” He told me that by 2018, as he approached 40, he felt “scared of not becoming somebody” and contemplated suicide. Eli was coming off a three-day cocaine bender when his mother gave him a book called The Power of Right Believing by a Singaporean pastor, Joseph Prince. It moved him deeply. He began delving into charismatic Christianity, a movement that emphasizes a strong personal relationship with God, including prophecy, healing, and speaking in tongues. 

Heeding divine direction, Eli says, he quit drugs and hired nearly a dozen friends and relatives to work at his marketing agency, which he renamed Grace Led Marketing. He also started leading daily Bible study with employees and preaching at weekly gatherings in his living room. In 2020, he formed a church called Victorious Grace and began broadcasting sermons on Facebook. 

That summer, Eli met Kaitlyn at a party. Thirteen years his junior, Kaitlyn was slender and soft-spoken, with straight dark hair and a gleaming smile. Immediately, she told me, “I just trusted the man with my life.” On their first date, Kaitlyn was “saved” over dinner. Within four months, they wed and bought a house in Denver, and Kaitlyn began running operations at Grace Led Marketing. 

By the end of 2020, however, the newlyweds’ income had begun to nosedive. Crowdfunding campaigns were underperforming and clients were paying late, they say. Eli owed over $160,000 in unpaid taxes. “I feel like a failure,” he recalls thinking.

The Regalados further strained their finances by again following what they saw as God’s will. After learning that she was pregnant in March 2021, Kaitlyn took $60,000 out of her 401(k) and paid an architect to draw up plans for a home renovation. Their vision started small but expanded, nearly doubling the home’s original square footage: enlarging their bedroom, adding another, and creating two offices, a gym, and a family room with a bar. “The Lord’s like, ‘Just do it how you want to,’” Kaitlyn recalls. Within months, they had emptied the 401(k). On the strength of another divine pronouncement, they shuttered their marketing business. “We needed a financial miracle badly,” Kaitlyn says.

One night, the Regalados woke at around 4:30 a.m. to a blaring television. Onscreen, Bill Winston, a televangelist based near Chicago, was talking about “sowing a seed.” Often associated with the prosperity gospel, the practice holds that by donating money to worthy recipients, believers create the conditions for future blessings. 

“God is telling us to give all we have in both the business + personal accounts to receive 100 fold,” Kaitlyn wrote in her journal in mid-October 2021. The couple had no income and were struggling to pay their bills. Yet shortly before their first child was born, they say, they sent their last $2,718.44 to Bill Winston Ministries.

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Just two weeks passed before their divine bounty seemed to arrive. Eli’s sister Raina Applegate and her husband, Daniel, gifted them a trove of cryptocurrency called Sumcoin, the Regalados later testified in their civil trial. In his testimony, Eli recalled them saying, “God is telling us to sow this into you.” (Raina did not respond to requests for comment; Daniel declined to answer specific questions but disputed our reporting and warned that Eli’s version of events should not be trusted.) 

Created in 2016 by Ty Jacobsen, a 32-year-old in Idaho who published content about investing online, Sumcoin billed itself as “the world’s first index based cryptocurrency.” The coin’s website stated that its price was determined by an algorithm that tracked the performance of the top 100 cryptocurrencies. According to their civil trial testimony, the Regalados believed that the Sumcoin they had been gifted was worth around $2 million.

Soon after receiving the cryptocurrency, Eli was praying at his kitchen table when he heard God instruct him to “take this Sumcoin to my people, the church.” To the Regalados, signs that they should start selling the coin to other Christians seemed irrefutable: Kaitlyn was drawn to scripture containing the word “hidden”—which translates to kryptós in Greek. A friend who had agreed to pray about whether they should venture into crypto called to confirm: “The Lord says yes.” Despite Eli’s initial concerns about their lack of experience, the Regalados decided to proceed.

The friend, who ran a faith-based coaching business, invited people to join Eli in video calls that were part Bible study, part Sumcoin sales pitch. Within five days, the Regalados had recorded around $9,000 in profit. By February 2022, they were fielding so many queries that Eli hosted a webinar. “Sumcoin is the only coin that can’t be pumped and dumped,” he declared. “It’s very similar to, like, the S&P 500.” (Unlike stock index funds, Sumcoin had no underlying assets to back its value.) That month, the couple made over $260,000 in sales.

Yet Sumcoin was not listed on any of the major crypto exchanges, meaning that those who owned it could mainly trade it with others one-on-one at whatever price the parties agreed on. In a video call with Eli and people interested in Sumcoin, Daniel stated that “the goal is to get the coin 100% liquidable in every facet there is,” including “putting the coin on the exchanges.” The Regalados also told the people they sold Sumcoin to that it would soon appear on exchanges. Once that happened, coins would trade at the price Sumcoin’s algorithm set, according to a deck the Regalados sent one investor in February 2022. One slide put that price at more than $1,200 and included a chart offering coins for $60 to $80. 

But months into peddling Sumcoin, the Regalados learned from Jacobsen, its founder, that he wasn’t planning to list it on mainstream exchanges. Jacobsen told me he never intended for the coin to be traded like a stock, asserting, “I’ve never really looked at it as an investment.” This proved to be a major point of contention between Eli and Jacobsen. “He was lying to people about what he was doing,” Jacobsen says, “about what the future was going to hold.” Eli insists, “I was relaying what I was being told.”

By June 2022, the Regalados were hearing a new heavenly instruction: “Build your own coin.”

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The Regalados called it INDXcoin. Like Sumcoin, it would base its price on the value of the top 100 digital coins by market cap. Most new cryptocurrencies are tokens created on top of existing blockchains—something anyone can do in minutes through an online token generator. But Eli heard God say, “Don’t do that; it has to be its own thing.” So the Regalados chose a harder route: launching their own blockchain and native coin. They say they paid two developers who’d worked on Sumcoin $100,000 to bring the project to life. Eli says he and Kaitlyn told them, “We don’t know anything that we’re doing.” 

The couple learned on the fly, typing questions like “What is a blockchain?” into YouTube and ChatGPT. Eli saw that crypto projects often issue a white paper to outline their strategy and mechanics, so he hired a freelancer to draft one. The resulting document explained that INDXcoin’s target market included “Christian Believers” and “less experienced crypto enthusiasts.” A website the Regalados created referred to INDXcoin as “the perfect crypto” and touted “incredible growth with minimal risk.” (It noted that INDXcoin was “not a fund” and “does not own the coins it indexes.”)

The Regalados gave the people they’d sold Sumcoin to INDXcoin instead. Friends, relatives, and others in their religious network spread the word, and the couple offered some of them referral commissions of 30%. The Regalados also gifted INDXcoin—what they considered “sowing”—to ministries and individuals, some of whom went on to buy more. And they publicized the project on social media, a podcast, and a Christian TV program, as well as through a promotional contest.

In a video sent to prospective buyers, Eli was open about his criminal past and lack of crypto experience. Quoting scripture, he hyped the venture as the latest in “a chain reaction of miracles” and said, “God wants you to have things.” 

Debbie and Jose Bonilla, the retired couple who bought $70,000 worth of INDXcoin, say that when they watched one of Eli’s presentations before investing, he appeared to be well versed in scripture. “He seemed sincere,” Debbie says. “He seemed like he was hearing from God.” Because it was a “God-driven vehicle,” she says, she “didn’t feel like we would have nefarious things going on that happen with other cryptocurrencies.”

A more tangible prospect also beckoned. “There was an explanation of how wonderful the returns would be,” Jose says. “That was the selling point—that you could become rich overnight.” 

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Initially, the Regalados told buyers that they were working to list INDXcoin on established exchanges. They learned that many platforms conduct a legal review to determine whether a coin could be considered a security. For crypto projects, courts have ruled that “when you sell something to people, and people have some reasonable expectation of profit from your actions, then it’s a security,” Massad, the former CFTC chair, told me. Issuers of coins deemed securities must follow the same laws governing stocks and bonds, including registering with the SEC and providing detailed financial disclosures. 

The Regalados were not complying with those rules, and Eli began consulting attorneys, whose assessments were concerning. “Freaking out here,” he wrote in his journal in the summer of 2022. “Lawyers are saying it could be a security. Which means I illegally sold this to 100+ people.” But after praying with a “prophetic team” they’d convened to advise them, the Regalados continued selling INDXcoin. 

By the fall of 2022, the couple seemed to have found a way forward: After meeting with an attorney named John Benemerito, they decided to position INDXcoin as a “utility” coin, the main purpose of which would be unlocking access to products or services—akin to tokens redeemed in a video game. The Regalados devised a plan to create Kingdom Wealth Community, a members-only platform where INDXcoin holders would have access to coaching, merchandise, courses on finance and spirituality, and more. After reviewing their vision, Benemerito stated in a letter that INDXcoin didn’t need to comply with securities laws, because “it does not provide a direct expectation of profits.” 

“Utility coins do not need to be asset-backed as their value is within the platform itself,” a lawyer from Benemerito’s firm later wrote to the Regalados. “However, if the intent is to give the coin a value independent of the platform, then it would need to be asset-backed for it to maintain its value.”

Eli later admitted in court that he did not inform Benemerito that people who bought INDXcoin wanted to make money. (Benemerito told me that “any legal opinion issued by my firm was based on the facts and representations provided to us by the client.”)

Around the same time, Eli told me, the Regalados were having trouble getting INDXcoin listed on existing exchanges. They decided to build not just Kingdom Wealth Community but also their own platform—Kingdom Wealth Exchange—where people could trade INDXcoin for bitcoin, ether, and US dollars. Hundreds of crypto exchanges exist, but the top few handle the vast majority of transactions; it’s rare for cryptocurrency creators to build an exchange just to enable trade in their coin. But the Regalados had told buyers there would be a way to cash out. “There was a lot of pressure as more people were coming in,” Kaitlyn says. “Like, ‘Oh, we gotta get them an exit.’” 

The Regalados announced that it would take five weeks to build the exchange, but development work, which they’d outsourced to an Indian firm they’d found online, dragged on into early 2023. “Nothing was working right,” Eli says. 

Other roadblocks piled up. A Singaporean consulting firm the Regalados hired suggested that they register Kingdom Wealth Exchange as a money services business in Canada, “allegedly because they were the fastest,” Kaitlyn says, but that process also stalled for months. Meanwhile, the members-only community and crypto wallets the Regalados were building were rife with technical issues. When the couple commissioned a security audit of INDXcoin’s blockchain, it scored 0 out of 10. A follow-up audit in March 2023 noted that the issues had been fixed but raised additional concerns, and it yielded a score of only 5.4. (Eli announced that they’d “passed with flying colors.”) 

Insiders were also voicing misgivings about the project’s financial footing. During a live YouTube update back in November 2022, two viewers asked Eli to comment on INDXcoin’s “liquidity pool.” Earlier that month, FTX, one of the world’s largest crypto exchanges, had collapsed after fears about its financial health triggered billions of dollars in customer withdrawals. Eli assured viewers that he and Kaitlyn were working to ensure that they had sufficient reserves and that “there isn’t going to be some FTX meltdown.”

Months later, when the Regalados sent their business plan and white paper to an INDXcoin investor who worked as a financial consultant, he cautioned that “the project is seriously undercapitalized” and wrote in an email, “Projected annual revenues look like they were just plucked from the air.” 

And when Roger Gauthier, another investor who referred people to INDXcoin, asked Eli whether he had set aside funds for purchasers who wanted out, Eli said no. “That was my first flag of warning,” Gauthier says.

Dan Wheeler, a crypto influencer known as 360Trader who advised the Regalados on INDXcoin, says he repeatedly warned Eli that the couple needed hundreds of millions of dollars to back the stated value of coins sold and given away. “If there’s no money there,” Wheeler says, “it’s worthless.” 

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By April 2023, Eli was growing more frustrated: Kingdom Wealth Exchange was nearly six months behind schedule, and payments to the developers in India had ballooned to more than $50,000. People were bombarding him with messages asking when the platform would open. “There’s this humiliation—no one likes failing,” Eli told me. “I succumbed to that pressure.” 

The Regalados were staying at a luxury resort in the Florida Keys dotted with palm trees and bougainvillea. One day, Eli was praying on a wicker couch in an open-air tiki hut when he heard God tell him it was time to launch the exchange. He found Kaitlyn and told her, “We’re live on April 11.” 

