Industrial Base Alpha

Industrial Base Alpha

Intelligence on defense & national security investment, technology, and deals.

This week's analysis
Featured · Sep 28, 2026⬟ Specter Aerospace

⬟ Specter Aerospace

We sipped espresso while a scramjet roared through the walls.

Matthew BernardRead on Substack →

Today's headlines

More analysis
Autonomy

TEKEVER closes $580M Series D at $6.4B valuation

The European autonomous drone and AI company closed a $580M Series D led by UC Investments and Baillie Gifford. The funding accelerates development of ISR and logistics platforms with 50,000+ flight hours in Ukraine and major UK military contracts.

Sep 25, 2026Analysis
Software

Venn acquires Zuma for $50M to expand AI leasing platform

Venn, an AI platform for real estate operators, acquired Zuma, an AI agents developer, for $50 million to integrate leasing and renewal capabilities into its Company Brain platform serving 270 operators across 30 states and five countries.

Sep 24, 2026Analysis
Archimedes

What the AI models say about your company.

Archimedes tracks how ChatGPT, Claude and Gemini answer buyer questions about defense companies, and the sources and positions behind those answers.

Explore ArchimedesSubscribe on Substack
Partner with IBA →

Recent articles

All on Substack
⬟ Saronic

⬟ Saronic

Saronic made shipbuilding history this week earning the prototype Other Transaction Authority award alongside two other shipyards to produce the Landing Craft,

Covenant

Covenant

Covenant fired its missile into the Moroccan desert on 6 August, and soon afterward the world found out the company existed.

Company briefs for investors, founders and policy hands.

Free posts, plus Premium at $11/mo or $120/yr. Long-form on the industrial base: production, contracts, capital.