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Bought From the Enemy

Advanced materials, and the layer beneath every defense technology

Steve Kiser, PhDOctober 14, 20269 min read

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The Forty-Two-Day Ship

Global shipbuilding, global MRO, and the workforce behind both.

Veteran Ventures CapitalSeptember 15, 20267 min read

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The Full Cycle: From Niche Markets to Harvest

The defense tech market is a case study of how an emerging niche market runs through an investment cycle. What began as niche venture capital bets into a number of small—and risky—government contractors just five years ago is now a mainstream institutional asset class with a clearly demonstrated exit cycle. The data tells a compelling story: the seeds planted in 2021-2022 are now being harvested from unicorns through M&A deals, IPOs, and increasingly via secondary markets. For investors, this story serves as compelling empirical evidence for allocation into this sector.

Steve Kiser, PhDAugust 4, 20269 min read

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The Pentagon Is Becoming a Capital Allocator and Dual-Use Founders Need to Adapt

The Pentagon is no longer just a customer for dual-use startups. It is increasingly becoming a market-shaping capital allocator, using tools like OSC, SBIC Critical Technology, APFIT, SBIR/STTR, and DIU pathways to help move critical technologies from prototype to production. For founders, that means the old venture-only playbook is not enough. The winners in defense tech will be the companies that know how to sequence private capital, non-dilutive funding, procurement dollars, and scale financing into a deliberate growth strategy.

Derren BurrellMay 26, 20267 min read

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Built for This Market

Global defense spending reached $2.72 trillion in 2024 — the steepest annual rise since 1988. The gap between what allies have committed to spend and what their factories can produce is the investable thesis. VVC was purpose-built for this moment.

Steve Kiser, PhDMay 12, 20265 min read

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Liquidity, Platforms and Defense Investments

This week, aerospace parts maker Arxis announced plans to go public at a valuation north of $11 billion, according to Reuters. While one IPO does not make a market, other defense companies including AEVEX and Elment, have also filed for IPOs. Taken together, these filings show the exit window fo...

Steve Kiser, PhDApril 11, 20262 min read

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Shield AI Just Told You Where Defense Tech Is Heading. Are you Reading It Right?

Last week, Shield AI announced a $2 billion raise at a $12.7 billion valuation — more than double where the company was priced just twelve months ago. The headlines called it the largest defense AI investment to date, and that's accurate. But if you read this story as simply "defense tech valuati...

Steve Kiser, PhDApril 2, 20263 min read

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Can the DoD Actually Spend $1–1.5 Trillion Effectively? Yes—But Only If It Changes Who Gets the Money

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Derren BurrellMarch 27, 20264 min read

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Why Veteran Leaders Win in Defense Tech (and Why the Market is Just Catching Up)

Defense tech is having a moment. Capital is flowing, new companies are forming, and the conversation has shifted from “why now?” to “who wins?” But in the rush to fund the next generation of defense startups, one group of entrepreneurial leaders has been hiding in plain sight: veterans.

Steve Kiser, PhDMarch 27, 20264 min read

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$11.9 Billion the Pentagon Isn’t Buying — Yet

What Indo-Pacific Command's Unfunded Priority List reveals about where defense spending is heading — and what it means for builders and investors in the defense technology ecosystem.

Craig JaquesMarch 17, 20269 min read

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