We don’t want to bury the lede: we have raised a $100M Series B, led by a new strategic partner in USIT with participation from all existing Oxide investors. To put that number in perspective: over the nearly six year lifetime of the company, we have raised $89M; our $100M Series B more than doubles our total capital raised to date — and positions us to make Oxide the generational company that we have always aspired it to be. If this aspiration seems heady now, it seemed absolutely outlandish when we were first raising venture capital in 2019. Our thesis was that cloud computing was the future of all computing; that running on-premises would remain (or become!) strategically important for many; that the entire stack — hardware and software — needed to be rethought from first principles to serve this market; and that a large, durable, public company could be built by whomever pulled it off. This scope wasn’t immediately clear to all potential investors, some of whom seemed to latch on to one aspect or another without understanding the whole. Their objections were revealing: "We know you can build this," began more than one venture capitalist (at which we bit our tongue; were we not properly explaining what we intended to build?!), "but we don’t think that there is a market." Entrepreneurs must become accustomed to rejection, but this flavor was particularly frustrating because it was exactly backwards: we felt that there was in fact substantial technical risk in the enormity of the task we put before ourselves — but we also knew that if we could build it (a huge if!) there was a huge market, desperate for cloud computing on-premises. Fortunately, in Eclipse Ventures we found investors who saw what we saw: that the most important products come when we co-design hardware and software together, and that the on-premises market was sick of being told that they either don’t exist or that they don’t deserve modernity. These bold investors — like the customers we sought to serve — had been waiting for this company to come along; we raised seed capital, and started building. And build it we did, making good on our initial technical vision: We did our own board designs, allowing for essential system foundation like a true hardware root-of-trust and end-to-end power observability. We did our own microcontroller operating system, and used it to replace the traditional BMC. We did our own platform enablement software, eliminating the traditional UEFI BIOS and its accompanying flotilla of vulnerabilities. We did our own host hypervisor, assuring an integrated and seamless user experience — and eliminating the need for a third-party hypervisor and its concomitant rapacious software licensing. We did our own switch — and our own switch runtime — eliminating entire universes of integration complexity and operational nightmares. We did our own integrated storage service, allowing the rack-scale system to have reliable, available, durable, elastic instance storage without necessitating a dependency on a third party. We did our own control plane, a sophisticated distributed system building on the foundation of our hardware and software components to deliver the API-driven services that modernity demands: elastic compute, virtual networking, and virtual storage. While these technological components are each very important (and each is in service to specific customer problems when deploying infrastructure on-premises), the objective is the product, not its parts. The journey to a product was long, but we ticked off the milestones. We got the boards brought up. We got the switch transiting packets. We got the control plane working. We got the rack manufactured. We passed FCC compliance. And finally, two years ago, we shipped our first system! Shortly thereafter, more milestones of the variety you can only get after shipping: our first update of the software in the field; our first update-delivered performance improvements; our first customer-requested features added as part of an update. Later that year, we hit general commercial availability, and things started accelerating. We had more customers — and our first multi-rack customer. We had customers go on the record about why they had selected Oxide — and customers describing the wins that they had seen deploying Oxide. Customers starting landing faster now: enterprise sales cycles are infamously long, but we were finding that we were going from first conversations to a delivered product surprisingly quickly. The quickening pace always seemed to be due in some way to our transparency: new customers were listeners to our podcast, or they had read our RFDs, or they had perused our documentation, or they had looked at the source code itself. With growing customer enthusiasm, we were increasingly getting questions about what it would look like to buy a large number of Oxide racks. Could we manufacture them? Could we support them? Could we make them easy to operate together? Into this excitement, a new potential investor, USIT, got to know us. They asked terrific questions, and we found a shared disposition towards building lasting value and doing it the right way. We learned more about them, too, and especially USIT’s founder, Thomas Tull. The more we each learned about the other, the more there was to like. And importantly, USIT had the vision for us that we had for ourselves: that there was a big, important market here — and that it was uniquely served by Oxide. We are elated to announce this new, exciting phase of the company. It’s not necessarily in our nature to celebrate fundraising, but this is a big milestone, because it will allow us to address our customers' most pressing questions around scale (manufacturing scale, system scale, operations scale) and roadmap scope. We have always believed in our mission, but this raise gives us a new sense of confidence when we say it: we’re going to kick butt, have fun, not cheat (of course!), love our customers — and change computing forever.