Kaitlyn objected. During testing, the platform still had bugs, including trouble verifying users’ identities. The Regalados hadn’t been able to open a bank account for the exchange, which meant users could transact only in bitcoin and ether, not US dollars and other fiat currencies. And the Regalados hadn’t gotten far in building the community space they’d discussed with their lawyer, having launched just one course. 

“We don’t have to have it perfect,” Eli told Kaitlyn. “Let’s just rock and roll. Let’s just get money in. Let’s get these people off our back.” 

In the days leading up to the launch, the Regalados discussed limiting sales, a practice crypto platforms sometimes use to manage liquidity and volatility. If INDXcoin holders dumped all the currency they’d bought or gotten for free, it would take over $300 million to fulfill sales orders. But Eli kept hearing God say, “Don’t limit me.” He pushed back: “Then we can basically have what’s called a run on the bank, right?” The evening before the launch, the couple prayed again. “Kait + I got the same verse,” Eli wrote in his journal. “Don’t turn selling off.” 

On the morning of April 11, Kaitlyn was beginning to feel optimistic, and Eli was buzzing. “This thing’s gonna explode,” he thought. At 11 a.m., Eli appeared on a livestream. A print of a gray wolf loomed over his shoulder. “Hello INDXcoin family,” he began, clapping for emphasis. “We are live!” 

For investors, returns finally seemed within reach. The exchange initially showed INDXcoin trading at around 10 times what people had paid for it, based on how the crypto market was performing overall; the Bonillas’ $70,000 investment looked to be worth more than $716,000. 

But nearly an hour into the broadcast—after slides of Bible verses and rosy projections—a viewer posted a complaint in the chat: “Exchange says I can’t sell INDX.” “It’s probably just because the liquidity isn’t there right now,” Eli explained calmly. “Just wait a little bit.” Ten minutes later, someone else wrote that his sale wasn’t going through. “Just be patient,” Eli said. “The Lord will provide for Himself.”

Over the next few hours, the Regalados kept checking the exchange’s dashboard. Dozens of transactions were rolling in, but the problem was obvious: Sales were dwarfing purchases. By the afternoon, the $30,000 they’d put in to facilitate trades had been drained. They decided to add another $100,000 to the pot. 

A couple hours later, Eli was out getting coffee when he called Kaitlyn to check in. She was crying. “All the liquidity is gone,” she said. 

The next day, the Regalados announced that they were suspending sales. “That was when we saw that we could be in trouble,” Jose Bonilla says. 

Eli told me that after the launch failed, he felt “crushing anxiety” but heard God remind him, “It’s impossible to mess this up.” He and Kaitlyn took steps they hoped would salvage the project, but months passed, and they kept sales on hold.

In June, Jose emailed the Regalados, explaining that he needed to withdraw half of his investment to fund a community development initiative he’d founded in his native Colombia. Eli replied that they had just reopened sales—limited to one coin per day and 10 per month. When they did so, the exchange had around $20,000 available to fulfill sales orders. “Liquidating HALF of your coins is not probable at this juncture,” Eli wrote. Three days after sales resumed, the Regalados halted them again, blaming a technical glitch. 

When Jose followed up a few months later about pulling out half of his investment, Eli replied, “At this time there is zero funds to do that.” In November 2023, the Regalados shut down the exchange and took INDXcoin’s blockchain offline. 

“Shame, condemnation, suicidal thoughts have just been pouring in hot and heavy on me,” Eli shared in a video update, standing before an image of a swirling purple cosmos. “Where did I get this wrong?”

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Two months later, the Regalados learned that Colorado’s securities regulator was accusing them of committing fraud and selling unregistered securities. The state soon added to the suit 12 defendants it said had received commissions for selling INDXcoin, alleging that they had also sold unregistered securities. Among them were Eli’s brother-in-law, Daniel Applegate, and a company associated with Gauthier, the INDXcoin investor. A judge entered a default judgment after they failed to respond and ordered them to pay judgments of $15,000 and $34,400, respectively. Eli’s father, Eligio Regalado Sr., who was also accused of securities fraud, agreed to refund $122,000 to friends, relatives, and colleagues without admitting or denying liability. (Gauthier denied wrongdoing; Eli’s father, through his attorney, declined to comment. Daniel denied being a part of INDXcoin and, despite being named in the lawsuit, claims that it has nothing to do with him and his wife.) 

“I really can’t speak to whether or not he heard God tell him to do it,” Chan, the Colorado securities commissioner who filed the suit, told me. “Even if [the Regalados] meant it from the goodness of their heart, the problem is, it’s not fair to the investors … They lied and omitted key things.”

I spoke with 20 INDXcoin investors, and nearly all had heard about the coin from a trusted friend, relative, or faith leader. Most had little or no experience with crypto. They funded their purchases by raiding retirement funds, cashing out a pension, using proceeds from selling a small business, or taking out a home equity line of credit they’re still paying interest on. One buyer, a disabled veteran in his 70s, hoped profits from his investment would help him recover financially after he accrued debt while being treated for cancer. Another, who had retired, was forced to get a job at Home Depot in his late 60s. “It’s a gut-wrenching, horrible, helpless feeling,” he says. 

Investors are divided on whether they were conned. Jose Bonilla, who reported the Regalados to authorities, believes that their actions were “totally intentional.” “They are using a spiritual excuse to defraud,” he says. His wife, Debbie, disagrees and thinks that the Regalados simply “got in way over their heads.” 

A number of people who bought in still support the Regalados. “They’re hearing God’s voice and trying their best to follow it,” says Troy Bramblet, a former pastor who lost more than $18,000 on INDXcoin. “It doesn’t guarantee success.” 

Wheeler, the crypto influencer who advised the Regalados, also alerted authorities about INDXcoin but remains unsure whether the couple set out to fleece people. “They are zealots—they are literally blinded,” he says. “If you believe God is going to do a thing, then are you scamming people? No. But look how they spent their money.” 

In a video posted days after the case was filed, Eli admitted that he and Kaitlyn had in fact “sold a cryptocurrency with no clear exit.” He acknowledged that they had pocketed $1.3 million—including money spent on “a home remodel that the Lord told us to do.”

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Last November, I visited the Regalados in the three-bedroom townhouse they rent in a Denver suburb dominated by office parks and cookie-cutter condos. The house they own is uninhabitable—renovations stopped halfway through the project, after they stopped making payments. 

In person, Eli is friendly and charming, with a restless energy and subterranean intensity occasionally betrayed by his stare. He is prone to lengthy monologues delivered with such conviction they make you second-guess bald facts. Kaitlyn, who comes across as reserved yet frank, has “Believe” tattooed on her wrist. They told me that they argued frequently after INDXcoin collapsed, but when I was there, Kaitlyn listened to her husband attentively and always laughed at his jokes. 

On a sunny Thursday afternoon, I followed the Regalados upstairs to a corner of their bedroom containing a tiny desk and a whiteboard. The room was modestly furnished with what they said were secondhand finds. The bed was unmade, and a Bible lay on the floor. 

Eli was preparing to address members of INDXcoin’s private forum in his first live call in nearly two months. He closed his eyes and prayed. “Just allow me to speak simply,” he said, like a teenager asking a parent for a favor. “Just be able to use analogies, to be able to bring it down to their level of understanding.” “Amen,” Kaitlyn said. 

After hunting breathlessly for a laptop stand, Eli grabbed a stack of journals—full of divine revelations—and plopped his computer on top. He switched on the camera, and his image appeared before a faux backdrop of potted plants. Eli had a receding hairline and stubbly beard, and he wore a black T-shirt and a silver cross on a thick chain. Before letting callers in, he ran his fingers through his hair and his tongue over his teeth—now perfect, thanks to cosmetic dental work paid for with proceeds from coin sales.  

“Okay. Awesome. All right. So hey, good afternoon, INDXcoin community!” Eli began, flashing a smile. “We’ve got some exciting updates.” Then, in the tone of a tech founder reporting on a strong quarter, he shared the news: Two months earlier, a judge had ruled against the Regalados in their civil case, and they were now facing criminal charges from the district attorney’s office. 

“Someone asked me, ‘Are you going to do a plea?’” He paused to sip water. “Short answer is no … We haven’t done anything wrong.” 

The Regalados deny orchestrating a scam. “If you’re giving massive amounts of money away at the expense of your own self and family, that doesn’t hold up,” Eli says. The couple estimate that they’ve gifted $300,000 in cash, plus a Harley-Davidson motorcycle, a BMW, and a Louis Vuitton bag, to churches and individuals through sowing. They also gave away millions of INDXcoin—90% of the supply. (Eli told me, “No one sows without expecting something in return,” though not necessarily from the recipient.) 

In their civil case, the Regalados represented themselves because they couldn’t afford lawyers. They argued that INDXcoin wasn’t a security because it was a utility coin and that the price was set by “immutable algorithm.” They claimed that their technology provider had caused the exchange to fail, consultants had led them astray on compliance, and attorneys had said they didn’t need to maintain liquidity or disclose spending. (Benemerito, the lawyer the Regalados had retained, told me, “Our firm does not advise clients to violate the law.”)

The judge disagreed, finding that INDXcoin was a security and that the Regalados had misled investors about its true value and risks, where their funds went, how many coins had been given away, and more. Noting a “lack of understanding of the harm they have caused,” she ordered them to pay nearly $3.4 million in damages—the amount of money they’d raised. “Ascribing an algorithmic value to a coin does not make it ‘worth’ that amount,” the judge wrote. “In reality, INDXcoin was worthless because no one wanted to buy it.”

When I visited, two months had passed since the ruling. The Regalados still hadn’t read the judge’s opinion in full but had decided to appeal. Later, they would draft briefs with help from Google Scholar and AI. (The case is still pending.) 

Besides filing court documents and preparing for their criminal case, the couple spend their days like typical suburban parents: taking their kids to playgrounds, walking their chiweenie, working out. They still host biweekly Bible studies. Sometimes they ride their Harley to Palmer Lake or the Rocky Mountain foothills. (“We only wear helmets when it’s windy or cold,” Kaitlyn says.) Their assets were frozen soon after the civil case was filed; Eli had found work selling roofs but says he was fired when his employer learned about his legal troubles. He declines to disclose his current gig. “It’s not related to marketing and not related to crypto,” he says.

After they were sued over INDXcoin, Eli wondered, “Did I just make this up? Am I crazy?” But he and Kaitlyn concluded that the divine signs they’d received were unmistakable. They believe that INDXcoin will eventually gain traction among world leaders losing faith in the US dollar. “We are privately making preparations,” Eli told me.

“God already saw this coming,” he assured viewers during the November video update. “He’s looking at us and saying, ‘Are you willing to believe me no matter what you see?’”

---

After the call ended, Eli began leafing through his journals and reading sections aloud. Since our first conversation months earlier, the Regalados had been remarkably amenable reporting subjects. They told me that their criminal defense attorneys had advised them against talking to reporters, but they sat for more than a dozen interviews with me. They provided access to INDXcoin’s private forum and supplied emails, photos, and spreadsheets—even though some documents don’t paint their decision-making in a favorable light. Once, Eli emailed to “come clean” that an anecdote he’d told had been slightly embellished. He apologized and assured me, “Everything else I have said is 100% in line with no stretches or exaggeration.” 

The Regalados told me they trusted me in part because God had signed off: Not long after I’d first contacted them, they’d walked into a room with a TV playing Family Feud, and the answer displayed on the screen was “MIT.” Their approach highlighted how they had won over buyers so effectively: They were likable, shared vulnerable details, and telegraphed transparency.  

Still, the Regalados didn’t appear to be feeding me an act they’d just cooked up. Instead, they seemed fully committed to their own narrative: one that paints them as righteous underdogs fulfilling a holy mission, no matter the cost. To let their faith waver would mean that everything they had lost—friends, their home, their reputations—had been in vain. It would mean admitting that they had failed. It would mean that no one was coming to save them. 

Even ending up in prison wouldn’t persuade the Regalados that they’d misheard God. “He’s going to deliver you from everything, so you won’t be there forever,” Kaitlyn says, “and it might just be part of the story.”

During my visit, the Regalados agreed to show me an earlier chapter. We piled into their Ford Raptor truck, their kids in the back, and drove 20 minutes north to a quiet cul-de-sac in a leafy residential neighborhood. 

