Matt Grimm

No, I mean, if you remember in the early days of the Iraq War, we sent American soldiers and British soldiers into conflict in Iraq in soft-sided Humvees where they were just like bullets coming through the canvas on the side. We were equipped for a different kind of conflict.

And then over the course of the 20 years that we were in both of those conflicts, we innovated and developed these MRAPs, these kind of mine-resistant vehicles. We put armor on all of the Humvees. We totally transformed. We had a lot of like IED defeat equipment.

And then over the course of the 20 years that we were in both of those conflicts, we innovated and developed these MRAPs, these kind of mine-resistant vehicles. We put armor on all of the Humvees. We totally transformed. We had a lot of like IED defeat equipment.

And then over the course of the 20 years that we were in both of those conflicts, we innovated and developed these MRAPs, these kind of mine-resistant vehicles. We put armor on all of the Humvees. We totally transformed. We had a lot of like IED defeat equipment.

Six to 12 months would be very hard. I think a two, three year cycle is extremely believable, especially if you architect your products to be pretty modular.

Six to 12 months would be very hard. I think a two, three year cycle is extremely believable, especially if you architect your products to be pretty modular.

Six to 12 months would be very hard. I think a two, three year cycle is extremely believable, especially if you architect your products to be pretty modular.

If you architect your products to be upgrade friendly, design your products around a software kind of mentality where you can, thinking similarly to how Tesla approaches their fleet of cars with their over the air updates, pushing pretty frequently.

If you architect your products to be upgrade friendly, design your products around a software kind of mentality where you can, thinking similarly to how Tesla approaches their fleet of cars with their over the air updates, pushing pretty frequently.

If you architect your products to be upgrade friendly, design your products around a software kind of mentality where you can, thinking similarly to how Tesla approaches their fleet of cars with their over the air updates, pushing pretty frequently.

Like if you take a software first approach to a lot of the products, yeah, I think you can get a lot shorter than a five, 10, 15, 20 year kind of life cycle. But

Like if you take a software first approach to a lot of the products, yeah, I think you can get a lot shorter than a five, 10, 15, 20 year kind of life cycle. But

Like if you take a software first approach to a lot of the products, yeah, I think you can get a lot shorter than a five, 10, 15, 20 year kind of life cycle. But

I don't think there will ever be a venture style dynamic of a winner take all. I don't think this is a situation of like Google versus Yahoo, where one is the obvious dominant winner by 10x and then there's the other rands. I don't think that's going to be anywhere close to the case in overall defense spending. So Kind of goes against that thesis, sure.

I don't think there will ever be a venture style dynamic of a winner take all. I don't think this is a situation of like Google versus Yahoo, where one is the obvious dominant winner by 10x and then there's the other rands. I don't think that's going to be anywhere close to the case in overall defense spending. So Kind of goes against that thesis, sure.

I don't think there will ever be a venture style dynamic of a winner take all. I don't think this is a situation of like Google versus Yahoo, where one is the obvious dominant winner by 10x and then there's the other rands. I don't think that's going to be anywhere close to the case in overall defense spending. So Kind of goes against that thesis, sure.

The inverse of that is that it is a gigantic market and it is a long enduring market. I have a couple of stats here to throw at you. In 2024 alone, US is spending about $880 billion on defense. The UK is spending about $73 billion more. The EU member countries are spending almost $300 billion on top of that. Australia is spending $45 billion on top of that.

The inverse of that is that it is a gigantic market and it is a long enduring market. I have a couple of stats here to throw at you. In 2024 alone, US is spending about $880 billion on defense. The UK is spending about $73 billion more. The EU member countries are spending almost $300 billion on top of that. Australia is spending $45 billion on top of that.

The inverse of that is that it is a gigantic market and it is a long enduring market. I have a couple of stats here to throw at you. In 2024 alone, US is spending about $880 billion on defense. The UK is spending about $73 billion more. The EU member countries are spending almost $300 billion on top of that. Australia is spending $45 billion on top of that.

And that's before we start talking about other partner nations like Japan or like Taiwan or Middle Eastern allies or any of that. That's purely just looking at like this year's spending. It's like over a trillion, almost a trillion five in spending. Big number. My point is just that this isn't a kind of new emerging sort of like... oh, I wonder what that growth sector is going to look like.