The United States carried out its 10th consecutive day of strikes against Iran last night, in a war that, briefly, seemed like it may have been winding down. Three US service members have been killed and over 100 injured in this latest phase of the fighting, which seems to be only escalating. The Strait of Hormuz is once more the financial heart of this war, disrupting shipping and oil prices worldwide. But while the physical battlefield might be far away, a different contest is unfolding much closer to home. In Washington and Silicon Valley, investors are pouring billions into the companies they believe will define the next generation of warfare—from autonomous drones to AI-powered defense systems and undersea surveillance.
Take Harpoon Ventures, which positions itself as the “America first” defense-technology VC. With only 10 employees—half of whom are former Navy SEALs—they have a unique vantage point into the world of war technology, and have also managed to snag a seat at the table in Donald Trump’s White House. Meet the players below.
I’m Clara Molot, filling in for Julia Black.
Mentioned in this issue: Sam Altman, Dario Amodei, Shayne Coplan, Tarek Mansour, Polymarket, Kalshi, Paramount, Warner Bros., Elon Musk, Tesla, Larsen Jensen, Clint Brown, Donald Trump, Palantir, Peter Thiel. | 
