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Defense tech is flooded with money, but who’s built to last? | Equity Podcast

Defense tech is red hot right now. Anduril and Mach Industries just doubled and quadrupled their valuations, respectively, and the U.S. government is proposing a 40% increase in defense budget. A wave of new startups is chasing those government contracts, but according to Ross Fubini, the venture investor who wrote Anduril’s first check, most of…

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Defense tech is red hot right now. Anduril and Mach Industries just doubled and quadrupled their valuations, respectively, and the U.S. government is proposing a 40% increase in defense budget. A wave of new startups is chasing those government contracts, but according to Ross Fubini, the venture investor who wrote Anduril’s first check, most of them will get lost in the Valley of Death between prototype contract and real production deal.

On this episode of TechCrunch’s Equity podcast, Rebecca Bellan asks Fubini — the founder and managing partner of XYZ Venture Capital, built on the Palantir alumni network and now approaching $2B AUM — what separates the survivors from the rest.

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

Chapters:

00:00 Intro

01:11 XYZ VC’s Palantir roots, Anduril investment, and the defense investing thesis

09:25 Ukraine, Iran, and real-time battlefield testing of startups

17:59 The global shift: sovereign defense tech & decoupling from the US

23:29 The dual-use dilemma & how startups should structure GTM

34:35 Manufacturing, govtech, and beyond weapons systems

36:25 Outro

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4 Comments

4 Comments

  1. @ghostm0nkk

    June 3, 2026 at 4:35 pm

    My startup.

    • @ghostm0nkk

      June 3, 2026 at 4:38 pm

      I created a new protocol called SNBL (synchronized native binding layer). That can be used to create order in Ai agent swarms, detect logic collision and prevent. Create logs of entire agentic session.

    • @ghostm0nkk

      June 3, 2026 at 4:39 pm

      Can be used in Finance, production and Frontiers.

  2. @Meandbroafter2

    June 6, 2026 at 5:56 am

    Finally someone pointed this out

    Defense spending is not always guaranteed

    We need to dual-use-techmaxxing

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Science & Technology

Best of Build Mode: Think like a VC

This week on Build Mode, we’re diving back into the archives for a special best-of episode all about venture capital. Host Isabelle Johannesen and producer Maggie Nye revisit conversations from past seasons to give founders a glimpse behind the VC curtain and a better understanding of what investors are really looking for. From choosing the…

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This week on Build Mode, we’re diving back into the archives for a special best-of episode all about venture capital. Host Isabelle Johannesen and producer Maggie Nye revisit conversations from past seasons to give founders a glimpse behind the VC curtain and a better understanding of what investors are really looking for.

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In this episode, you’ll hear from:

⁠Yuri Sagalov, managing director at General Catalyst⁠ ()

⁠Ross Fubini, managing partner at XYZ Venture Capital⁠ and Leslie Feinzaig, founder and general partner at Graham & Walker⁠ ()

⁠Paul Irving, partner at GTMfund⁠ ()

⁠Leah Solivan, founder of TaskRabbit and founder of Precedent VC⁠ ()

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00:00 Intro

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03:29 Ross Fubini (XYZ VC) & Leslie Feinzaig (Graham & Walker): What great investors actually bring to the table

08:36 Paul Irving (GTMfund): The go-to-market signals investors look for

12:30 Leah Solivan (TaskRabbit / Precedent VC): Understanding the competition inside your investors’ portfolios

14:30 Outro

Subscribe to Build Mode on⁠ ⁠Apple Podcasts⁠⁠ () ,⁠ ⁠Spotify⁠⁠ () , or⁠ ⁠wherever you like to listen⁠⁠ () . And watch the full videos on⁠ ⁠YouTube⁠⁠ () . New episodes of⁠ ⁠Build Mode⁠⁠ () drop every Thursday. Hosted by Isabelle Johannessen. Produced and edited by Maggie Nye. Audience development led by Morgan Little. Special thanks to the Foundry and Cheddar video teams. 

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This week on Build Mode, we’re diving back into the archives for a special best-of episode all about company culture. Host Isabelle Johannesen and producer Maggie Nye revisit some of the most insightful conversations from past seasons to explore how founders intentionally shape culture from day one and why the habits, values, and decisions of leadership have an outsized impact as companies scale.

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Jasper Carmichael-Jack, cofounder & CEO of Artisan ()

Chapters:

00:00 Intro

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03:55 Hala Jawani (Riveo): Hiring leaders who can scale culture

05:22 Eyal Yogev (Anjuna): Why culture is built through a thousand small decisions

08:51 Leah Solivan (TaskRabbit / Precedent VC): Building diverse teams from day one

13:15 Jasper Carmichael-Jack (Artisan): How AI could reshape workplace culture

15:45 Outro

Subscribe to Build Mode on ⁠Apple Podcasts⁠ () , ⁠Spotify⁠ () , or ⁠wherever you like to listen⁠ () . And watch the full videos on ⁠YouTube⁠ () . New episodes of ⁠Build Mode⁠ () drop every Thursday. Hosted by Isabelle Johannessen. Produced and edited by Maggie Nye. Audience development led by Morgan Little. Special thanks to the Foundry and Cheddar video teams.

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Best of Build Mode: The Founder Mistakes That Cost Time, Money, and Growth

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This week on Build Mode, we’re diving back into the archives for a special best-of episode all about startup mistakes, hard-earned lessons, and the decisions founders wish they’d made differently.

Host Isabelle Johannesen and producer Maggie Nye revisit some of the most insightful conversations from past seasons to explore the missteps that shaped successful companies.

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Yuri Sagalov, partner at General Catalyst ()

Isaiah Granet, cofounder & CEO of Bland ()

Ayal Yogev, founder & CEO of Anjuna ()

Sarah Lucena, founder & CEO of Mappa ()

Whether you’re building your first startup, hiring your early team, fundraising, or figuring out how to scale sustainably, this episode is packed with practical advice and honest reflections from founders and investors who learned these lessons the hard way.

Chapters:

00:00 Intro

02:20 Deon Nicholas (Forethought, Espa Labs): Product-market fit, iteration, and why your first product probably won’t work

05:45 Jasper Carmichael-Jack (Artisan): Hiring mistakes, logo shopping, and finding the right people

09:30 Yuri Sagalov (General Catalyst): Founder commitment, investor signals, and avoiding non-standard company structures

12:35 Isaiah Granet (Bland): Equity grants, payroll headaches, and taking care of early employees

17:25 Ayal Yogev (Anjuna): Overhiring, market shifts, and lessons from the 2022 downturn

22:55 Sarah Lucena (Mappa): Why every founder needs a great lawyer

 Subscribe to Build Mode on ⁠Apple Podcasts⁠ () , ⁠Spotify⁠ () , or ⁠wherever you like to listen⁠ () . And watch the full videos on ⁠YouTube⁠ () . New episodes of ⁠Build Mode⁠ () drop every Thursday. Hosted by Isabelle Johannessen. Produced and edited by Maggie Nye. Audience development led by Morgan Little. Special thanks to the Foundry and Cheddar video teams. 

Apply to Startup Battlefield: We are looking for early-stage companies that have an MVP. So nominate a founder (or yourself): ⁠techcrunch.com/apply⁠ () . Be sure to say you heard about Startup Battlefield from the Build Mode podcast.

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