We slowed near a hulking structure of rotting wooden boards. Red and brown weeds engulfed the lot and threatened to swallow the sidewalk. Out front, a tattered mattress was slumped on its side. Neighbors had sighted squatters and, as winter approached, feared fires. The Regalados still owed their contractor nearly $110,000 for work completed. 

I asked whether we could get out, but Eli and Kaitlyn didn’t want to run into anyone. “I just don’t want to have a conversation of like, ‘When are you gonna cut your grass?’” Eli said. (The city had sent them violation notices the previous year for not maintaining the property.)

As we drove away, I asked how it felt to see the ghost of their dream home. 

“It used to hurt,” Kaitlyn said. 

“Here’s this unfulfilled promise,” Eli added.

But it didn’t bother them anymore. 

“If we lose the house,” Kaitlyn said, “that means we’re getting something way bigger and way better.” 

They made a U-turn at the end of the street and, seat belts unbuckled, rounded the corner without looking back.

Katia Savchuk is an independent journalist based in the San Francisco Bay Area. Her work has appeared in the New Yorker, Forbes, Mother Jones, and many other publications.

Underneath an Apennine massif, below the Jinping Mountains of Sichuan, and at the bottom of a South Dakota mine, there is a cosmic hunt afoot.

Isolated deep beneath these rocky shields, massive detectors filled with liquid xenon aim to make the first direct detections of dark matter, the long-sought invisible substance whose gravity has sculpted our universe.

The hope is that someday, a bit of dark matter called a weakly interacting massive particle (a WIMP, for short) will collide with a xenon atom, creating a burst of light and electric charge. After running for years, these experiments have recently begun seeing infrequent blips from a particle that glides ethereally through ordinary matter until it crashes into the detectors. Unfortunately, the new signal is not produced by dark matter. Instead, the detectors are picking up on something similarly insubstantial but much more mundane: neutrinos, the featherweight subatomic particles that the sun and other stars produce in massive quantities.

Physicists’ failure to find dark matter where they thought it was has led to a cornucopia of proposals for new ways to search: quantum sensors, liquid-helium-based detectors, searches in Jupiter’s atmosphere, and more.

Physicists have known for decades that this neutrino background was there; they were just hoping to discover WIMP dark matter first. Now the chance is looking slim. Some of today’s WIMP detectors are simply so large and sensitive that they are entering the so-called “neutrino fog,” in which the ordinary particles are likely to drown out any signal from the main target. There is no shielding these detectors from neutrinos, which easily slip through the Earth itself. That means the next experiment to use this long-standing approach for seeking WIMP dark matter may be the last. 

Hitting the neutrino fog does not, however, mean an end to the search for dark matter. Researchers just have to shift the focus of their hunt. “We haven’t seen WIMP dark matter,” says Kathryn Zurek, a theoretical particle physicist at the California Institute of Technology. Nor, she says, have scientists found new particles in the Large Hadron Collider (LHC), the powerful proton-smashing facility that straddles the border between France and Switzerland. “And so people naturally broaden their scope,” Zurek says. As they do, there are plenty more candidates waiting in the wings

In other words, the hunt is transforming from a narrow probe into a kind of free-for-all. It’s a big shift. Today, particle physicists are less sure about dark matter’s identity than when they began looking for it. They’ll freely admit that they cannot presume the basics—for example, if the stuff that makes up dark matter is heavier than the Earth or lighter than a radio wave, or if dark matter is one kind of particle or a dozen. 

The uncertainty can be frustrating, even humbling. “The potential range where the candidates could be is so enormous that the odds of any one small experiment finding it are very, very small,” says Hugh Lippincott, a dark matter experimentalist at the University of California, Santa Barbara. 

But physicists’ failure to find dark matter where they thought it was has also led to a cornucopia of proposals for new ways to search: quantum sensors, liquid-helium-based detectors, searches in Jupiter’s atmosphere, and more. “Now there’s a great deal of excitement. And finally, there’s technology there,” says Gray Rybka, a University of Washington physicist who co-leads an experiment looking for axions, an ultra-lightweight dark matter candidate. 

Still, with so many places to look, where does it make sense for physicists to begin again? 

Astronomical ignorance

For starters: the birth of the universe. Dark matter has been with us since the beginning, and there’s much to learn from those early eons. Maps of the cosmic microwave background—the first light from the universe’s early years—are full of fluctuations caused by the clumpiness of under­lying matter. Reading these cosmic dregs, researchers can tell that only 17% of the matter in the universe is made of ordinary particles like protons and neutrons. The remaining 83% is dark matter, which has little to no interaction with light or ordinary matter other than through gravity.

We can tell quite a bit about dark matter from those gravitational effects. We know that the Milky Way contains a halo of the stuff. Our own solar system orbits the galactic center far too quickly to be bound by the tug of ordinary matter alone: without dark matter’s gravitational tether, we would be flung off into intergalactic space. We can also see how the heft of a galaxy’s dark matter bends the path of light as it makes its way to Earth’s telescopes. And on the grandest scale, we can see how superclusters of galaxies are distributed in space like dewdrops on a spiderweb. No cosmological theory without dark matter can explain all these phenomena. 

But all the astronomical and cosmological evidence has little to say about what dark matter is actually made of. “It does not tell you anything about the individual constituents. It just tells you the effect of a bunch of them together,” says Lippincott, who has led the LZ experiment, a WIMP dark matter detector currently in operation at the former Homestake Mine in South Dakota.

The idea of WIMPs emerged during the 1980s. At the time, theorists were exploring add-ons to the standard model, the overarching theory of particle physics that describes all the universe’s fundamental particles and their interactions. The standard model is powerful but doesn’t account for everything—notably, it omits gravity—so some adjustments seemed necessary. The most popular idea, a class of theories called supersymmetry (SUSY, informally), called for pairing each known particle type in the universe with an as-yet-unseen “super­partner.” To have avoided detection, superpartners would have to have a lot of mass (putting them outside the reach of existing colliders) and be weakly interacting, able to pass ghostlike through matter. That is to say, they would be WIMPs. It didn’t take too long for physicists to realize that the WIMP was also an excellent dark matter candidate: two problems, one particle. 

The appeal of SUSY was so strong that many particle physicists expected to see WIMPs as soon as the LHC turned on in 2008. Instead, as the data came in from the LHC, the most promising SUSY theories were largely ruled out. 

WIMPs, though, have lived on, no longer tied to the theory that birthed them. And the latest generation of dark matter detectors have kept the hunt alive. After all, Lippincott says, “the motivation to look for dark matter has not gotten any weaker, right?” 

Now it’s looking as if those WIMPs—if they exist—may be beyond our current powers of detection. There are a range of difficulties, but the most pervasive is that when you’re looking for a needle in a haystack, even a few other needle-shaped objects can cloud the search. Interactions between neutrinos and the xenon inside the detectors, while astronomically rare, do just that.

A future, final WIMP experiment would investigate the rest of the places WIMPs could be hiding, even peering into the neutrino fog. An effort called XLZD (a somewhat ungainly acronym reflecting a mashup of existing collaborations) would use 60 to 80 metric tons of liquid xenon, which is about the yearly global production of that rare element and at least six times more xenon than the biggest current detector contains. But it may already have been scuttled, for reasons unrelated to the neutrino fog: At a particle physics meeting in December 2025, the US Department of Energy announced that the US would neither host XLZD nor pay its share of the price tag, which could be well over $300 million. “It may be that the project doesn’t happen at all,” Lippincott says. “And then the US pulling out would have effectively killed it.” 

In the meantime, the hunting ground for dark matter has been expanding dramatically. In 2022, researchers developed an enormous plot showing various candidates for what dark matter is made of and their possible masses. The options fell mainly into two ranges that span about 50 orders of magnitude (that’s 10⁵⁰, or 10 with 49 more zeroes). At the heavy end of the scale are primordial black holes, hypothetical asteroid-size objects that formed shortly after the Big Bang and might still be floating about the universe. 

But many physicists are most interested in the lightest option: the axion.

Listen closely

Like the WIMP, the axion first emerged as a solution to problems with the standard model. In the axion’s case, it was to address an outstanding question about the strong nuclear force, the fundamental force that holds atomic nuclei together. Axions were proposed by theorists in the 1970s as a mathematical tweak. By adding a particle with a trillionth to a millionth the mass of an electron, they could explain why the strong force seems to behave precisely the same way when it comes to both matter and antimatter even though it doesn’t need to—an unanswered question known as the strong CP problem. 

Axions would be abundant and interact infrequently with ordinary matter, two necessary features for dark matter. Detecting axions is no walk in the cosmic park, though. The delicate particles carry only a hint of energy—about as much as a radio wave. That makes them imperceptible to traditional particle detectors. (Proton collisions at the LHC, for example, pack about a quintillion times more energy.)

Physicists have developed strategies they hope will bear fruit. One of the most promising ideas is to use an ultracold chamber suffused with a strong magnetic field like a radio, tuning it to specific wavelengths. If an axion happens to be resonant, meaning it has the same wavelength as the chamber, it stands the chance of transforming into something far easier to detect: a particle of light. The first full-size detector, called a haloscope, was built at Lawrence Livermore National Laboratory in 1994; today there is a coterie of detectors around the world, with quirky acronymic names like MADMAX and ABRACADABRA.

Fiddling with a cosmic radio to listen for a rare invisible particle is tricky and requires quantum sensors cooled to millikelvin temperatures, a fraction of a degree above absolute zero. Even that doesn’t entirely negate background noise. “At one point, we detected a ‘message from God’ in our experiment,” Rybka tells me wryly. “We looked it up in the FCC allocation of spectrum. It was a religious programming station.” 

So far, particle physicists have combed somewhere between 10% and 20% of the parameter space—the area on a chart showing how massive and interactive dark matter might be—where an axion that solves the strong CP problem might exist. But the search for axions might not end there. Physicists are also looking for axions that don’t address the strong CP problem but could still be dark matter. “More and more people are thinking about models specifically for dark matter, even without connecting that to any other problem,” says Stefania Gori, a theorist at the University of California, Santa Cruz. “Of course,” she says, “if one can solve more than one problem at once, it’s even nicer.”

Quiet revolution

As dark matter has continued to go undetected, physicists have dropped some of their theoretical desiderata. Modern candidates don’t need the convenience of WIMPs or the clean simplicity of axions; they need only fulfill the requirements for dark matter.

The poster child for these unpretentious candidates is low-mass dark matter, so named because it is somewhere between an electron and a proton in weight. If a WIMP is a billiard ball, low-mass dark matter is a ping-pong ball, explains Rouven Essig, a theorist at Stony Brook University. Like a ping-pong ball hitting bowling pins, low-mass dark matter wouldn’t have enough heft to produce a clear signal from a collision with atomic nuclei. “One needed to really come up with new ideas for how one could detect the signals, and then, of course, also new technologies,” says Essig. 

Researchers have designed novel detectors and installed them in underground labs around the world—often right next to their WIMP-detecting forebears. Some of the new machines look for evidence that particles have collided with electrons and ionized them. Others peer into crystals whose lattices should jiggle subtly after a bump from such a particle. There are even proto­types that look for hints in liquid helium, a sensitive superfluid that should throw up a splash when hit by incident dark matter.

There is, however, a rub: noise. While all experiments in dark matter detection are hampered by noise from the outside world, low-mass searches also suffer from the intrinsic din of their detector mediums. Atomic lattices like those inside crystals are like a crowded subway car, naturally prone to shaking and jostling their electron passengers. It’s not the quiet space you want if you’re looking for dark matter. 

This noise has created challenges. In 2020, a surprising number of what physicists call “excess events” cropped up across a range of detectors looking for low-mass dark matter. Could they, some physicists wondered, be a signal of dark matter? Unfortunately, the noise causing most of these readings has been identified, and the answer is a pretty firm “no.” 

Background noise can come from anywhere: impurities in silicon-based detectors, materials that have spent too long on Earth’s surface (cosmic rays make them lightly radioactive). In one experiment, a crystalline detector was clamped too hard; the extra pressure caused vibrations that looked like evidence of dark matter. “It’s always been true that understanding those backgrounds has been difficult,” says Dan McKinsey, an experimentalist at Lawrence Berkeley National Laboratory. “But we’ve shifted our regime so quickly that suddenly we don’t understand, as a community, what the key backgrounds are.”

