Defense VC Dan Madden (Squadra Ventures, Marine veteran, ex-Pentagon and House Armed Services) has been to Ukraine twice this year: a blacked-out van to a secret drone command center, ballistic missiles over Kyiv, and the startups rewriting modern war. He joins Ram Ahluwalia, CFA, CEO of Lumida Wealth, on why America is running out of interceptors, where a $1 trillion defense budget is headed, and which companies win. Lumida is your Wealth Architect. We serve investors seeking a holistic approach to building and preserving wealth beyond traditional portfolios. Website: https://www.lumidawealth.com Connect with Us: X: https://twitter.com/LumidaWealth TikTok: https://www.tiktok.com/@lumidawealth Instagram: https://www.instagram.com/lumidawealth/ Facebook: https://www.facebook.com/lumidawealth Subscribe, follow, and stay connected with Lumida Wealth for more insights, strategies, and guidance to help you build a lasting legacy. Your financial future starts with the choices you make today—let us help you make the right ones. Disclaimer: Content provided by Lumida is for informational purposes only. Reproduction without approval is prohibited. Lumida Wealth doesn't offer services or securities sales here. Investing involves risk, and third-party comments don't guarantee future results. Lumida disclaims liability for information accuracy.
00:00 Cold open: highlights
01:47 Why defense tech is the next trend
03:04 From the Pentagon to VC: early thesis on the coming tech wave
04:03 Blacked-out van to meet Ukraine's unmanned systems commander
07:26 First trip to Ukraine and the sourcing thesis
09:07 State of the war: Russian overmatch, air defense, and peace pressure
12:09 What Ukrainian startups looked like in 2023 vs. today
14:18 Anduril and the new defense primes
16:12 Ukrainian startup culture vs. the U.S. ecosystem
17:15 The Battle of the Baltic and drone boats
19:16 A night under ballistic missile attack in Ukraine
20:38 The U.S. defense budget: reconciliation, CRs, and the midterms
22:57 Affordable mass vs. exquisite capabilities
24:55 Patriot PAC-3 and supply chain chokepoints
26:05 Reshoring, China dependency, and government capital
28:09 Investing deeper in the supply chain: shipbuilding, motors, engines
29:39 Solid rocket motors and PAC-3 substitutes
32:03 Shield AI and the autonomy orchestration race
34:02 Strait of Hormuz and why unmanned systems are more survivable
36:05 China and Taiwan: conflict risk
37:54 UAPs and the "alien portfolio" question