Notes
We write before we wire.
Every investment here starts as a written argument. These are the ones we can share, followed by news from the companies we back.
01 The three theses, and how we invest
Essays
- 01
The constraint is power
The next decade of AI depends less on the smartest model than on who can deliver electricity, quickly.
- 02
What gets built
In defense and energy, the breakthrough is often the factory, not the science.
- 03
Who is the agent?
Software agents are about to outnumber the people in every company. Each one needs an identity.
- 04
Earned access
In later-stage investing the scarce things are access and judgment. Both come from having done the work.
02 From the portfolio
News from the portfolio
- Shield AI
Shield AI's Hivemind flies two Air Force collaborative combat aircraft through coordinated air combat maneuvers, a first for the program
Source: Air & Space Forces Magazine (opens in a new tab) - Shield AI
Shield AI agrees to acquire radar maker Echodyne and raises $2.5 billion, including a Series H at a $28.8 billion valuation
Source: Shield AI (opens in a new tab) - Zipline
Zipline raises $1.5 billion at a $21.5 billion valuation as Walmart agrees to add 300 Zipline delivery sites
Source: The Next Web (opens in a new tab) - Radiant
The Department of Energy approves Radiant's safety analysis for full-power testing of Kaleidos at Idaho National Laboratory
Source: Nuclear News (opens in a new tab) - Anduril
Anduril and the U.S. Navy announce Arsenal-2, a shipyard in Baltimore County that will build Virginia-class submarine components
Source: Manufacturing Dive (opens in a new tab) - Epirus
The Pentagon selects Epirus' Leonidas, the only microwave system among four, for its pilot to defend U.S. bases against drones
Source: Army Recognition (opens in a new tab) - Cyera
Cyera completes its acquisition of Oasis Security, joining data security and agent identity in one platform
Source: Cyera (opens in a new tab) - Radiant
The U.S. Army awards Radiant an agreement worth up to $750 million for 15 Kaleidos microreactors under its Janus program
Source: Radiant (opens in a new tab)