Getting a handle on that background noise is key, especially as experiments to detect low-mass dark matter get bigger. In a few years, for example, McKinsey and his colleagues plan to install a number of tabletop experiments in Modane, France, underneath 1,700 meters of solid rock on the Italian border. One of them is a vessel with about a tablespoon of ultracold liquid helium. If a particle of low-mass dark matter impacts the liquid, it will generate a vibration that sprays thousands of helium atoms upward, where silicon detectors will look for microscopic changes in voltage. Other setups will work with sapphire-silica crystals and gallium arsenide, a semiconductor. 

These experiments will help researchers identify the best approaches to use for bigger, more sensitive—and more expensive—detectors. “There’s still lots of ideas, and it’s still not quite clear what’s going to be the best one to really scale up,” Essig says. For now, if it fits on a table and can plausibly detect dark matter, physicists are willing to try it.

The utmost gravity 

The hunting ground for dark matter extends past the surface of any table, or even Earth itself. Some researchers have suggested we look for the stuff not in underground laboratories but on planets, stars, and moons. If dark matter particles occasionally annihilate when they encounter one another, they could ionize hydrogen in the atmosphere of a planet, creating an ultraviolet aurora visible from space. This self-annihilation could also be a strong source of heat—enough to melt a planet’s core. The fact that Earth’s core is solid provides limits for dark matter’s characteristics, and measuring the temperatures of planetary cores more precisely could set even more stringent constraints.

Searching for astrophysical signs of dark matter is not new, but in recent years physicists have become almost artistic with their proposals. One particularly evocative suggestion: looking at the icy ocean of Jupiter’s moon Ganymede. If dark matter is indeed really heavy—possibly a primordial black hole—it could punch through the surface and leave a crater that looks very different from one caused by an asteroid.

Some particle physicists think it would be better to drop all the existing assumptions and refocus. “Everything we know about dark matter has come from its interaction with gravity,” says Caltech’s Zurek. If you concentrate more specifically on that interaction, she says, at least “you’re guaranteed to learn something.” We know how dark matter behaves on the scale of the observable universe as far down as galaxies. “Below that, we really know very little about how dark matter collapses under the weight of gravity,” Zurek says. How, for example, does it clump up on the level of a solar system? 

In recent years physicists have become almost artistic with their proposals. One particularly evocative suggestion: looking at the icy ocean of Jupiter’s moon Ganymede.

This isn’t a “next year” or “next five years” project. The technologies physicists have now are simply not sensitive enough to search for these gravitational interactions. So Zurek is thinking long term. Really long term. “It’s going to take decades, like probably 100 years,” she acknowledges. “It may not be something that I see in my lifetime.” 

Someday—perhaps by monitoring the timing of distant pulsars (the spinning remnants of dead stars) or measuring slight perturbations in gravitational interaction between atoms suspended in lasers—physicists could learn more about dark matter’s true nature. 

For now, the scale of the problem seems daunting, especially compared with the ones particle physicists have tackled in the past. Before the LHC even turned on, for example, those hunting for the Higgs boson had hemmed their quarry in. They knew, from rigorous theoretical calculations and robust experimental measurements, that if the boson existed, it had to weigh between 120 times and 150 times the mass of a proton. Soon after the LHC began smashing protons, the Higgs popped out of the data, right at 133 times the mass of a proton.

Dark matter, by contrast, remains an almost total mystery. Rybka likens guessing about its mass or its interaction strength to “drawing numbers out of a hat.” “We literally don’t even know what the hat looks like,” he adds. 

With this many unknowns, success is far from certain, and the researchers have no illusions. “There’s no discovery guaranteed. You might be wasting your time completely,” Essig says. 

None of this has dissuaded him or others. “That’s just the nature of the problem. We have to search far and wide and explore lots of things,” Essig says. “If you don’t like it, do something else.” 

Dan Garisto is a freelance physics journalist based in Syracuse, New York. 

Jim Franke pulls away the cover page of a presentation on the wraparound desk in his office, revealing an illustration of an odd-­looking aircraft with massive wings stretching out from a stubby fuselage.

The uncrewed plane is soaring thousands of meters higher than commercial jets fly—so high you can see the curvature of the Earth. It’s precisely the type of aircraft one would need to begin artificially cooling the planet. Those outsize wings would keep the plane and its payload aloft in the stratosphere, about a dozen miles (or 20 kilometers) above the surface, where the air is much thinner—as little as 5% the density near the ground. Once at altitude, the plane would release materials that could, after a few steps of chemistry, reflect sunlight back into space.

The concept came from volcanoes. Massive eruptions in the past have reduced temperatures worldwide by blasting sulfur dioxide and other compounds into the stratosphere, where they convert into sunlight-scattering particles. Hundreds of studies in recent decades have suggested that a human attempt to mimic this mechanism would work quickly and efficiently—at least within the confines of climate models.

But these computer simulations are approximations of how the real world works. They gloss over numerous challenges. Like the fact that aircraft capable of carrying the necessary loads to the necessary altitudes don’t exist. Or that we don’t know for sure how to release material so that most of it turns into tiny reflective aerosols instead of, say, clumping together and falling out of the sky. Or even what specific substance we would want to load onto an aircraft, given open questions about safety, cost, and effectiveness. 

Amid these compounding unknowns, more and more research on solar geoengineering is moving beyond computer simulations, delving into the detailed design and practical engineering work that would be needed before we could carry out a campaign to dial down temperatures. The tasks required range from inventing high-altitude aircraft to mastering the precise chemistry and delivery mechanisms for dispersing materials to building out the monitoring infrastructure that we’ll need in order to know if any of it actually works.

The question of whether we should geoengineer the planet has no clear-cut answer. It might save millions of lives by reducing the dangers of catastrophic heat waves, floods, droughts, and famines. But many fear it’s too dangerous to even consider, much less seriously study, arguing that we can’t possibly predict the spiraling consequences of manipulating such large, complex, interconnected planetary systems. 

Critics argue that the building momentum in this phase of research will make it ever more likely that someone, somewhere in the world, will eventually pull the trigger on geoengineering, no matter the remaining unknowns or the dangers for certain parts of the world.  

“I do think it’s very dangerous because of what we know about science and technology,” says Jennie Stephens, a professor of climate justice at Maynooth University in Ireland. “The more investment that’s made, the further the advances, the more likely it is that it will be deployed.”

But proponents of this practical research argue that playing out how we’d mount a solar geoengineering program will improve our understanding of the potential benefits and risks, helping to ensure that if anyone does try to tweak the climate, they might at least do so in an informed and potentially safer way.

It’s still very much a niche field. Much of the work now underway is happening at the Climate Systems Engineering Initiative (CSEi) at the University of Chicago, which formally launched in 2024 under the leadership of the prominent geoengineering researcher David Keith. 

Franke, a professional engineer before earning his doctorate in geosciences, is overseeing a series of overlapping research projects and collaborations aimed at resolving many of the engineering uncertainties. That includes working out the designs now on his desk—renderings of the type of aircraft that could be used in the initial phase of a geoengineering program. 

Franke argues that more computer simulations are simply not going to answer the big remaining questions in the field, including the most compelling one: the “boogeyman” of what could go wrong. 

“I’m kind of personally skeptical that additional model development or more simulations are going to satisfactorily resolve those things,” he says. “And so I’m not really that interested in turning the crank on more models.”

For Franke, it’s time for the next step: “We’re interested in seeing how you’d actually do this thing if you wanted to do it.”

What we don’t know

Solar geoengineering is often portrayed as a relatively cheap and easy fix for climate change. But as researchers take a harder look at the nuts and bolts, they’re finding considerable uncertainties, missing tools, and unbuilt infrastructure.

None of that may be a showstopper, but we’ll need time and money to develop the components necessary to implement even the early stages of a solar geoengineering program. What this research is about, at its core, is not actually launching something, but figuring out what it would take to do so. 

A young San Francisco nonprofit, Reflective, recently worked with scientists in the field to figure out just how much we still don’t know.

The process began by outlining what the organization, which pools money from donors to fund geoengineering studies, describes as a “well-managed, moderate” scenario: In 2035, some nation or group of nations begins a small-scale geoengineering deployment, spraying an equal amount of sulfur dioxide or hydrogen sulfide—gases that should convert into reflective aerosols in the stratosphere—near both the North and South Poles. The initial program would release enough material to reduce temperatures by about 0.1 °C, shaving off a fraction of the roughly 1.4 °C of worldwide warming that’s occurred since the start of the industrial era.

The poles figure prominently in this and other early-stage geoengineering scenarios, for a simple reason: The stratosphere starts as low as seven kilometers there—as opposed to around 18 to 20 kilometers at the equator. That makes it easier to reach, enabling existing aircraft, with some modifications, to carry sizable payloads up there. 

The wrinkle is that the cooling effect would be more pronounced in the northernmost and southernmost latitudes. That’s because, among other complicated mechanisms, higher temperatures in the tropical stratosphere would mostly prevent aerosols released around the poles from drifting toward the equator. So deploying geoengineering in those areas would likely have milder effects on the hotter and poorer nations around the tropics, which are also some of the areas most vulnerable to climate change.

To cool the world evenly—and fairly—you’d eventually want to add flights closer to the equator. Over the following decade or so, under Reflective’s scenario, the program would scale up, shift to novel aircraft flying above the subtropics, and release enough material to achieve global cooling of 0.5 °C. 

Among them: sorting out how hard or expensive it would be to retrofit existing aircraft to carry out the early stages of the project. Deploying at the poles could also require constructing new airports, establishing new shipping lanes or railways to transport supplies, and building facilities that could process raw materials—by, for example, combusting elemental sulfur to produce sulfur dioxide.

We would also need to build more instruments and send them up to the stratosphere aboard balloons, drones, or other aircraft to observe the baseline chemistry, reflectivity, and distribution of compounds there—and to track what changed once new materials were released.

Finally, the main satellites that observe the stratosphere from space are set to go out of commission in the coming years, creating the risk of an “imminent data desert,” as a 2025 paper in the Bulletin of the American Meteorological Society warned. Several new instruments are in development or available for launch, but there could be a gap in observations at a point where we’d want to have a clear picture of the baseline conditions, Reflective notes.

Dakota Gruener, the chief executive officer of the nonprofit, stresses that the organization isn’t advocating the use of solar geoengineering. But she says it’s important for the field to begin addressing engineering uncertainties now because it stress-tests the assumptions in climate models. It helps us determine whether the scenarios explored in silico are feasible in the real world.

It’s also important to do this, she says, because it may take a long time to resolve all these unknowns while the climate grows steadily warmer. “If we aren’t putting adequate attention to them now, we might be caught flat-footed,” Gruener told MIT Technology Review.

A 2024 analysis in the journal Earth’s Future highlighted just how expensive and time-consuming it might be to develop the aircraft and infrastructure required for an initial deployment. The study explored what it would take for a geoengineering program around the poles, capable of reducing temperatures by 2 °C in the northernmost and southernmost parts of the planet, to be up and running by 2040. The conclusion: It could require at least a decade of work and a $35 billion investment. 

Wake Smith, a research fellow at Harvard and lead author of the study, also says that researchers need to move forward with engineering studies now, because the urge to use the technology will likely grow stronger as climate change becomes increasingly catastrophic.

“The risk I worry about is needing it before we understand it and therefore doing it badly,” he says, later adding: “The sooner we get going with it, the better decisions we’ll be able to make a few decades hence in terms of whether to do it, how to do it, when to do it.”

A novel aircraft

The aircraft pictured on Franke’s desk, which is still just a concept, could reach just beyond the threshold of the stratosphere above the tropics when fully loaded. A fleet of 270 of them could disperse about a million metric tons of material per year, enough to ease global surface temperatures by about 0.26 °C. 

The CSEi outsourced the work of designing it to John Langford, a well-known aeronautical engineer and entrepreneur. Langford’s company, Electra.aero, had previously collaborated with the MIT Department of Aeronautics and Astronautics to develop autonomous, solar-powered aircraft that could carry out extended scientific missions in the stratosphere. He is now spinning out a new business, Iris Aero, to produce those planes, which are assembled from a single, continuous wing covered in solar panels and suspended above a tiny fuselage.

