WHAT’S INSIDE

👇️ Feature: Silicon Valley’s Next Supercycle Is Dual‐Use Defense and Space

A Trade Thaw Rally, Earnings Watch, JPM $10B Defense Pivot, Dutch Seize Chipmaker, Reflection AI Raises $2B To Rival OpenAI, Anysphere Grabs $900M, & More

• Company Watch: xAI, Worktrace, Anysphere, Broadcom, Super.money, Anduril

• Buzzy Tools: Latest Buzzy tech, AI and financial tools

• Deep Tech: The latest in deep tech, biotech, futurism and more

• Space Tech: Latest news in the space race and aerospace tech

• Crypto: Blockchain and crypto policy and startups or protocols to watch

TECH IN THE NEWS

Tariff Walkback — President Trump and Xi Jinping will discuss tariffs and export controls in South Korea as Treasury Secretary Bessent hints at de-escalation after Trump’s 100% Tariff threat and China warning of countermeasures.

Markets Rally — Wall Street rallied on the news; S&P 500 up 1.56%, Nasdaq 2.21%, and Dow 1.29% ahead of major US banks’ Q3 Earnings reports and expected Fed guidance. Broadcom gained ~10% after partnering with OpenAI.

Earnings Floodgate Opens — Major U.S. banks prepare to report Q3 earnings as Federal Reserve Chairman Jerome Powell provides economic insights. Eased trade tensions with China rising gold prices suggest a shift towards safer investments.

JPMorgan — Plans a $10B investment in defense, energy, and manufacturing sectors as part of a $1.5T decade-long strategy. Aims to enhance natsec and reduce foreign supply chain dependency. Dimon; need policy reforms, banking resources.

Dutch Takeover — The Dutch government has seized Nexperia, a key Chinese-owned semiconductor firm, citing governance and national security issues. This highlights escalating EU-China tensions and a push for tech independence.

AI Companion Law — California enacts strict laws for AI chatbots, requiring identity disclosure and annual suicide prevention reports to protect users, especially teens - another national first in AI regulation focused on mental health support.

IN PARTNERSHIP WITH BELAY

Silicon Valley’s Next Supercycle Is Dual‑Use Defense and Space Industrial Tech

TechBuzz Editorial

Forget Consumer AI, Money is rotating into defense and space in what looks like a pivot. The spark may be a rapidly escalating trade fight with China. The fuel is a new way for the Pentagon and Wall Street to move cash into commercial tech at speed. 

In recent days and weeks, the defense stack has made headlines. Yesterday, JPMorgan announced a decade-long, $10B push into defense industries. Anduril showed its EagleEye AR system for soldiers. Govini hit $100M in ARR and raised $150M from Bain Capital. Rivet won a $200M Army contract for AI war glasses to rival Anduril. Meanwhile, the US Space Force created a new working capital fund that can buy commercial space services like satellite links and imagery on demand. Together these moves point to a clear shift in focus for tech and for money.

Wall Street Piles Into Defense

JPMorgan’s plan is for a ten year, $1.5T dollar push into strategic US industries. A major part of that is up to $10B for companies tied to national security, aiming to cut reliance on shaky foreign supply chains across minerals, energy, and key manufacturing. It is also hiring more bankers and setting up an advisory council to watch 27 sub sectors ranging from shipbuilding and nuclear energy to nanomaterials and secure communications.

Venture data shows the same trend. Defense AI funding rose from $14.1B in 2023 to an estimated $38B in 2025. Projections reach $115B by 2030. At the same time, DoD AI contract outlays are up from $3.8B in 2023 to $7.2B in 2025 and a projected $12.9B by 2030. This is real demand, not a side bet.

The Next Frontier For Defense Money

The Space Force fund announcement also matters a lot because the fund is designed to be self-sustaining. It starts with over $1B in capacity and an initial $120M deposit but aims to move about $1.2B each year by bringing contracts over from other agencies. In other words, this fund is a fast lane that lets military buyers pay commercial space companies in a more predictable way. That lowers risk for startups that sell communications and sensing from orbit.

