One deployed language model must often serve many compute budgets, yet serving each budget still means a separate training or compression run per point. We train a Telescopic Language Model (TLM) to be that continuum: a nested-capacity Transformer supervised by stochastic prefix supervision with a full anchor. At every step, one randomly truncated prefix of the capacity axis is trained against the full next-token target, alongside one full-capacity pass, so the trained artifact is a valid language model at every depth. Two forward-backward passes per step, no architectural change, nothing extra at inference. Fixed-exit suites such as Matryoshka Language Model Suites (MLMS) occupy one point in this design space, and the point has a cost: supervising only a few fixed exits leaves the nested