Langford expects the solar plane to find its main initial commercial applications in wildfire monitoring and forecasting. But by swapping in a different set of instruments, it could be used to monitor how materials dispersed in the stratosphere might alter conditions there, he says.

The novel aircraft is a variation on the observational plane, with the added space and thrust necessary to carry these materials to the stratosphere and release them. It has a wider wingspan and swaps out those solar panels for a pair of Rolls-Royce AE 3007 engines.

The aircraft would also include a detachable tank that would function something like a trailer on a semi. This would make it possible to load materials between flights and prevent any damage to the plane itself from those materials, some of which are corrosive, Langford says. 

He says he and his team have completed the initial designs and are now doing more detailed engineering and cost analyses. They intend to publish the findings when the effort is complete. 

“We’d love to build a prototype of such an airplane and feel we could do so relatively quickly,” Langford says. “But that all depends on what David’s group wants to do.”

The program

The university saw an opportunity to step up as a leader in a field that wasn’t getting adequate academic attention despite its potential to address the dangers of climate change, says Michael Greenstone, a climate economist and the founding director of the university’s Institute for Climate and Sustainable Growth.

Keith, 62, previously spent nearly 13 years as a professor of applied physics and public policy at Harvard, where he led the establishment of the university’s Solar Geoengineering Research Program. More famously, he strove to carry out what could have been the first solar geoengineering experiment to release material in the stratosphere, known as SCoPEx. But after years of work and multiple delays, the research team finally scrapped the project in early 2024, following mounting criticism from environmental and Indigenous groups and the eventual intervention of the Swedish government.

Keith has long argued that researchers should seriously study geoengineering because it might substantially reduce the dangers of climate change, alleviating death, destruction, and suffering on massive scales.

He says that the overarching goal of the Chicago initiative is to expand the field by bringing together “enough independent professors and other research professionals” to “build a community around climate engineering as a broad field of inquiry.”

“Solar geoengineering certainly has complex and potentially dangerous political consequences, but so do a host of other emerging ideas and technologies.”

David Keith, geoengineering researcher

The CSEi researchers are now exploring nearly every engineering challenge that Reflective highlighted in its analysis. In addition to the work on novel aircraft and in situ observations, the group is designing small “cube” satellites with optical sensors optimized for observing the stratosphere. It is also studying which materials might prove most practical to ship to the stratosphere and how best to release them.

The goal is “producing public information which can be independently assessed, critically assessed, so policymakers can understand more about what’s possible and not,” Keith says.

Normalizing a dangerous idea

The debate around solar geoengineering is quickly moving beyond the academic and theoretical realm. A handful of startups, some more serious than others, have begun testing technologies that could one day be used to cool the planet. 

Yet to critics, solar geoengineering is the peak of techno-solutionism, affixing a high-tech Band-Aid to a global crisis caused by earlier technologies instead of addressing the root cause. Further, they argue that there’s no way to deploy or govern it in a globally equitable way, because any use of it will prove more advantageous to some regions than others. 

Even if solar geoengineering succeeded in reducing the average global temperature by 1 °C or so, that would mean very different things in different regions.

It could keep farmers prosperous and cities safe across, say, much of the US and the world’s temperate zones. But the lower temperature might be too cool for Russia to boost its agricultural productivity, while it might still be too hot for subsistence farming in northern Africa. 

Some studies also suggest that high levels of solar geoengineering could create new dangers in some regions, potentially altering monsoon rains, decreasing agricultural output, shifting the range of infectious diseases, and more. 

These complications raise a long list of thorny and divisive ethical questions. Even if solar geoengineering produced better conditions across most of the planet relative to a world with unchecked climate change, would it still be acceptable if it unleashed deadly famines or floods in a few regions? What kind of global consensus should be required to decide it’s okay to deploy it? And how should we determine where to set the planet’s temperature—and when, if ever, to shut the technology off?

Stephens argues that the answers, like so much else in the world, will come down to wealth and power. Countries, corporations, or even wealthy individuals with the resources to deploy such a system would have every incentive to tune it for their optimal benefit, no matter what it might mean for others. 

“It will be certain people who have a lot of wealth and power deciding when and how, and who should benefit and who will get screwed,” she says. “That’s the fundamental reason I think any advance in this technology is so dangerous.”

Duncan McLaren, an environmental researcher and political scientist, argues that the shift into practical engineering studies demands more oversight of the research field.  

For many critics of outdoor experiments like SCoPEx, he explains, the major concern wasn’t the environmental or safety risks, which were minimal; the issue was the normalization of a concept that could reduce pressures to cut greenhouse-­gas emissions. 

He says that any advance in research—whether it’s on paper, in the lab, or in the stratosphere—raises a similar risk: undermining progress on climate action by allowing the fossil-fuel sector and other business interests to say there’s an easier solution in development that doesn’t require overhauling our energy systems. A policy paper that the Texas Conservative Coalition Research Institute released in March advanced this very argument, citing the far lower costs of solar geoengineering relative to the “staggering costs” of a “forced transition.” 

Given this so-called moral hazard risk, design and engineering work should demand the same level of scientific supervision that outdoor experiments do, including ethical review, risk assessments, and public engagement, McLaren says.

“It ought to be more onerous,” he says. “There ought to be more barriers to researchers saying they want to do this.”

“The next ethical step”

Keith pushes back forcefully on that assertion, condemning as “profoundly illiberal” the idea that we should regulate open academic research posing no physical risks. 

“Solar geoengineering certainly has complex and potentially dangerous political consequences, but so do a host of other emerging ideas and technologies,” he said in an email. “The best chance to manage these challenges is to debate them openly and freely.”

Keith is all for keeping solar geoengineering technology in the public domain, and he agrees that the first line of climate defense must be rapid and deep reduction of greenhouse-gas emissions. But the world has made little progress in cutting climate pollution, carbon dioxide can persist for thousands of years in the atmosphere, and the planet is heating up fast. So, he argues, we may need to pursue other measures to temper the growing threats.

The bar for restricting research in this field should be “very high,” he says, given the potential promise of the technology. 

After visiting flood-devastated villages in Bangladesh, Keith underscored this point in an interview with the director of Plan C for Civilization, a recent documentary that profiles his work. “I think people have to take the next ethical step,” he said. “Because if you are really going to withhold access to and knowledge of a technology that could potentially save enormous numbers of lives—real lives, people we’ve met in the last few days—you’ve got to be very confident that that technology is going to be misused.”

The particles

Mingyi Wang, an assistant professor at the University of Chicago, leads me down the hall to a square, white lab room in the Henry Hinds Laboratory for Geophysical Sciences.

He pulls open the doors to a gray Haier biomedical freezer just inside the entrance, revealing a transparent flow tube hanging vertically and tapering at the bottom.

It’s a miniature stratosphere, chilled below −50 °C and filled with the same mix  of oxygen, nitrogen, and other air molecules you’d find 20 or so kilometers above us. A series of Teflon and stainless-­steel tubes run into the vessel, allowing Wang and his team to add various gases or particles and observe how they react.

Wang is an atmospheric scientist who studies how aerosols form, and he is now exploring what materials might be the most effective for reducing temperatures. 

Most modeling experiments focusing on solar geoengineering explore the impact of adding sulfuric acid to the stratosphere, because that’s what ultimately ends up there after a volcanic blast. 

But it would be costly and complicated to simply haul sulfuric acid up there and release it, because it’s heavy and sticky. So Wang and his team are conducting experiments in that chilly flow tube to determine what substances, including precursors to the acid, might do the best job of producing aerosols of the ideal size for reflecting away sunlight—and how best to prevent the materials from simply clumping together with existing particles and falling out of the stratosphere.

Wang, whom Keith refers to as a “young star,” has arrived at a novel solution to this problem, though he’s not ready to share the full details yet. He and his team are feeding the findings from their experiments into computer simulations of stratospheric plumes that they’ve developed. These, in turn, can be plugged into large-scale climate models to improve their simulation of smaller-scale effects—and thus enhance our understanding of stratospheric chemistry.

Wang says that it’s important to do this detailed research because until now, climate models simply assumed you’d wind up with the right aerosols of the right size. 

“Scientifically, we may understand it reasonably well, but on the engineering perspective—do we really know how to do it right?” he asks. “That’s a big question.” 

What’s next

As I began reporting on CSEi, I assumed that some of the engineering and design work would lead to new proposals for stratospheric experiments, picking up from where SCoPEx left off. 

Keith, though, insists he has no interest in reliving that experience, given the weight the experiment took on as the focal point for a broader societal debate over solar geoengineering. He doesn’t see any of the other “practical engineering” work at the initiative leading toward field experiments either, at least at this stage.

Much of the work, in fact, is focused on a step beyond that: exploring what it would take to start a geoengineering campaign, if a nation or group of them eventually decides to. Franke notes that we already have balloons and other aircraft that could get to the lower bounds of the stratosphere to release an experimental amount of, say, sulfur dioxide. 

“I think that this field needs to stop being so ashamed of using the ‘deployment’ word,” he says. 

At the end of a tense and scoreless first half of a soccer match between the English men’s team and rival Germany, millions of Brits let out a collective sigh and did what they so often do in moments of stress: They made tea. That wave of electric kettles clicking on, however, caused a different kind of stress: a huge and sudden increase in demand for electricity. But National Grid, which operates the local transmission network, was ready.

Just as those kettles started heating up, an AI program sent instructions to a data center in London to slow down some of the facility’s power-hungry chips. This reduction helped make sure there was enough supply to match demand, staving off potential blackouts or damage to electrical hardware. For data centers, which normally guzzle power without consideration for anyone or anything else’s needs, it was a radical departure.

It was also a simulation. In December 2025, engineers sought to test a new breed of data center built to be flexible about its electricity needs, so they re-created the energy demand facing the UK’s grid during a match from the 2020 Euro tournament. They wanted to see how their software, called Conductor, would have responded had it been online at the time.

Conductor is the signature product of Emerald AI, a firm based in Washington, DC, that’s part of a wave of companies trying to figure out whether data centers can work within the confines of the existing electric grid.

This year, Emerald is set to deploy Conductor in a new facility in the part of Virginia known as Data Center Alley, this time connected to the live grid. When overall demand spikes, Conductor will turn down the power used by the data center, while making sure its servers still carry out their timeliest and most important jobs. Emerald’s partners on the project—which include Nvidia and the giant data-center operator Digital Realty—bill it as one of the world’s first “power-flexible AI factories.”

Demonstrating that data centers can participate in this kind of give-and-take could ease what many tech leaders identify as the bottleneck in getting facilities online: It takes far longer to get approval for, construct, and connect new power plants than to build data centers. PJM, the grid operator in Virginia and the largest one in the US, for instance, needs eight years to bring new generation online, according to RMI, an energy research and advocacy group. “We need to solve the energy equation,” says Josh Parker, head of sustainability at Nvidia. “AI factory flexibility is the bridge between the incredible demand for AI and the immediate limitations of our energy grid.”

Speed, though, is only one of the issues. Once facilities do plug in, neighbors often criticize them for drawing too much electricity and contributing to rising prices. They say the data centers generate more noise than they do long-term jobs, contribute to pollution, and threaten to put people out of work. Organizers stalled over $150 billion worth of projects in 2025, according to Data Center Watch, and policymakers alert to the public mood are starting to impose limitations on development.

More than a dozen states are considering bans, and local moratoriums are in effect in places like Minneapolis and DeKalb County in Georgia. At the federal level, the GRID Act, a bipartisan bill in the US Senate, proposes to sever new data centers from public grids entirely. Some operators are already moving that way by trying to develop their own power generation.

Rather than rushing to build new power plants, companies could find part of the solution to the crunch right under our noses—or, more precisely, in the transmission lines under our feet and above our heads. The existing system operates near its full capacity during only a small number of high-demand hours throughout the year. This means, some grid experts argue, that if data centers can limit the power they draw during those stretches, they won’t need to wait for big infrastructure upgrades or build their own off-grid generation. 

Indeed, a growing number of studies have shown there could be plenty of power available for data centers that can flex. A widely discussed 2025 report from researchers at Duke University found that the US grid could offer an additional 76 gigawatts—about 5% of its entire capacity, and about enough to accommodate projected data-center growth in the US through 2030—to facilities that are willing to reduce their usage just 0.25% of the time. That’s about 22 hours a year. And when researchers from Princeton University and two grid-modernization companies looked at locations for new data centers in the PJM region, their report, which was funded by Google, found that a 500-megawatt facility capable of flexing for less than 1% of the year could reach full operation three to five years faster than one that’s inflexible. 

