Defense tech is the second-biggest VC destination after AI labs. Pick 4 reasons you're in (or out) on the category.

Options

• Geopolitics = durable demand
• Anduril proved enterprise multiples work
• Gov sales cycles kill returns
• Ethics line — I won't do weapons
• FOMO — everyone else is there
• Real revenue unlike a lot of AI
• Talent pool too niche
• IPO path looks real for leaders
• Valuations priced the thesis
• Dual-use only — no pure kill-chain
• Back infra not primes
• LPs pushing defense exposure
• Cold War 2.0 is a meme
• Seed defense = alpha
• Not my lane — software only