Early stage investors want everything and it had gotten fairly boring by 2020. Plugging and chugging SaaS metrics, sticking to lean startup burn rates, etc. No vision, no disruption. Thank goodness that the other half of the GDP -- the MOST Foundational Industries of economy -- can now be rebuilt with venture dollars. About time.

Well, well, well. A new rocket player has entered the arena. Lots about the rocket and engine looks fairly standard. But then it's rockets. The physics gives what it gives. What is quite novel is a second stage that turns into . . . a data center with all sorts of dual use parts. I like this idea. Looks like lots of Blue Origin and Ursa folks. Launching in 2028 is, in the parlance of our times, 🙈 Here for the aesthetic

Welcome to the partnership @Chamlin_L . As we grow @constructcap what was old once is new again and of utmost importance in growing a venture fund. We value independent thought, deep networks, and unique points of view that highlight the best of the best founders we can hope to partner with. Leland is all those things!

Andrew Redd and team have tackled an incredibly difficult engineering challenge with etremely impressive results in less than 2 years since founding! Shifting the game and dramatically expanding the sources of energy to meet what's needed in domestic and offshore markets. Congrats on this huge accomplishment!

100% which is why we do not believe in attribution. First, that behavior tends to reward investors over founders who are obviously the ones doing the real work. Secondly, it undermines collaboration and the recognition that sourcing is different than helping a founder or a company when they need it or simply, when we can make a difference.

Five+ years ago, investing in a company building factories with automation and AI was literally a dream for the future, so after meeting @2112Power over Zoom during the pandemic, we asked ourselves if we don't get on board here, what are we doing @constructcap ? We got on board. Congrats to Chris and the entire @HadrianInc team who announced its $1.37B Series D today to build the next wave of automated factory production that this country desperately needs. Today, Hadrian is one giant step closer to its mission. It has delivered "the factory as the product"—an automated, physical AI-driven, full actualization of a vision for the next 100 years of industrial progress in the US. It’s a true techno-industrial company, one of the only instantiations of physical AI, and one of the only software automation platforms for manufacturing that actually works. Chris’s big realization back then was not just that the industrial base could not meet the wave of demand brewing on the horizon but also that this demand could not be satisfied simply by reinvigorating, modernizing, or otherwise somehow Improving existing suppliers. The supply side of the equation had already massively contracted and the machine shop owners set to retire over the coming decade could not invest in technology--forget rebuilding those with a physical AI approach. We needed a new way forward. Hadrian is not and never was simply building another manufacturer, a supplier, automation of on onesie-twosie parts, or a project with great payback or unit economics (but they have that too!). That is not how you capture a tsunami of demand, modernize our industrial base and fill a huge gap in industrial capacity. His vision was to rebuild that foundation from the ground up. Just as importantly, they're proving that rebuilding American manufacturing isn't only about new facilities, it's about creating new opportunities for people. By bringing physical AI to the factory floor, Hadrian is enabling productivity to compound and attracting a new wave of the workforce to this sector, putting them to work in a fraction of the time it used to take to train a machinist. It's been an honor to serve on the board and watch this company grow from an ambitious vision into one of the defining companies shaping the future of American manufacturing. I'm excited for what comes next.

Hosting our founders at our inaugural founders summit was one of my highlights of 2026. It's great being around the people making it happen every day and hopefully, we were able to foster connections, advice or insights that propel that work forward.

You’re not a real chip company until you have working chips. Here they are, off to customers to help protect our country 🇺🇸. These are the first completely AI designed chips that have ever gone into military systems, and maybe any system. Proud of this team.

“If we are not reattaching the blue collar American to the economy, we are not fulfilling the mission. If we aren’t rewarding them or incentivizing the workforce, we’re doing it wrong.” -@2112Power of @HadrianInc

There are so many angles, pockets and opportunities from which to rebuild the industrial supply base, especially with smart software automation and not to mention talented entrepreneurs like @jaimalik. When you look at the incumbent suppliers who -- while vast in aggregate -- are driven by aging mom and pop suppliers on one hand (more on the other hand soon), you realize the time is now. Er, the time was actually to start a few years ago, which is what @AmcaInc did. Congrats on the progress. Well earned! cc @constructcap