Space focused startups are seeing larger checks and a higher share of government revenue. Total private investment hit $72B in 2025 with average late stage rounds near $230M. Companies report that defense and government buyers now make up at least 65% of revenue, up from 32% in 2023.

Rare Earths and 100% Trump Tariffs

Trade tension with China is seen by many as a major driver. In October, China tightened export rules on rare earth minerals and added more elements to its control list. These materials are needed for chips, motors, and sensors. The moves raised the cost and risk of supply for US and allied firms.

Tariff threats shook markets. A public call by President Trump this week for 100% tariffs on many Chinese goods erased about $2T in US market value in a single session Friday. Then yesterday, talk of Trump - Xi talks lifted chip and index futures and sent some names higher. The message to investors was simple. Policy can swing quickly. Money tends to settle in areas that have a clear buyer even when headlines change. Defense has that buyer.

The split is not only in the United States. The Dutch government seized control of Nexperia yesterday, a Chinese owned chipmaker, citing national security risks. That action showed that Europe is also redrawing its lines around core technology and seeking AI sovereignty.

The Dual Use Defense/Industrial Stack

Anduril has become a model for the new wave. It builds autonomous defense networks and now an AR helmet called EagleEye that gives soldiers real time data in the field. The company’s value is ~$14.4B and it has seen rapid growth and the largest raises of any startup. 

Just a few weeks back, Rivet also won a $200M Army contract to deliver AI powered glasses with night vision, maps, and situational awareness. The work includes close testing with soldiers over the next 18 months as edge devices move past pilots into the battlefield.

Another startup, Govini sells AI software called Ark that helps the Pentagon plan and buy faster. It just hit $100M in ARR and raised $150M led by Bain Capital. This places it in direct competition with older analytics firms that sell to defense.

Space Goes Tactical

Bringing it back to the Space Force fund, with over $1B capacity and a plan to handle about $1.2B per year, the fund aims to make major purchases of commercial space services routine. This industry is likely to be making up an ever larger share of the defense budget as the battlefield becomes more orbital. That reduces contract gaps and lets startups plan hiring and production.

Some startups reaping the benefits include:
Stoke Space, which raised $510M last week in a defense focused round and won a spot to compete in the National Security Space Launch program. That program is how the government buys heavy launch services for missions that matter to national security.

Firefly Aerospace also made headlines last week as it moved to buy SciTec for $855M bringing a stronger sensor and intelligence payload capacity into the company. Despite a recent launch failure, the stock jumped, which shows how investors now value defense contracts and sensor capacity.

And finally, York Space recently delivered 21 satellites to the US military in one batch and has an expected 2025 revenue of about $490M. Buying in batches like this points to a future where small satellites refresh often and act together.

The Dual Use Advantage 

Winners in this new Defense environment look to include companies that can ship dual use AI for sensing, logistics, and cyber defense (Tech that works in both civilian life and military settings). Space firms that offer resilient communications and fast launch should benefit. Firms that process critical minerals or alternatives inside the US may also see new investment. For example JP Morgan brokered U.S. rare earths mining company MP Materials’ deal with Trump and is looking to do so with others.

Why The Pivot Looks Durable

The above examples show that investors already clearly favor companies with a clear path to government revenue as well as commercialization potential. Defense AI and Space defense together could reach a $300B market by 2030 when public and private spending are combined. It also expects large asset managers to raise tens of billions for national security funds in the next two years.

The market is sending a strong signal. Software talent, venture dollars, and procurement lines are aligning around defense and space. Trade pressure raised the stakes on supply chains and chips. New funding routes, like JPMorgan and the Space Force buying fund, give commercial companies the confidence to scale. The direction is clear, Silicon Valley’s next supercycle is built on dual use defense technology.

COMPANIES TO WATCH

[Open Deal] xAI — Raising $20B in equity and debt for Colossus 2 data center, with backing from Nvidia, to acquire processors, specialists to learn from robotics, video data & advance new world models to enhance video game tech, robotics & FSD.

[Open Deal] Worktrace AI — Founded by Angela Jiang, a former OpenAI product manager, this startup specializes in automating business tasks with AI is raising $10M  at a $50M valuation, backed by OpenAI's startup fund and top VCs.

