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“Attempting to fix the systemic SVB vulnerability by building another highly-concentrated niche bank for hardware and AI startups is a bold strategy that regulators will inevitably stress-test.”

“Letting top defense contractors draft the military's capability roadmap is an incredibly efficient way to ensure the DOD decides it desperately needs exactly what they are selling.”

“When a privately held defense contractor breaks the golden rule of quiet lobbying to publicly complain about the White House, it's a massive tell that the delayed foreign military sales are putting severe stress on their balance sheet.”

“A roughly $90B private valuation against $2.2B in trailing revenue prices in massive software-like multiples for a business that still has to manufacture and deliver physical defense hardware.”