137 Ventures’ Returns Soar on SpaceX, Anduril and Cognition Bets
THE SO WHAT
An 8x net TVPI on a 2014 fund concentrated in SpaceX, Anduril, and Cognition reinforces that defense, space, and AI infra are where late-stage venture is still comfortable underwriting power-law outcomes. Founders in these lanes can expect more patient, thesis-driven capital—everyone else should assume higher bar and shorter leash.
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