Reflection AI — A new startup by former Google DeepMind researchers raised $2B to establish itself as an o-s AI leader. Competing with OpenAI  and DeepSeek, it focuses on frontier AI models, targeting enterprises and governments.

Anysphere — The AI Coding startup raised $900M at a $9B valuation, led by Thrive Capital with participation from Andreessen Horowitz and Accel. This funding emphasizes strong investor interest in AI tools for developers.

Broadcom — This semiconductor stock rose 10% after partnering with OpenAI to develop 10 gws of custom AI accelerators. This collaboration aims to boost compute capacity and reduce infrastructure costs, challenging Nvidia's on AI infrastructure.

Super.money — The financial service platform by Flipkart has teamed up with Juspay to enhance its D2C checkout capabilities, targeting $100M in revenue by 2026. With a $50M investment from Flipkart, it plans a $1B valuation next year.

Anduril — The AI defense tech giant launched its EagleEye mixed-reality helmet system, a significant step in its $159M defense contract. Palmer Luckey aims to transform military ops with AI-enhanced capabilities and partnerships like Meta.

Salesforce — Investing $15B over five years to boost AI adoption, establish an AI incubator, and support local businesses. Recently revealed a $1B investment in Mexico amidst rising competition.

SignalPulse — Read the Top signals, Startups + Deals From Last Week

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BUZZY TOOLS

Buzzy Tech Tools To Watch & Use

Nvidia DGX Spark — Own a $3K desktop AI supercomputer for advanced research.

Google — Nano Banana AI in Search, NotebookLM, Photos + trending topic & sports AI updates.

Samsung's Project Moohan — XR headset with Qualcomm XR2, enhanced AI.

Sourcetable — AI stock analysis tools across 600+ exchanges in spreadsheets.

Prezent — Creates branded AI business presentations, just raised $30M.

CampusAI — Comprehensive platform for acquiring AI skills through courses, tools.

ProhostAI — AI assistant for Airbnb hosts managing messages, tasks, and revenue.

BUZZY TECH

The Latest Deep Technology & Trends To Watch

NVIDIA Spectrum-X — Ethernet switches boost data, AI supercomputers.

Affirm-Google AP2 — Major BNPL integration of Google’s payments standard.

Darwin Monkey Supercomputer — 2B neurons mimic macaque brain for AGI.

Light-Based Cancer Therapy — LED light, SnOx nanoflakes kill 92% of cancer.

Interoception Atlas — NIH-funded, maps sensory neurons, body-brain comms.

US Chip Plant Investments — To exceed China, Taiwan, South Korea by 2027.

Iridium-Saving Catalyst — Rice University cuts Iridium 80% for green hydrogen.

CRYPTO WATCH

Bitcoin — Surged past $114,000 as global markets rallied with easing U.S.-China trade tensions; mining stocks rose and gold hit record $4,120 following softened tariff threats.

Crypto Liquidations — Over 1.5M traders faced $9.55B in losses after 100% tariffs announcement on Chinese imports; Bitcoin and Ethereum led with $1.37B and $1.26B wiped out respectively.

Binance — Compensated users $283M after three assets depegged in a recent market crash, addressing the issue to prevent further depegs as BNB prices rise with market recovery.

Polymarket — Plans to launch native crypto token in 2025 after $2B investment from Intercontinental Exchange; valued at $9B with 31% market share, signaling strong U.S. return.

Roger Ver — "Bitcoin Jesus," agreed to pay $48M to the Justice Department to settle a tax fraud case; compliance could result in dismissal of charges.

House of Doge — Going public via merger with Brag House Holdings to integrate Dogecoin into Gen Z sectors, becoming majority shareholder post-merger with focus on advanced payment infrastructure.

SPACE_RACE

3I/ATLAS_Comet ejects 88 lb/s water vapor, raises formation, terraforming.

Space Force Fund_Self-sustaining $1B fund for military-commercial space.

JPL Layoffs_NASA cuts 550 jobs for leaner, competitive space infrastructure.

SpaceX Starship Flight 11_Final version 2 test, version 3 debut soon.

Stoke Space_Raised $510M to focus on national security, space defense.

AST SpaceMobile_Partners with Verizon for space-based cellular broadband.

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