The present paper contributes to a growing body of philosophical, sociological, and historical analyses of recent nanoscale science and technology. Through a close examination of the origins of contemporary nanotech efforts, their ambitions, and strategic uses, it also aims to provide the basis for a critical theory of emerging technologies more generally, in particular in relation to their alleged convergence in terms of goals and outcomes. The emergence, allure, and implications of nanotechnology, it is argued, can only be fully appreciated (...) if one looks beyond its immediate technical and scientific payoffs to its infrastructural and ideological aspects. While nanotechnology aims to reshape the world 'atom by atom', its most tangible result so far has been the profound effect it has had on the organization of science-at-large, not least as the result of a thorough reshaping of the 'soft' funding infrastructure that places signifi cant constraints on the pursuit of long-term scientific research programmes. The paper concludes by noting a persistent, and perhaps deepening, gap between the utopian visions of some of nanotechnology's most vocal proponents and the realities of contemporary nanotechnological practice, which continue to be marked by global inequities. (shrink)