Hey @peard33 @WIRED - free tip for you Yesterday the Anduril team in Mississippi achieved a successful test of our Denali rocket motor, the same rocket that exploded *on that exact test stand* 38 days ago. In the ~5 weeks since the rapid unscheduled disassembly, the Anduril team diagnosed the failure, rebuilt and re-instrumented the test stand (including some backlogged improvements), meticulously studied and inspected the new motor, and prepped for this test. A true all-hands-on-deck effort culminating in success. This is the same exact test stand that Wired, quoting anonymous sources, said “could take up to a couple of months” to rebuild the “knocked out” test stand and “could disrupt a key part of the defense company’s rocket motor business.” Not so much. I look forward to your detailed reporting on the successful test. As I discussed 35-ish days ago, doing hard things is actually hard, and rocket science is definitely hard. It’s easy to cite anonymous sources, usually former disgruntled employees, to throw shade and write critical headlines when tests go wrong. Well, yesterday it went right. The credit belongs to the [team] who is actually in the arena, and for all the Andurilians who sprinted: thanks, and great work. I hope you enjoy some celebratory chicken wings this week down in McHenry. Onward.

Wanted to add a clarification/followup here. Have chatted with @packyM directly and more thoroughly understood the sequencing, and I fully retract my implication that Packy and/or Not Boring have acted inappropriately or unethically. As I now understand it, Packy and Not Boring use the AngelList platform to manage their entities (which lots of funds do!). USVC is, of course, a new fund affiliated with AngelList. Ankur seems to have asked for Packy's permission to email his LPs. Packy says he did not give Ankur a list of contacts, but that USVC already had a list. Packy said they could email his LPs. Ankur represented they had Anduril permission, and Packy took them at their word. Ankur emailed Packy's LPs (see attached photo) representing that they had Packy's permission and that they'd "only consummate the transaction with company signoff." I understand Ankur/USVC may have similarly solicited the LPs of other fund entities managed on the AL platform. Anduril did not, in fact, sign off. We probably don't even have the legal standing to sign off or not, but saying one thing and doing the other is, IMO, a bit deceptive. One of Packy's LPs agreed to sell their position in Packy's SPV to USVC. This transaction did not require Packy's approval (which is odd to me, but ok). The transaction was completed on the AngelList platform. Thus USVC is an investor in Packy's Not Boring SPV, which in turn does actually own some direct Anduril shares. Packy's got a fair point that many VC or PE funds routinely have investors that need liquidity for whatever reasons, including diversification, emergencies, taxes, other investment opportunities, or just plain old "I want cash." Anduril has had many early investors in exactly that position, and we've gladly facilitated transactions for folks to get liquidity. Those transactions, however, are usually *very* quiet and do not result in chest pumping flexes from investors touting their access so as to gin up interest and raise more money for their funds. Packy also asked me a very reasonable question... why do I care so much? There are a few reasons. First, honesty is important, and there are genuine bad actors in the secondary markets. Indeed a gentleman just got sentenced to 4 years in prison for fraudulently representing access to Anduril shares: My spidey senses start to tingle when I see investors we've never heard of or specifically not brought into rounds representing Anduril access they don't have... what's going on here? Obviously I don't think that is what Packy or USVC are doing here, and I'm explicitly not drawing a comparison between either of them and the Pennetta case, but that case is a main driver why I care about honesty and transparency in these markets. Along those lines, USVC's own website represents the fund is an Anduril shareholder (and not a shareholder in Not Boring SPV). Maybe semantics, sure, but as Packy's followup tweet clarifies, his entity does have a carry that USVC's position would be subject to... do the investors in USVC know that? To his credit, Ankur's tweet thread did clarify the SPV holding... in tweet 4. Second, transparency is important. Investors buying into USVC (or any other SPV/secondary entity out on the market) have zero access to any of Anduril's financials, strategy, plans, goals, etc, nor do they for any other company they're hawking access to. We've never shared any information with Ankur or USVC, so we know they can't be sharing any (accurate, at least) information with their investors. The angle of "what story are they pitching about us" does genuinely concern me... my cofounder Trae and I have both seen "pitch" decks or, in one case, sat in on a webinar where an investor (not USVC, to be clear) was pitching Anduril with *completely wrong information.* Some of the information was falsely flattering, some of it falsely negative... but false either way. Pretty wild! It's not hard to imagine someone forwarding a deck like that to a journalist or tweeting it out, and then there's a public record of fake information with some vague "sources say" attribution. Not great! Third, smart companies care a LOT about managing the pace of fundraising, which investors they're targeting for which round, what valuations are justified they can feel comfortable growing into, etc. We genuinely want to make our investors money by spending their cash on growing Anduril through hiring, new factory buildouts, new R&D efforts, etc... and we are *extremely* diligent about who we're bringing into the fold, what promises we're making them, what targets we think we can realistically hit, etc. Every company should be the same! Secondary buyers throwing around inaccurate information to solicit interest or brokers making commission based on transaction *volume* in a thinly traded market is not conducive to our goal of carefully managing growth and investor expectations. Clearly that's not what Packy was doing here, but I can't speak to USVC's side. So TL;DR - I retract any negative implication about Packy, clearly not his intent to facilitate anything unethical. The reader can take their own position on USVC's conduct.

Most founder and VC types love to publicly celebrate the wins, the product launches, the major milestones... And fair enough! Building new hard tech is indeed incredibly rewarding when things work. Anduril does plenty of celebrating! But what doesn't get talked about nearly enough is how often things *don't* work. Every company building rockets, aircraft, engines, missiles, drones, or any other difficult tech has LOTS of days where something doesn’t work, when a test goes badly, when you thought you got it juuuuust right but womp, not so much. Those days suck, but they are also inevitable on the path to success. Well, Friday was one of those days for Anduril. A solid rocket motor exploded during a test fire at our factory in Mississippi. Most importantly, no one was hurt. The safety systems worked exactly as designed. The team responded exactly the way they've trained to, and damages to our test stand were minimal. By the end of the day everyone was already focused on understanding what went wrong and getting ready for the next test. There's a reason for the cliché "not rocket science" -- because rocket science is actually quite difficult! Friday's test failure is just one example of why. Development testing exists to answer difficult questions before the design goes into production. Obviously we aim and hope for successful tests, but just as obvious, every test failure gives us data. Every anomaly improves the next design. Every test, in the long run, makes the program stronger. Even if Friday sucked (and it did), we take a deep breath and move onto the next one. We'll be back to test firing rockets within weeks. Anduril is continuing to build and test rocket motors weekly, and the production facility remains on schedule. Disciplined iteration begets steady progress, and we're already putting the pieces of our test stand back together for the next test. Onwards.