Flexible power connections could also help data centers address some of their PR problems. By decreasing their draw at times of grid stress, for instance, they could avoid diverting power from where it’s most needed, thus boosting stability. By using existing capacity, they might be able to reduce the need for new fossil-fuel power plants and spread fixed costs over more electricity users, pushing prices down. 

The AI power pinch is attracting resources and research into strategies for grid flexibility overall, which could help negotiate a tricky period: Taken together with electric vehicles, air-conditioning, and other sectors, data centers are helping drive what analysts predict will be a 25% increase in US electricity demand by 2030 compared with 2023 levels.

Ideally, flexibility gives grid operators more control over the flow of electrons, making them leaders of a harmonious ensemble rather than hostages to inflexible electricity requirements. That will help them manage demand spikes across the entire system and deal more effectively with the intermittent nature of renewables like wind and solar. “Demand flexibility is incredibly useful for power grids,” says Johanna Mathieu, a grid expert at the University of Michigan. “It helps reduce electricity costs and improve grid reliability.”

But while advocates see plenty of benefits, the concept brings complexity. For data centers, compromising on energy needs can be a hard sell. Flexibility requires utilities and grid operators, which tend to be operationally conservative, to change long-held practices. And some skeptics also say that flexibility distracts from the very real need to build more grid infrastructure faster, and could even pose risks to our electricity supply. 

Still, some technologists, grid operators, and utilities are hoping to show that flexibility works—not only in white papers or simulations but in real life. 

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The poster children for data-center growth default toward inflexibility. Hyperscalers like Microsoft and Oracle have proposed enormous new centers, many of which would rely on off-grid, natural-­gas-burning power plants. When xAI wanted to speed up the buildout of the Colossus site outside Memphis, Tennessee, it rolled up with gas turbines on flatbed trucks. The facility, now in operation, is facing blowback from regulators and residents about the spike it’s causing in emissions and other pollution. In any case, there aren’t enough gas turbines worldwide to meet the demand from data-center operators. 

One big obstacle for anyone demanding a lot of power is that our grids are mostly rigid. They’re designed to supply enough power to meet total demand when it’s highest, even if that’s for only a relatively small number of hours a year. That conservative approach is a simple route to reliability, but it means that the grid has quite a bit of headroom. “The grid is already overbuilt by a lot. If you were an airline running at 30% utilization, you would not buy more planes,” says Amit Narayan, the cofounder and CEO of GridCare, a company developing flexibility technologies, referring to a 2025 Stanford study of transmission lines in western North America. “If you are running a grid at 30% utilization, there’s no scientific reason you can’t go to 60.” 

“If you were an airline running at 30% utilization, you would not buy more planes. If you are running a grid at 30% utilization, there’s no scientific reason you can’t go to 60.”

To be fair, the idea of flexibility isn’t entirely foreign to grid operators. For decades, they’ve practiced a technique called demand response: When it looks as if demand will get too close to supply, as it might during a heat wave when many people turn on the AC at the same time, they call large commercial or industrial facilities and ask them to shut down parts of their operations. This method can help avoid the need to fire up so-called peaker plants, which run on fossil fuels, but it’s slow, imprecise, and hard to scale.

In the 2000s, as the adoption of technologies like electric cars and solar panels presented new challenges, more internet-­connected grids also provided new means of flexibility. Virtual power plants, or VPPs, offered a smarter, faster, more granular alternative. Electricity customers ranging from factories to homeowners with smart thermostats, solar panels, or big batteries would allow the utility to adjust their draw to help meet demand—often getting paid for their (frequently unnoticed) trouble. 

After the generative AI boom began with the release of ChatGPT in 2022, some companies began to see flexibility as a way to get data centers set up more easily, efficiently, and affordably. If they bring AI money into existing grids and reduce or defer the need for expensive upgrades, data centers could actually help spread out fixed costs so as to lower rates for other users. A study from Duke University published this past February, for instance, found that flexibility could reduce rates by 0.5% to 2.8%. 

The trick is figuring out how data centers, notorious power hogs, can keep operating when their flexible connections are throttled. Flexibility specialists envision three possible ways. The simplest is for the new data center to install on-site backup power storage or generation to tap when the grid is maxed out—at their own expense, of course.

A facility could also fill the gap by drawing on a VPP. The utility would turn down the electricity going to users who signed up for the VPP, and the data center would pay them for their flexibility. This method wouldn’t require any major infrastructure, but it would require the utility to have a big VPP program and to coordinate the exchange at a time when the grid was under stress. While VPPs exist to some extent in nearly 40 states, the rules governing them vary widely, and they are empowered to do more in some areas than in others. 

Finally, a data center could simply use less power at peak times. The conventional wisdom is that they won’t go for such limits, particularly when every number-­crunching server can feel like a goose potentially laying little golden eggs. But some experts are betting that the value of getting up and running quickly is enough to change their minds. “There is a clear and growing trend,” says Ayse Coskun, chief scientist at Emerald AI. “Operators are increasingly willing to trade some level of flexibility for faster grid interconnection.” 

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GridCare, a startup based in Silicon Valley, was one of the first companies to use flexibility to get data centers online quickly. Instead of looking at grids only in worst-case scenarios when electricity demand is highest, the company analyzes the system under all conditions, explains CEO Narayan, who studied smart grids at Stanford. It feeds every part of the grid—including power plants, lines, substations, and homes—into a generative AI model that creates a “digital twin” for different grid configurations. It then picks out results that could unlock capacity while maintaining reliability, and it feeds those into another model trained on the physics of electrical components like resistors and capacitors to make sure they’re realistic.

GridCare found its first customer in the Silicon Forest, an area in the Pacific Northwest named for the trees that dominate the landscape and the IT industry that has more recently sprouted up there. The local grid needed more capacity to support more data centers. “Data centers wanted ‘speed to power,’” says Isaac Barrow, a manager of data-center relations at Portland General Electric, or PGE, the local power generator and distributor, “but transmission buildout is a long process that’s very costly.”

In 2024, Aligned Data Centers came to PGE wanting to expand its operation in Hillsboro, Oregon, and PGE followed a recommendation from GridCare. Aligned will install a 31-megawatt battery, set to be in service in May 2027, and decrease its draw by up to that amount when the grid becomes congested. Bundled with other flexibility measures, that battery has allowed PGE to increase the capacity it can offer Aligned and other nearby operators by 80 megawatts without any new power plants. Though the buildout of data centers in Hillsboro has faced plenty of pushback from locals, Barrow points out that it could have the knock-on effect of lowering costs for ratepayers, because it spreads out the tab.

Other companies are promoting different flavors of flexibility. Google has been moving processing loads from facilities in areas experiencing demand spikes to those in less stressed spots since 2023. It’s signed agreements with five utilities, including the Tennessee Valley Authority and Indiana Michigan Power, that add as much as a gigawatt of flexibility. 

Voltus, a major VPP provider across the US and Canada, markets a “bring your own capacity” program in which a data-­center company can fund a VPP nearby. The grid operator can use the VPP to decrease demand at busy times, and participants get a financial thank-you. “We can spin up new VPPs on the order of months,” says Emily Orvis, Voltus’s vice president of energy markets. In June, the company signed their first such data-center deal: a three-year plan in which Google will bankroll a VPP in the PJM interconnection.

Of all the approaches to flexibility, Emerald AI’s may be the most ambitious: asking data centers to dial into the grid’s needs. The company’s Conductor software, which can run on premises or in the cloud, builds on the research of chief scientist Coskun. Her group at Boston University showed in a pair of 2013 papers that a data center could watch the grid and help balance big power fluctuations, such as the intermittent effects of solar and wind power. By 2022, she and her colleagues had tested their methods on a cluster of 36 research servers and shown that the system could respect power limits without breaking the processes it was running. 

One of the most important questions for Conductor is deciding which AI processes can be slowed down to save energy without kneecapping performance. A lot of companies label their jobs by priority—a real-time chatbot query, for instance, might outrank something like a web search that’s part of a deep research project. When they don’t, Emerald AI tries to infer priority from the nature of the job. Conductor then analyzes the AI workload to determine how tweaking the power to a given processor will affect the performance and help meet the usage limits set by the grid operator.

“The performance curve changes for different kinds of workloads,” says Coskun. “Each AI job is going to have a different location on that curve. Our intelligence is figuring out where you are on that curve.” 

Last year, Emerald AI began assessing the technology’s readiness for real-world use in a series of tests, raising the difficulty each time. The trials were carried out in partnership with the Data Center Flexible Load Initiative—a collaboration among tech companies like Google and Nvidia, utilities like Duke Energy, and grid operators like PJM that aims to help establish a repeatable framework for power-­flexible data centers.

The first challenge was in Phoenix, a fast-growing computing hub. For the test, Conductor took control of a group of server racks laden with 256 Nvidia A100 GPUs—hardware that can use about as much power as around 170 US homes. When presented with a simulation of a busy grid, Conductor reduced the power to the chips by 25% for three hours, while maintaining acceptable computing performance. Emerald AI and its partners reported the results in a paper in Nature Energy in December 2025.

The next trial forced the system to juggle surprise grid fluctuations without advance warning and redirect AI jobs from a data center in Virginia to a less busy one in Chicago. Then, in London, Conductor took the reins of equipment beyond the main GPU processors and faced a more complicated mix of fluctuations, including very short and long bouts of congestion—plus the notorious teakettle effect.

The progress so far shows that flexibility can work, at least in some situations, but only a small fraction of operators have pursued it as yet. “We’re just in the beginning innings of the game,” says Jesse Jenkins, one of the authors of the 2025 Princeton study and cofounder of Firma, a startup that works on data-center flexibility. “People are recognizing that this is a potential solution. The motivation is there; there are some bespoke examples. But there’s no uniform solution set that’s the default option, which is where we need to get.”

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While data centers are going up across the US, no place on Earth comes close to the accumulated computing muscle in Northern Virginia’s Data Center Alley. The region is home to around 500 compute-crunching facilities, which represent 13% of the entire world’s capacity; the next two hot spots, Beijing and Oregon, contain 6% each.

There are proposals to build hundreds more facilities in Virginia, but a government study found that the state’s electricity demand will increase 183% (around 26 gigawatts) by 2040 if they all go forward, and supporting even half would be difficult. The power-flexible data center that Emerald AI, Nvidia, Digital Realty, and their partners are building in the suburb of Manassas could demonstrate how data centers can squeeze the power they need out of existing capacity. The facility, slated to come online later this year, is intended to give Conductor the chance to manage power at the largest scale yet and to respond to conditions on a live grid for the first time. In the UK demonstration, Conductor managed a 130-kilowatt AI cluster; in Manassas, it will pull the strings of a 96-megawatt hyperscale AI factory. 

Some degree of flex will play a key role as we transition away from fossil fuels and toward a future that has to juggle technologies like solar and wind power, batteries, and electric cars.

For PJM, the Manassas facility points to a potential path through the current power crunch. “We think data-center flexibility, in different forms, will be essential for the reliable integration of data-center load over the short to mid term,” says Scott Baker, who manages demand-side markets at PJM. 

But not all grid experts are so sanguine. PJM’s market monitor, which oversees the grid operator, says there are no workarounds when it comes to adding capacity. “The notion that large amounts of data-center load can be added without adding new generation is magical thinking,” says Joseph Bowring, an economist and the head of PJM’s market monitor since 1999.

One problem, he says, is that there’s no way to guarantee that a data center will actually take less power when demand is high. That is, absent any legal or regulatory push for flexibility or compliance, the utility won’t be able to step in to help prevent, say, a blackout. Utilities can rely on resources like power plants, but they can’t control or rely on data centers. “They do not want to be fully interruptible,” Bowring says of the facilities.

Stephen Empedocles, an advisor for technology companies, views flexibility as more of a tool than a silver bullet. “These approaches are excellent for improving grid reliability and getting more out of the infrastructure we already have,” he says, “but they are optimization tools.” They’re not substitutes for the “generation, transmission, and distribution expansion that will still be required,” he continues.