How it started Four years ago, we were struggling to hire. Our team was small (~23 employees), and we knew that we needed many more people to execute on our audacious vision. While we had had success hiring in our personal networks, those networks now felt tapped; we needed to get further afield. As is our wont, we got together as a team and brainstormed: how could we get a bigger and broader applicant pool? One of our engineers, Sean, shared some personal experience: that Oxide’s principles and values were very personally important to him — but that when he explained them to people unfamiliar with the company, they were (understandably?) dismissed as corporate claptrap. Sean had found, however, that there was one surefire way to cut through the skepticism: to explain our approach to compensation. Maybe, Sean wondered, we should talk about it publicly? "I could certainly write a blog entry explaining it," I offered. At this suggestion, the team practically lunged with enthusiasm: the reaction was so uniformly positive that I have to assume that everyone was sick of explaining this most idiosyncratic aspect of Oxide to friends and family. So what was the big deal about our compensation? Well, as a I wrote in the resulting piece, Compensation as a Reflection of Values, our compensation is not merely transparent, but uniform. The piece — unsurprisingly, given the evergreen hot topic that is compensation — got a ton of attention. While some of that attention was negative (despite the piece trying to frontrun every HN hater!), much of it was positive — and everyone seemed to be at least intrigued. And in terms of its initial purpose, the piece succeeded beyond our wildest imagination: it brought a surge of new folks interested in the company. Best of all, the people new to Oxide were interested for all of the right reasons: not the compensation per se, but for the values that the compensation represents. The deeper they dug, the more they found to like — and many who learned about Oxide for the first time through that blog entry we now count as long-time, cherished colleagues. That blog entry was a long time ago now, and today we have ~75 employees (and a shipping product!); how is our compensation model working out for us? How it’s going Before we get into our deeper findings, two updates that are so important that we have updated the blog entry itself. First, the dollar figure itself continues to increase over time (as of this writing in 2025, $207,264); things definitely haven’t gotten (and aren’t getting!) any cheaper. And second, we did introduce variable compensation for some sales roles. Yes, those roles can make more than the rest of us — but they can also make less, too. And, importantly: if/when those folks are making more than the rest of us, it’s because they’re selling a lot — a result that can be celebrated by everyone! Those critical updates out of the way, how is it working? There have been a lot of surprises along the way, mostly (all?) of the positive variety. A couple of things that we have learned: People take their own performance really seriously. When some outsiders hear about our compensation model, they insist that it can’t possibly work because "everyone will slack off." I have come to find this concern to be more revealing of the person making the objection than of our model, as our experience has been in fact the opposite: in my one-on-one conversations with team members, a frequent subject of conversation is people who are concerned that they aren’t doing enough (or that they aren’t doing the right thing, or that their work is progressing slower than they would like). I find my job is often to help quiet this inner critic while at the same time stoking what I feel is a healthy urge: when one holds one’s colleagues in high regard, there is an especially strong desire to help contribute — to prove oneself worthy of a superlative team. Our model allows people to focus on their own contribution (whatever it might be). People take hiring really seriously. When evaluating a peer (rather than a subordinate), one naturally has high expectations — and because (in the sense of our wages, anyway) everyone at Oxide is a peer, it shouldn’t be surprising that folks have very high expectations for potential future colleagues. And because the Oxide hiring process is writing intensive, it allows for candidates to be thoroughly reviewed by Oxide employees — who are tough graders! It is, bluntly, really hard to get a job at Oxide. It allows us to internalize the importance of different roles. One of the more incredible (and disturbingly frequent) objections I have heard is: "But is that what you’ll pay support folks?" I continue to find this question offensive, but I no longer find it surprising: the specific dismissal of support roles reveals a widespread and corrosive devaluation of those closest to customers. My rejoinder is simple: think of the best support engineers you’ve worked with; what were they worth? Anyone who has shipped complex systems knows these extraordinary people — calm under fire, deeply technical, brilliantly resourceful, profoundly empathetic — are invaluable to the business. So what if you built a team entirely of folks like that? The response has usually been: well, sure, if you’re going to only hire those folks. Yeah, we are — and we have! It allows for fearless versatility. A bit of a corollary to the above, but subtly different: even though we (certainly!) hire and select for certain roles, our uniform compensation means we can in fact think primarily in terms of people unconfined by those roles. That is, we can be very fluid about what we’re working on, without fear of how it will affect a perceived career trajectory. As a concrete example: we had a large customer that wanted to put in place a program for some of the additional work they wanted to see in the product. The complexity of their needs required dedicated program management resources that we couldn’t spare, and in another more static company we would have perhaps looked to hire. But in our case, two folks came together — CJ from operations, and Izzy from support — and did something together that was in some regards new to both of them (and was neither of their putative full-time jobs!) The result was indisputably successful: the customer loved the results, and two terrific people