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Everyone’s talking national security.

No one’s talking the fund returns.$1.2T raised since 2021.Exit volume dropped 38%.Median DPI sits at 0.26x.The AI stack cashed paper.Not capital.OpenAI offers consulting.Not scale.Not product.Consulting.Deepwater converts hype into headcount.Defense cash buys another quarter.Anthropic. xAI. Google.All serving the mission.Mission means runway.Defense means deferment.Alignment got rebranded.Compliance now wears the robe.The light doesn’t reveal the wizard.It makes you one.

Author

James D. Wilson
July 15, 2025