A New Unicorn Based in Kazakhstan: Network School Raises Funding at a $2 Billion Valuation from Polychain, Andreessen Horowitz, and Coinbase
Network School, founded by former Coinbase CTO and former Andreessen Horowitz General Partner Balaji S. Srinivasan, bestselling author of The Network State, is raising a funding round at a valuation of $2 billion. The company operates out of Kazakhstan. The round was announced on October 9 at the Network State Conference 2026, which featured speeches by Zhaslan Madiyev, Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development of the Republic of Kazakhstan; Sayasat Nurbek, Minister of Science and Higher Education of the Republic of Kazakhstan; and Bayan Konirbayev, Deputy CEO and Chief Digital Officer of the Alatau City Authority.
On July 21 this year, the Ministry of Artificial Intelligence and Digital Development and Network School signed a memorandum providing for the relocation of Network School’s headquarters to Astana. This step followed efforts to engage international technology entrepreneurs and investors to bring new projects, capital and teams to Kazakhstan, while creating opportunities to train professionals for the global market.
The funding round is led by Polychain Capital, a leading cryptocurrency investment firm. “We are leading Network School’s funding round alongside Andreessen Horowitz, Coinbase and Balaji himself. The round values the project at $2 billion,” said Polychain founder Olaf Carlson-Wee on Oct 9 at the Network State Conference. The announced valuation places Network School in the “unicorn” category of privately held companies with valuations over one billion USD.
Establishing Network School’s base of operations in Kazakhstan strengthens the country’s position as a destination for technology entrepreneurship. Network School is essentially Silicon Valley outside Silicon Valley, as it vertically integrates education, professional community development, company creation and access to employment opportunities in the global market.
During his remarks, Balaji Srinivasan announced that Network School members have moved to a new city campus in Astana, located at the Alem.ai International AI Centre. Further plans include developing a technology hub in the capital, attracting venture investors and startups, and collaborating on the Alatau crypto city project.
In particular, Network School has signed an MOU with the Alatau City Authority to tokenize real estate to help populate and build Alatau City. As Bayan Konirbayev, Deputy CEO and Chief Digital Officer of Kazakhstan’s Alatau City Authority, said in his address at the 2026 Network State Conference: “We know how to tokenize the building. We know how to tokenize the land. But the main point is…related to the tokenization of the city. And this is a part where Network State and the dream of Mr. Balaji is coming.”
Srinivasan praised Astana’s development, the quality of its urban environment and its potential to attract the international technology community. “Kazakhstan’s role is to provide the necessary approvals and, in a sense, a platform. Our role is to bring capital, talent and execution. That combination could deliver very strong results,” said the Network School founder. “In my view, Astana is the next Dubai, the next Singapore,” he said.
Education and talent development are among the key areas of cooperation between Network School and the Ministry of Science and Higher Education of the Republic of Kazakhstan. Specifically, Network School plans to establish an institution designed from the outset for online learning, with the prospect of developing into a fully fledged university authorised to award academic degrees.
Towards this end, Sayaset Nurbek, Minister of Science and Higher Education of Kazakhstan spoke at the 2026 Network State Conference about his ministry’s partnership with Network School. In his address, he said: “I’m thrilled to announce that we have officially signed a memorandum of understanding with the Network School to build an internet-first academic institution, one that we will plan to turn into a full degree-granting university. Kazakhstan is rapidly establishing itself as the academic center of gravity in Eurasia.…Founded and endowed by Balaji Srinivasan, a Stanford PhD, Network School will combine the rigor of traditional academia with the speed of the internet…We look forward to building Network School here in Kazakhstan and then scaling this model around the world into a network of schools.”
The proposed educational model focuses on demonstrated knowledge and skills. Progress through the programme will depend on learning outcomes, with qualifications validated through a rigorous, proctored, offline in-person examination. The model also includes lifelong learning and the use of blockchain technology to verify educational credentials, to develop a so-called “skills passport” so that credentials can be checked as easily as URLs.
Cooperation with Kazakhstan’s national companies will help Network School graduates connect professional training with subsequent employment. Srinivasan described this approach as “pass an exam, get a job.” Network School has signed a memorandum of understanding with early Uber investor Shervin Pishevar and Kazakh Telecom to begin training local and global talent alike, and employing them to staff Kazakhstan’s companies.
Attracting international talent will go hand in hand with expanding opportunities for Kazakhstan’s citizens. The Network School founder outlined plans to bring thousands of professionals to the country initially, followed by tens of thousands over time.
“We want to bring thousands, and eventually tens of thousands, of talented people to Kazakhstan. At the same time, we will, of course, help people from Kazakhstan find jobs in the global market,” Srinivasan said.
Srinivasan also noted that the world is at the beginning of a new wave of technology companies and their teams relocating across jurisdictions. This gives Kazakhstan an opportunity to attract entrepreneurs seeking a base for long-term business development, via express redomiciliation through Astana Hub’s Digital Nomad visas and AIFC’s global financial center.
Network School’s expansion in Kazakhstan aligns with the country’s ambition to become Eurasia’s AI hub, to build a crypto city, and to become a digital state, a goal which is highly aligned with Network School’s program of building startup cities and network states. The presence of Network Schoolin Astana opens up opportunities to attract capital and expertise, create skilled jobs and launch companies serving global markets from Kazakhstan.
As Deputy Prime Minister Zhaslan Madiyev said in his address at the Network State Conference on building Kazakhstan into a digital state: "Our vision is to build technology communities here in Kazakhstan that bring together local and international talent to serve global markets and work with leading international companies. We want these communities to take root here, creating highly skilled jobs and opening up global opportunities for people in Kazakhstan. Our partnership with Balaji and his team is an important step towards that vision. In a short period of time, they have brought more than 200 people to Kazakhstan, including their core team. Several projects are already underway, and I believe this is just the beginning. I would like to thank Balaji and his team for choosing Kazakhstan as the home of Network School’s headquarters. They can count on the full support of the Government of Kazakhstan".