got a chance to work closely together without worrying about who was dotted-lined to whom. It has allowed us to organizationally scale. Many organizations describe themselves as flat, and a reasonable rebuttal to this are the "shadow hierarchies" created by the tyranny of structurelessness. And indeed, if one were to read (say) Valve’s (in)famous handbook, the autonomy seems great — but the stack ranking decidedly less so, especially because the handbook is conspicuously silent on the subject of compensation. (Unsurprisingly, compensation was weaponized at Valve, which descended into toxic cliquishness.) While we believe that autonomy is important to do one’s best work, we also have a clear structure at Oxide in that Steve Tuck (Oxide co-founder and CEO) is in charge. He has to be: he is held accountable to our investors — and he must have the latitude to make decisions. Under Steve, it is true that we don’t have layers of middle management. Might we need some in the future? Perhaps, but what fraction of middle management in a company is dedicated to — at some level — determining who gets what in terms of compensation? What happens when you eliminate that burden completely? It frees us to both lead and follow. We expect that every Oxide employee has the capacity to lead others — and we tap this capacity frequently. Of course, a company in which everyone is trying to direct all traffic all the time would be a madhouse, so we also very much rely on following one another too! Just as our compensation model allows us to internalize the values of different roles, it allows us to appreciate the value of both leading and following, and empowers us each with the judgement to know when to do which. This isn’t always easy or free of ambiguity, but this particular dimension of our versatility has been essential — and our compensation model serves to encourage it. It causes us to hire carefully and deliberately. Of course, one should always hire carefully and deliberately, but this often isn’t the case — and many a startup has been ruined by reckless expansion of headcount. One of the roots of this can be found in a dirty open secret of Silicon Valley middle management: its ranks are taught to grade their career by the number of reports in their organization. Just as if you were to compensate software engineers based on the number of lines of code they wrote, this results in perverse incentives and predictable disasters — and any Silicon Valley vet will have plenty of horror stories of middle management jockeying for reqs or reorgs when they should have been focusing on product and customers. When you can eliminate middle management, you eliminate this incentive. We grow the team not because of someone’s animal urges to have the largest possible organization, but rather because we are at a point where adding people will allow us to better serve our market and customers. It liberates feedback from compensation. Feedback is, of course, very important: we all want to know when and where we’re doing the right thing! And of course, we want to know too where there is opportunity for improvement. However, Silicon Valley has historically tied feedback so tightly to compensation that it has ceased to even pretend to be constructive: if it needs to be said, performance review processes aren’t, in fact, about improving the performance of the team, but rather quantifying and stack-ranking that performance for purposes of compensation. When compensation is moved aside, there is a kind of liberation for feedback itself: because feedback is now entirely earnest, it can be expressed and received thoughtfully. It allows people to focus on doing the right thing. In a world of traditional, compensation-tied performance review, the organizational priority is around those things that affect compensation — even at the expense of activity that clearly benefits the company. This leads to all sorts of wild phenomena, and most technology workers will be able to tell stories of doing things that were clearly right for the company, but having to hide it from management that thought only narrowly in terms of their own stated KPIs and MBOs. By contrast, over and over (and over!) again, we have found that people do the right thing at Oxide — even if (especially if?) no one is looking. The beneficiary of that right thing? More often than not, it’s our customers, who have uniformly praised the team for going above and beyond. It allows us to focus on the work that matters. Relatedly, when compensation is non-uniform, the process to figure out (and maintain) that non-uniformity is laborious. All of that work — of line workers assembling packets explaining themselves, of managers arming themselves with those packets to fight in the arena of organizational combat, and then of those same packets ultimately being regurgitated back onto something called a review — is work. Assuming such a process is executed perfectly (something which I suppose is possible in the abstract, even though I personally have never seen it), this is work that does not in fact advance the mission of the company. Not having variable compensation gives us all of that time and energy back to do the actual work — the stuff that matters. It has stoked an extraordinary sense of teamwork. For me personally — and as I relayed on an episode of Software Misadventures — the highlights of my career have been being a part of an extraordinary team. The currency of a team is mutual trust, and while uniform compensation certainly isn’t the only way to achieve that trust, boy does it ever help! As Steve and I have told one another more times that we can count: we are so lucky to work on this team, with its extraordinary depth and breadth. While our findings have been very positive, I would still reiterate what we said four years ago: we don’t know what the future holds, and it’s easier to make an unwavering commitment to the transparency rather than the uniformity. That said, the uniformity has had so many positive ramifications that the model feels more important than ever. We are beyond the point of this being a curiosity; it’s been essential for building a mission-focused team taking on a problem larger than ourselves. So it’s not a fit for everyone — but if you are seeking an extraordinary team solving hard problems in service to customers, consider Oxide!

