Brent Gerundo

Full essay here: open.substack.com/pub/nomica…

The winners of this era won't just define the future of defense technology. They'll rebuild the arsenal of democracy for the next fifty years. We're already backing them.

This weekend, @Jason_Zins and I published "Breaking Bread III: The New Arsenal of Democracy." Our thesis on the generational rearmament underway, and the new class of companies rebuilding America's industrial base at commercial speed.

The binding constraint is no longer budget or political will. It's capacity.

And for the first time since the Cold War, the U.S. is choosing which allies get armed first. Not by strategy. By constraint. We can't supply them all at once.

The battlefield is changing faster than our defense industrial base can respond. Cheap drones threaten multimillion-dollar platforms. We're expending munitions faster than we can replace them.

America turned 250 on Saturday. For most of that history, American power rested on one advantage: we could out-build anyone. The "arsenal of democracy" out-produced every adversary. That foundation is cracking.