According to interviews with more than 15 investors and founders, this wariness has given way to a belief that start-ups are finally in line to take a significant share of the US’ mammoth defence budget, which has increased over two decades to reach a record $US886 billion for 2024. Large VCs including Andreessen Horowitz and Sequoia Capital have begun to invest in companies that build defence products as well as, for the first time, “kinetic” weapons systems, a military reference to active warfare including lethal force. “We are seeing more VCs saying they are comfortable investing in start-ups doing ......