Sometime in late 2007, we had the idea of a DTrace conference. Or really, more of a meetup; from the primordial e-mail I sent: The goal here, by the way, is not a DTrace user group, but more of a face-to-face meeting with people actively involved in DTrace — either by porting it to another system, by integrating probes into higher level environments, by building higher-level tools on top of DTrace or by using it heavily and/or in a critical role. That said, we also don’t want to be exclusionary, so our thinking is that the only true requirement for attending is that everyone must be prepared to speak informally for 15 mins or so on what they are doing with DTrace, any limitations that they have encountered, and some ideas for the future. We’re thinking that this is going to be on the order of 15-30 people (though more would be a good problem to have — we’ll track it if necessary), that it will be one full day (breakfast in the morning through drinks into the evening), and that we’re going to host it here at our offices in San Francisco sometime in March 2008. This same note also included some suggested names for the gathering, including what in hindsight seems a clear winner: DTrace Bi-Mon-Sci-Fi-Con. As if knowing that I should leave an explanatory note to my future self as to why this name was not selected, my past self fortunately clarified: "before everyone clamors for the obvious Bi-Mon-Sci-Fi-Con, you should know that most Millennials don’t (sadly) get the reference." (While I disagree with the judgement of my past self, it at least indicates that at some point I cared if anyone got the reference.) We settled on a much more obscure reference, and had the first dtrace.conf in March 2008. Befitting the style of the time, it was an unconference (a term that may well have hit its apogee in 2008) that you signed up to attend by editing a wiki. More surprising given the year (and thanks entirely to attendee Ben Rockwood), it was recorded — though this is so long ago that I referred to it as video taping (and with none of the participants mic’d, I’m afraid the quality isn’t very good). The conference, however, was terrific, viz. the reports of Adam, Keith and Stephen (all somehow still online nearly two decades later). If anything, it was a little too good: we realized that we couldn’t recreate the magic, and we demurred on making it an annual event. Years passed, and memories faded. By 2012, it felt like we wanted to get folks together again, now under a post-lawnmower corporate aegis in Joyent. The resulting dtrace.conf(12) was a success, and the Olympiad cadence felt like the right one; we did it again four years later at dtrace.conf(16). In 2020, we came back together for a new adventure — and the DTrace Olympiad was not lost on Adam. Alas, dtrace.conf(20) — like the Olympics themselves — was cancelled, if implicitly. Unlike the Olympics, however, it was not to be rescheduled. More years passed and DTrace continued to prove its utility at Oxide; last year when Adam and I did our "DTrace at 20" episode of Oxide and Friends, we vowed to hold dtrace.conf(24) — and a few months ago, we set our date to be December 11th. At first we assumed we would do something similar to our earlier conferences: a one-day participant-run conference, at the Oxide office in Emeryville. But times have changed: thanks to the rise of remote work, technologists are much more dispersed — and many more people would need to travel for dtrace.conf(24) than in previous DTrace Olympiads. Travel hasn’t become any cheaper since 2008, and the cost (and inconvenience) was clearly going to limit attendance. The dilemma for our small meetup highlights the changing dynamics in tech conferences in general: with talks all recorded and made publicly available after the conference, how does one justify attending a conference in person? There can be reasonable answers to that question, of course: it may be the hallway track, or the expo hall, or the after-hours socializing, or perhaps some other special conference experience. But it’s also not surprising that some conferences — especially ones really focused on technical content — have decided that they are better off doing as conference giant O’Reilly Media did, and going exclusively online. And without the need to feed and shelter participants, the logistics for running a conference become much more tenable — and the price point can be lowered to the point that even highly produced conferences like P99 CONF can be made freely available. This, in turn, leads to much greater attendance — and a network effect that can get back some of what one might lose going online. In particular, using chat as the hallway track can be more much effective (and is certainly more scalable!) than the actual physical hallways at a conference. For conferences in general, there is a conversation to be had here (and as a teaser, Adam and I are going to talk about it with Stephen O’Grady and Theo Schlossnagle on Oxide and Friends next week, but for our quirky, one-day, Olympiad-cadence dtrace.conf, the decision was pretty easy: there was much more to be gained than lost by going exclusively on-line. So dtrace.conf(24) is coming up next week, and it’s