That massive turnover proves that defense tech is no longer just a niche playground for a couple of VC darlings. The rapid graduation to the public markets shows genuine maturation, but the influx of newcomers means the innovation pipeline is moving incredibly fast. The real test now is seeing if the government acquisition machine can keep pace with this kind of dynamic churn.

#DefenseTech #NatSec100

@demarest_colin @axios The pipeline from private capital to public markets is accelerating faster than most realize.

@demarest_colin @axios Today's newcomers often become tomorrow's incumbents if funding survives the cycle.