Flexibility advocates agree that over the long term, whether or not AI continues to boom, electrification will drive a need for more generation and transmission. Some degree of flex will play a key role in using grid infrastructure better as we transition away from fossil fuels and toward a future that has to juggle technologies like solar and wind power, batteries, and electric cars. A report published by the International Renewable Energy Agency in January 2026 found that grids around the world will need three times as much flexibility in 2030 as they had in 2019—and 10 times as much by 2050—to balance increasing demand with fluctuating supplies of renewable energy. 

The challenge of powering AI could provide just the spark we need to do the work of designing and building smarter, more flexible grids, says Coskun. “I think with a crisis like this, there’s no quick solution,” she says. “Sometimes a crisis like this creates an opportunity to do something differently.” 

Amos Zeeberg is a freelance science and technology journalist based in Bucharest. He’s developing a book about technology networks, including electric grids.

Testosterone. Methenolone. Nandrolone. Human growth hormone and EPO. Meldonium, modafinil, and mixed amphetamine salts. Clomiphene, anastrozole, levothyroxine, and liothyronine. Patches and capsules, creams and pills. A whole galaxy of steroids, metabolic modulators, and synthetic hormones coursing through the blood of a few dozen swimmers, sprinters, and weightlifters. And millions of dollars up for grabs for athletes who could break world records and usher in the age of superhumanity.

On Sunday, May 24, at a $50 million arena built in a casino parking lot in Las Vegas, I witnessed a libertarian thought experiment come to life. The inaugural Enhanced Games were the first sporting competition where participants were encouraged to take performance-enhancing drugs. The founders say they’re challenging dated sporting norms and helping to build a world where we can all live better, longer lives. Critics say the event is an embarrassment, that it glamorizes the use of dangerous substances and puts lives at risk. 

The open-air venue was compact and decked out in bright blue, with a six-lane, 100-meter track down one side, a four-lane Olympic-length swimming pool down the other, and a weightlifting platform and stage at the front. You could see the golden façade of the Trump Hotel looming in the background. The scene had all the trappings of an NFL game, with the too-loud music and crowd work on the big screen—a “flex cam”  gave the well-muscled an excuse to unveil their biceps. Between events, adverts flashed up for the line of performance products sold by Enhanced, the company behind the event: injectable peptides that supposedly support cellular energy and skin elasticity, daily supplement powders with names like “Stronger” and “Longer.”

Australian swimmer James Magnussen was the first athlete to sign up with Enhanced but hasn’t broken any world records. He finished last in his two events in Las Vegas.

The day started with the weightlifters, under the blazing sun. But by 4 p.m., only one of them had even attempted a world-record lift. Two had pulled out injured. Some athletes were competing without taking drugs because of the money on offer, and as the competition went on, they had the better of their enhanced peers: Hunter Amstrong, a 25-year-old American swimmer and triple Olympic medalist, won the backstroke by more than a second. In the men’s 100-meter sprint, the non-enhanced US athlete Fred Kerley romped to an easy victory. “Man, they gotta do better than that,” he said of his doped opponents in his post-race interview. “They need to train a little harder, get on that shit a little bit more.”

At the bar, bodybuilders swapped before-and-after pictures and talked about their stacks, and VCs and finance bros traded LinkedIn details. Lukas Lakutsin, a 6-foot-10, 354-pound Russian bodybuilder who was milling around the entrance to the VIP suites, initially told me he didn’t use any performance-enhancing drugs. Except testosterone replacement therapy, of course. But he didn’t think that really counted. “I’m almost 34 years old,” he said. “I need to do this to stay strong.”

Jeremy Sigal, an influencer and author, wore a USA tank top that showed off hugely muscled arms adorned with prison tattoos. He told me he was proudly natural, in both his health and his personal life. “I’ve got an exceptional credit score,” he said. He has written 12 books on marketing and leadership. Later, I looked up his most recent book online. It’s called Simp to Pimp: 10 Steps to Fix Why She’s Not Banging You and lists AI as a coauthor.

What I saw in Las Vegas probably wasn’t the future of sport. But it was a perfect encapsulation of our present moment, as Silicon Valley biohackers, alt-right looksmaxxers, Make America Healthy Again boosters, and longevity-obsessed scientists all vie to remake reality in their own image. For them, the Enhanced Games offered a glimpse of a future where medical advances push the human race to new heights, and where they never have to get old. 

I’ve tracked Enhanced’s journey from a crazy idea scribbled on a napkin to a public company valued at $1.2 billion. Behind the scenes, there have been power struggles, life-changing victories, and moments of total farce. As I recently, finally, watched the games unfold, two questions bounced around my head: Were they right? And what does that mean for the rest of us?

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In December 2022, the Australian entrepreneur Aron D’Souza flew to Miami to spend New Year’s Eve with his friend and mentor Peter Thiel. A decade earlier, D’Souza had helped Thiel orchestrate the lawsuit that bankrupted Gawker—a stunning revenge against the gossipy New York media blog that had outed him as gay. Now he was armed with a disruptive idea that he thought Thiel, the billionaire cofounder of PayPal and Palantir, would love. It was inspired by the buff bodies he’d been seeing at the gym, highlighting a disconnect between a workout culture where the use of steroids was an open secret and a sporting establishment where it was, at least on paper, an inviolable taboo.

D’Souza told me that Thiel had previously introduced him to Christian Angermayer, a German biotech billionaire, who would come onboard at Enhanced. He’s funded clinical trials of psychedelics through his company Atai Life Sciences and is helping bring them into the medical mainstream as a treatment for depression and anxiety. Angermayer says he spotted an opportunity to do the same thing for steroids. What he really wants is to redefine medicine, he told me. Its focus has already changed from treating disease to trying to prevent it; actively enhancing people’s health, he says, is just the next logical step.

By early 2024, Angermayer had brought his own people into key roles. The team included Michael Sagner, an anti-aging expert and private doctor who works with many of Hollywood’s leading men, and Max Martin, who has the jawline and cheekbones of an Instagram looksmaxxing influencer and the boundless enthusiasm of a puppy. (He started his own enhancement program a few years ago, when he was just 27.) Sagner would head up Enhanced’s medical commission, making sure the games were safe for the athletes. It was Martin’s job to make sure they actually happened. 

Tensions sparked as D’Souza’s freewheeling style clashed with the more sensible image that Sagner and others were now keen to present. “It was not just his personality and his abrasive way of talking,” Sagner told me recently. “Even when he was briefed on a scientific fact, he would just completely ignore it and say something outrageous.”

But the more outrageous D’Souza got, the more attention his idea received. In February 2024, James Magnussen, a retired Australian swimmer, became the organization’s first official athlete, and Enhanced promised to pay a million dollars to him, or anyone else, who could break the world record in the 50-meter freestyle.

The notion of a “steroid olympics,” as many have dubbed the Enhanced Games, had been kicking around for decades—for instance, in a Wired article from the early 2000s and an SNL sketch from the 1980s. Two things helped finally make the Enhanced Games a reality. First, in November 2024, Donald Trump was again elected president of the United States. The Biden administration had been actively hostile to the games, but the founders saw a more receptive political environment in Trump world. Not long after the election, Enhanced announced a new tranche of funding led by 1789 Capital, a venture capital firm whose partners include Donald Trump Jr.

And second, in February 2025, an enhanced swimmer finished the 50-meter freestyle faster than anyone in human history. It wasn’t Magnussen, though. He had been injecting himself with testosterone to grow muscle, plus a cocktail of peptides that aimed to speed up recovery—but his journey hadn’t quite worked the way he’d planned.

A combination of reputational issues (no pools wanted to host his training) and physical complications (the regimen did help him get stronger, but he packed on so much muscle that it slowed him down in the water) meant he watched from the sidelines as the Bulgarian-Greek swimmer Kristian Gkolomeev—who had finished fifth at the Paris Olympics in 2024—came in two-hundredths of a second under the record and won a million-dollar payout from Enhanced. The idea has always been that breaking records would effectively prove the legitimacy of this enhancement project: Look what we can do now. 

Gkolomeev, though, had a different motivation for participating: “One successful year in the Enhanced Games and I could make as much as I would in almost 10 careers,” he told me not long after setting the new record (notably, wearing a kind of “supersuit” that’s been banned by World Aquatics since 2010). Enhanced was paying its athletes a regular salary, on top of any potential bonus. And he had a young family to support and feared that the four-year stretch to the next Olympics would be long and precarious. 

In May 2025, with a world record in the bag and a friendly administration in the White House, Enhanced was ready to announce its first games: They’d take place in May 2026 at Resorts World in Las Vegas. 

At the same time, D’Souza made another big reveal: Enhanced Performance Products, a line of supplements available for a monthly subscription. The Enhanced Games now seemed less like a sporting event and more like a loss leader for selling testosterone injections, GLP-1s, or a range of peptides that are claimed, with little scientific evidence, to improve sleep or skin elasticity. Perhaps it was all a brilliantly executed marketing stunt.

“The games themselves now seem almost secondary to what appears to be an online marketplace for hormones, peptides, and other performance-enhancing compounds,” says Astrid Kristine Bjørnebekk, a steroids expert at Oslo University Hospital. “From my perspective, this significantly changes the nature of the project. It is one thing to organize a closed sporting event built around controversial principles, but openly marketing and commercializing substances such as testosterone, hGH, GLP-1 drugs, peptides, and other pharmacological compounds is something else entirely.”

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As the games approached, more athletes joined. Some were genuinely elite. The US sprinter Kerley—who is serving a two-year ban for missing three drug tests—had won silver in the 100 meters in the Tokyo Olympics and a bronze in Paris. Ben Proud, a British swimmer, had won silver at the Paris Olympics and dozens of medals at world and European championships and the Commonwealth Games. He had been mulling over joining the Enhanced Games ever since the idea first emerged, but the tipping point seemed to come when Gkolomeev’s record was announced. 

Some participants, like Magnussen and another swimmer, Megan Romano, had been tempted out of retirement. Romano hadn’t swum competitively for almost a decade. Others were at the start of their careers but ready to cash in their chips and bid goodbye to Olympic dreams for a potential six-figure payday. The $1 million payouts were reserved for records in the two flagship events—the 50-meter freestyle and the 100-meter sprint—but winning any other event would mean a prize of $250,000, with an additional $250,000 bonus for setting a world record.

Athletes would get paid even if they just showed up and finished last—as much as $50,000. This is all on top of the salaries that stretched into six figures in some cases, making the payout from the games more than many athletes make in a year.

Sport’s governing bodies reacted to each new athlete announcement with fury. World Aquatics threatened to ban for life any athlete who participated in the games, even if they didn’t take any drugs. Enhanced responded with an $800 million antitrust lawsuit against the global swimming organization, the World Anti-Doping Agency, and USA Swimming, alleging misuse of monopoly power.

In November 2025, a court in New York dismissed the case. Three days later, D’Souza, the mind behind the entire project, was out. A notice on Enhanced’s website said he had “transitioned out of the company’s day-to-day operations.” Martin would take over as CEO. “The investors basically said we need someone a bit more serious,” Sagner told me. In conversations, execs at Enhanced played down any suggestion of a feud—D’Souza was simply the ideas man, with little interest in the day-to-day dreariness of actually running a company. (Enhanced spokesperson Chris Jones wrote in a statement that “there is no tension between Aron and Enhanced that I’m aware of.” D’Souza did not respond to a request for comment.)

I got the sense that Enhanced, in its new iteration as a pharmaceutical subscription company, was almost embarrassed by the games. When I visited enhanced.com a couple of months before the event, they had been relegated to a sub-heading on the home page. D’Souza’s showmanship had helped get attention for what was becoming a run-of-the-mill telehealth business like Hims & Hers—albeit one well timed to take advantage of a shifting regulatory landscape around peptides, which Robert F. Kennedy Jr., the US secretary of health and human services, has been pushing the FDA to approve despite a lack of evidence that they’re actually effective. 

Sagner is still loosely involved with Enhanced, but he says the medical commission was not consulted before it launched its line of performance products. (Jones did not respond to a question regarding this claim.) Sagner is scathing about what he sees as the “hype” around peptides. “I can tell you already, peptides do nothing,” he says—with the exception of human growth hormone and GLP-1. “The peptides that people use, black-market peptides that they buy online—they do nothing. We have tested them; 80% of them contain nothing. It’s saline solution, salt water, and some of them are contaminated.”

