Capital is becoming a strategic weapon. Venture, private equity and sovereign capital are converging on the same set of dual-use technologies.
The new capital cycle behind European rearmament
Capital is returning to an industry venture investors once avoided.
Jeyden Thambirajah
Defence Mandate
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[SPACE TECHNOLOGY]
Capacity, Not Contracts: The Real Story Behind This Summer’s Defence Awards
This summer, the US Navy awarded $76.6 billion in submarine contracts. Lockheed Martin agreed a seven-year plan to more than triple PAC-3 missile production. The headlines called it a spending story. It isn't. In both cases, demand was never the constraint, industrial capacity was. Welders, dry docks, and assembly lines take years to build, and no amount of new orders changes that overnight. The real question for investors: which companies can actually convert backlog into throughput, and when will that show up in margins?
20 Sept 2026 · 6 min
[ARTIFICIAL INTELLIGENCE]
The Defence AI Race
A decade of venture-funded autonomy research is colliding with a rearmament cycle.
19 Aug 2026 · 12 min
[ARTIFICIAL INTELLIGENCE]
Can Europe build its own defence-AI champion?
Europe's defence technology ecosystem is entering a new phase.
18 Aug 2026 · 9 min