This chapter argues that a formal logic of “speculative utopianism” emerged in New Zealand by the 1870s, linking the idea of the settler colony as the future of British identity with the promise that it would reward metropolitan financial investment. The emergence of this logic can be seen in Samuel Butler’s First Year in Canterbury Settlement (1863) and Erewhon (1872), which formalize the association between culture, investment, and settler futurity. The stakes of speculative utopianism were intensified as the colony acquired unprecedented levels of debt, the outcome of a policy to spur development that colonial premier Julius Vogel grounded in claims about the colony’s future potential as an ideal British society. The collapse of New Zealand’s credit led metropolitan writers to attack the assumptions of speculative utopianism, most notably in Trollope’s dystopian The Fixed Period (1882). Two fin de siècle works of speculative utopianism—Vogel’s Anno Domini 2000 (1889) and H. C. Marriott Watson’s Decline and Fall of the British Empire (1890)—reveal a further shift in the status of the settler empire, as the future value of the settler population is now cast in geopolitical terms.