Katherine Boyle

number of products they're offering.

And the goal is don't go out of business, but grow as fast as possible.

And each new layer of investor will come in with a bigger check to fund the research and development, to fund the growth of the company until you go public.

Again, it sounds completely different to any other way that we build businesses, but the kind of speed at which you're supposed to grow, the faster you grow, the better.

And so there's sort of a view that that is the best way to build companies, but that did not exist, I'd say, five years ago for this category of building the physical world.

There's no way that you're gonna be able to get through the valley of death, get later investors to put hundreds of millions of dollars into a satellite bus company.

And I think the biggest thing that's changed is

All of those partners that I talk about, the people who are investing in the funds, the sovereign wealth funds, the pension funds, all of those people in the ecosystem now believe that you can make money off of defense companies, and they want exposure to it.

They want to invest in the next Anduril.

And so to me, whenever I go to the DoD, I'm like, this is the biggest boon for you.

This is gonna save us because you have capital from all over the country, every endowment, all over the world, frankly, that wants to invest in American innovation, American dynamism, and you don't have to use taxpayer money to do the R&D.

There's hundreds of companies in El Segundo right now that are all doing the R&D, that are all raising outside capital from people who know that they might lose their money.

But that's the business model.

You lose your money in some cases.

You win in some, you lose in others.

And it's like, that didn't used to be directed at America.

It did not used to be directed at the Department of Defense.

It's never been directed at these categories in the way it is today.

It does on the outside look easy.

Everyone can just come in and raise capital, but you do have to have a great idea.