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At the end of January 2026, a group of around 40 swimmers, weightlifters, and sprinters arrived in Abu Dhabi to start their individualized enhancement “protocol,” as Enhanced calls it. Officially, they would be taking part in a clinical trial, pending approval by the Abu Dhabi government and overseen by Guido Pieles, a Qatar-based cardiologist who has taken over the reins of Enhanced’s medical commission from Sagner.

They would be allowed to choose only from a menu  of specific FDA-approved drugs. Pieles broke them down into five categories: testosterone variants and growth hormones, which can both boost muscle mass; metabolic modulators that can tweak how the body burns fat; stimulants like Adderall to improve focus; and EPO, which can increase the amount of oxygen the blood is able to carry. While Enhanced’s team might recommend particular things, the athletes would have the final say on what they wanted to take, if anything. (As Oslo University’s Bjørnebekk points out, FDA approval “does not mean the substances are inherently safe, particularly not when used for enhancement purposes.”) 

There would be regular blood tests, heart scans, and brain scans and access to the best training facilities money could buy. Pieles and others say the clinical trial will help inform the line of supplements Enhanced is offering consumers, but there’s actually very little overlap between the drugs the athletes were taking and the substances the company is currently selling.  

Not long after they arrived in the Middle East, the athletes were awakened by the sound of explosions at a military base near their hotel. The US and Israel had struck Iran, and the Iranian regime was responding by peppering the region with missiles. “It wasn’t a pleasant situation,” says Andrii Govorov, the world record holder in the 50-meter butterfly, who a year earlier had become one of the first swimmers to join Enhanced. Govorov had some experience in these matters—back in Ukraine, he’d had a business selling cars that helped fund his swimming career, but he’d lost it after the Russian invasion.

Swimming, sprinting, and weightlifting were the focus of the first Enhanced Games but in many ways the sports were the sideshow.

The conflict exacerbated delays in getting approval for the clinical trial and sourcing the drugs, and as a result, what was supposed to be a 12-week enhancement protocol got cut down to eight weeks. The athletes didn’t actually start taking the drugs until toward the end of March. For those who had always been clean, that represented the irreversible crossing of a line. “The first injection was very emotional, very tricky to navigate,” says Proud. “For me, that was the day I went from the Ben Proud that I always knew to a new person.”

Proud was joined in the enhancement program by his girlfriend, Emily Barclay, who had swum at college level without ever appearing at a major international event; she was working as a swimming teacher at a school in England. After that first injection, they left Abu Dhabi and spent a few days in Dubai as they reckoned with what they had done. “I just couldn’t be around the team,” Proud says. “I wanted to be by myself and feel those feelings, because it is a big deal to make that step, and I felt it.”

Those feelings were soon forgotten, though, as the drugs kicked in. Proud says he had incredible energy, and a drive to train that he hadn’t experienced before. Shania Collins, an American sprinter, says she had “increased strength, increased recovery, and increased mental clarity at practice.” Sagner and several athletes admitted there were some side effects: acne and some swelling around the joints; unwanted hair growth for the women, unwanted hair loss for the men.

One thing the athletes wouldn’t talk about, though, is what drugs they were actually taking. They all had the same reason: not wanting to encourage copycats who might take enhancements without a doctor on hand to tailor programs to their needs. 

The one exception was Thor Björnsson (testosterone, deca-durabolin, anastrozole, halotestin), a hulking Icelandic deadlifter and former World’s Strongest Man who played The Mountain on Game of Thrones. Björnsson first heard about the games on Joe Rogan’s podcast and was immediately interested. The rules for strongman competitions are somewhat less stringent than those for Olympic sports, though, and he actually had to reduce the number of substances he was taking to meet Enhanced’s FDA requirements.

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That same week, it was finally go time. The athletes and coaches left Abu Dhabi and flew to Las Vegas, where they were put up in five-star luxury at the Conrad hotel inside Resorts World while they made their final preparations. 

When I got there a few weeks later, toward the end of May, I found it jarring to see these hulking presences walking around the casino in their Enhanced sportswear, weaving their way through packs of half-drunk tourists, with slot machines flashing in the background and cigarette smoke hanging in the air. I had expected the games to be a bigger deal within the city itself, but they were just one of a thousand things happening in Vegas that weekend—drowned out by a series of BTS shows at the football stadium, by the Golden Knights in the NHL playoffs, by No Doubt’s residency at the Sphere.

If this was a sporting earthquake, it was one whose tremors were mainly being felt online, where bodybuilding influencers livestreamed to their followers on Kick and Twitch, and where thousands watched on YouTube and Rumble. (D’Souza once told me he’d had “every major sports broadcaster” vying for the rights; in the end, Enhanced struck an exclusive streaming deal with Roku in the US.) 

On the morning of the games, Enhanced held a medical symposium that was supposed to provide a taste of the company’s long-term objectives. The first speaker was Bryan Johnson, the longevity-obsessed entrepreneur famous for plowing his personal fortune into wild attempts to reverse his aging: receiving transfusions of his teenage son’s plasma, measuring his nighttime erections, taking more than 100 supplement pills a day. He spends $2 million per year on all this, but he looked pale and vampiric as he delivered the slightly off-brand message that, really, the most important thing was getting a good night’s sleep: “You don’t need to chase IV infusions; you don’t need to chase crystals. You don’t really need to do much of anything.”

At 2 p.m., I took two escalators from the conference room down to the arena, where spectators were filtering in. Though it had cost $50 million, it had been constructed in just three and a half weeks, and it showed; on the media tour the previous day, there were still loose screws on the floor of the bleachers. 

There were a few thousand seats in an open grandstand down one side, and two rows of VIP suites on the other. No tickets were sold, so it was a strange mix of invited guests, investors, and influencers, some of whom had reportedly been flown in from Los Angeles on a chartered jet. The rapper Tyga was the biggest name to grace the “blue carpet,” although I did also spot Fabio James, a Michael Jackson look-alike who has had surgery to make the resemblance even stronger. Rumors swirled that Peter Thiel might show up; they proved unfounded.

A few hours before the doors opened, journalists got a stern message from the organizers trying to bar us from interviewing guests. Still, I talked to a Cambridge professor who wanted to use Enhanced as a case study in innovation for his MBA students, a retired Brazilian swimmer with the Olympic rings tattooed on his forearm, and a biotech investor wearing an Enron hat. Proud’s family and friends were sheltered from the blazing sun in the shadow of the big screen. 

D’Souza was nowhere to be seen. Nor was he really mentioned at all—not during the introductory press conference, where Martin was introduced as the “founder of the Enhanced Games,” nor during the event itself, where the athletes showered praise on Angermayer and Martin. But the tens of millions D’Souza had banked from the stock listing likely softened any blow. Plus, he’s already moved on to his next provocative venture: an AI-powered arbitration platform designed to scrutinize the work of journalists on behalf of the rich and powerful.

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As the sun set behind the hills, casting the arena in soft gold light, there were still no world records. That and the wins for clean athletes seemed to put the whole Enhanced project in jeopardy—the knives were already being sharpened online. I asked the organizers whether this threatened the legitimacy of the project. 

“Our response is that enhancements help athletes improve and, in some cases, break records. And yes, some non-enhanced athletes also won—because talent and ability also matter,” Enhanced’s Jones emailed last week. “Breaking world records is incredibly hard as the margin is infinitesimal, as we witnessed. Ignoring that 13 athletes some of whom 10 years later broke personal bests is disingenuous and selective reporting.” 

Megan Romano was one of them, swimming faster in the 50-meter freestyle at 35 than she had at 22. And Emily Barclay knocked two seconds off her fastest time in the 100-meter freestyle, coming in second in that event and winning the 50-meter freestyle; she went home with a check for $375,000. “No one’s ever heard of this girl,” said Enhanced swim coach Brett Hawke afterwards. “She’s retired; she’s a nobody. She comes out tonight and swims a time that would have got a bronze medal in Paris.” For all the talk of “superhumanity” and pushing the boundaries of performance, making a 35-year-old feel 22 again is probably the perfect marketing message for the products Enhanced wants to sell. 

Enhanced’s executives say people should take enhancements only with medical supervision, but price could be a barrier to heeding that advice. The battery of health tests the company was giving its athletes in the run-up to the games cost $25,000 per athlete per month. The drugs themselves start at $75 a month and go up toward $200. While Jones says the products “are in line with industry price points,” there were almost certainly people watching who saw the drug-altered physiques of athletes like Gkolomeev or Magnussen and decided to find cheaper, less safe alternatives on unlicensed websites.

“Many of these substances require medical supervision and prescriptions, and several are associated with potentially serious long-term health consequences,” says Bjørnebekk. “Presenting them in this lifestyle-oriented and commercial format risks normalizing use while downplaying the medical risks and uncertainties.”

Before the night was over,  Gkolomeev again had the chance to right the Enhanced ship. The final event of the night was the men’s 50-meter freestyle swim. His 2025 time had been surpassed by the Australian swimmer Cam McEvoy (without a supersuit) at the China Swimming Open a couple of months before, so he needed to lose another two-hundredths of a second to beat the new record of 20.88 seconds. 

Gkolomeev was wearing the same supersuit he’d used the previous year, and he’d shaved off his mustache for a little extra streamlining. But he messed up his start—doing four kicks instead of five—and was trailing Proud at the halfway mark. His long arms levered him forward, though, and he reached the wall in 20.81. The spectators were on their feet as “WORLD RECORD” flashed red on the big screen. Martin vaulted over the glass partition from the VIP suites, beaming, to embrace Gkolomeev. They had their record.

Or did they? Online, people shared screenshots from the video feed, purporting to show that the clock had stopped before Gkolomeev’s hand touched the pressure sensor at the end of the pool. An Enhanced spokesperson gave a statement to the Guardian dismissing this as “completely unfounded internet drivel.” But hey—live by the sword, die by the sword. It’s quite possible Gkolomeev didn’t care. He had another million in the bank. 

It remains to be seen if it’ll work out so well for the other athletes. Enhanced organizers recently announced a prize of $10 million for anyone who can break Usain Bolt’s 100-meter world record in 2027. They are adamant that the games will happen again next year. If they don’t, dozens of sporting careers will be over, and the athletes will join the long list of victims of VC-backed disruption.

My personal prediction is that Enhanced will pivot away from the risk and uncertainty of a flagship event—the company’s valuation plunged by almost $800 million when markets opened after what was perceived as an underwhelming set of results in Vegas. I expect you’ll see individual stunts and challenges, tightly controlled and filmed for virality and probably featuring your favorite YouTubers—think Björnsson bench-pressing Jake Paul.

D’Souza’s initial idea has served its purpose by capturing the world’s attention. But that won’t necessarily translate into success either. Though the company has had plenty of hype over the last 12 months, SEC filings published as part of its stock exchange listing reveal that it generated only $2,755 in revenue from its enhancements business in the first three months of 2026. Would what happened in Vegas be enough to juice sales?

As the athletes gathered on the stage to receive their prizes, Martin took the microphone and addressed the crowd. “Enhanced is culture,” he said. “We are at the pulse of where the world is going.” On this, at least, he’s probably right. Testosterone replacement therapy is rapidly moving into the mainstream, and while the science may still not be there on peptides, they have certainly exploded in popularity in the two years since Enhanced launched. And there are undoubtedly more substances yet to be discovered that will promise to improve people’s lives, or at least hold their appearance in stasis. The enhanced age is upon us, whether we want it or not. 

As the fireworks went off and the Killers closed out the event with “When You Were Young” (“Congratulations to … whoever deserves it,” said frontman Brandon Flowers), I wondered what that might mean for us mere mortals. Invoking Hunter S. Thompson’s Fear and Loathing in Las Vegas in a story about drugs and Las Vegas may be a cliché, but it struck me that fear played a big part in all of this. Fear of missing out. Fear of getting old. Fear of never making a dime on your life’s pursuit. Fear of waking up one morning and seeing your flabby, sunken face in the mirror while everyone around you shines and grins and thrives with white-toothed, alien smiles.

But the big problem with Enhanced’s vision of superhumanity is the question of who gets to join in. “People will be able to enhance themselves if they have enough money,” Sagner had told me the night before the games. The rest of us, I fear, will just have to function as normal human beings.

Amit Katwala is a journalist and author covering science, culture, and where they collide. His latest book is Tremors in the Blood: Murder, Obsession and the Birth of the Lie Detector. He is based in London.