available to everyone. In terms of platform, we’re going to try to keep that pretty simple: we’re going to use Google Meet for the actual presenters, which we will stream in real-time to YouTube — and we’ll use the Oxide Discord for all chat. We’re hoping you’ll join us on December 11th — and if you want to talk about DTrace or a DTrace-adjacent topic, we’d love for you to present! Keeping to the unconference style, if you would like to present, please indicate your topic in the #session-topics Discord channel so we can get the agenda fleshed out. While we’re excited to be online, there are some historical accoutrements of conferences that we didn’t want to give up. First, we have a tradition of t-shirts with dtrace.conf. Thanks to our designer Ben Leonard, we have a banger of a t-shirt, capturing the spirit of our original dtrace.conf(08) shirt but with an Oxide twist. It’s (obviously) harder to make those free but we have tried to price them reasonably. You can get your t-shirt by adding it to your (free) dtrace.conf ticket. (And for those who present at dtrace.conf, your shirt is on us — we’ll send you a coupon code!) Second, for those who can make their way to the East Bay and want some hangout time, we are going to have an après conference social event at the Oxide office starting at 5p. We’re charging something nominal for that too (and like the t-shirt, you pay for that via your dtrace.conf ticket); we’ll have some food and drinks and an Oxide hardware tour for the curious — and (of course?) there will be Fishpong. Much has changed since I sent that e-mail 17 years ago — but the shared values and disposition that brought together our small community continue to endure; we look forward to seeing everyone (virtually) at dtrace.conf(24)!

We are heartbroken to relay that Charles Beeler, a friend and early investor in Oxide, passed away in September after a battle with cancer. We lost Charles far too soon; he had a tremendous influence on the careers of us both. Our relationship with Charles dates back nearly two decades, to his involvement with the ACM Queue board where he met Bryan. It was unprecedented to have a venture capitalist serve in this capacity with ACM, and Charles brought an entirely different perspective on the practitioner content. A computer science pioneer who also served on the board took Bryan aside at one point: "Charles is one of the good ones, you know." When Bryan joined Joyent a few years later, Charles also got to know Steve well. Seeing the promise in both node.js and cloud computing, Charles became an investor in the company. When companies hit challenging times, some investors will hide — but Charles was the kind of investor to figure out how to fix what was broken. When Joyent needed a change in executive leadership, it was Charles who not only had the tough conversations, but led the search for the leader the company needed, ultimately positioning the company for success. Aside from his investment in Joyent, Charles was an outspoken proponent of node.js, becoming an organizer of the Node Summit conference. In 2017, he asked Bryan to deliver the conference’s keynote, but by then, the relationship between Joyent and node.js had become…​ complicated, and Bryan felt that it probably wouldn’t be a good idea. Any rational person would have dropped it, but Charles persisted, with characteristic zeal: if the Joyent relationship with node.js had become strained, so much more the reason to speak candidly about it! Charles prevailed, and the resulting talk, Platform as Reflection of Values, became one of Bryan’s most personally meaningful talks. Charles’s persistence was emblematic: he worked behind the scenes to encourage people to do their best work, always with an enthusiasm for the innovators and the creators. As we were contemplating Oxide, we told Charles what we wanted to do long before we had a company. Charles laughed with delight: "I hoped that you two would do something big, and I am just so happy for you that you’re doing something so ambitious!" As we raised seed capital, we knew that we were likely a poor fit for Charles and his fund. But we also knew that we deeply appreciated his wisdom and enthusiasm; we couldn’t resist pitching him on Oxide. Charles approached the investment in Oxide as he did with so many other aspects: with curiosity, diligence, empathy, and candor. He was direct with us that despite his enthusiasm for us personally, Oxide would be a challenging investment for his firm. But he also worked with us to address specific objections, and ultimately he won over his partnership. We were thrilled when he not only invested, but pulled together a syndicate of like-minded technologists and entrepreneurs to join him. Ever since, he has been a huge Oxide fan. Befitting his enthusiasm, one of his final posts expressed his enthusiasm and pride in what the Oxide team has built. Charles, thank you. You told us you were proud of us — and it meant the world. We are gutted to no longer have you with us; your influence lives on not just in Oxide, but also in the many people that you have inspired. You were the best of venture capital. Closer to the heart, you were a terrific friend to us both; thank you.